TERMINOLOGY
THE TERMINOLOGY:
WHAT IS A BEQUEST?
Because of intimidating--and often misleading--terminology, planned giving can seem much harder than it really is. For example, an "estate" often invokes images of mansions and wealth. It might be surprising to know that an estate is simply a person’s possessions - and we all have those!
Here are what a few of those intimidating terms really mean:
Bequest: to donate something through a will
Non-profit organization: an organization that can solicit and receive donations on a tax deductible basis, and where all monies must balance out at the end of each year -- meaning "no profit"
Estate: all of one’s possessions including cars, house, furniture, IRAs, etc.
Endowment: funds or property donated to an organization, group or individual
Appreciation: a rise in value or price
Charitable remainder trust: a set amount of money from which a certain percentage is paid to an organization every year
Carpenter Dominic Mason died in 1989.
Tomorrow, he’ll renovate the playroom at the local homeless shelter.
As a carpenter, Dominic renovated homes for his clients. As a child, he and his mother found a home in a shelter when times were hard. A counselor there showed Dominic a future filled with opportunity, and he never forgot that life-changing vision. Thanks to a bequest in his will, a few more children will have a chance to build their dreams. Include your favorite cause in your will or estate plan. Contact a charitable organization, attorney, financial advisor or local LEAVE A LEGACY® program to learn how.