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Bequests and Beneficiary Designations

You can ensure that your charitable affairs are in order with a bequest to your iGiftFund through your will or trust.

Bequests are the most frequent type of deferred gift made to charity. Your estate receives a charitable deduction for the full amount given, so your heirs pay no estate tax on the gift. We find that many donors don’t want to wait until they’re gone to have a plan in place. Planning early gives them peace of mind.

The iGiftFund offers flexible options for bequests and continuing family involvement.

You may direct your bequest to iGiftFund by completing a donor-advised fund application in advance and inserting the appropriate language into your will.

Sample Language for a Charitable Bequest in Your Will

The following three types of bequests direct your gift to the iGiftFund.

Percentage bequest:
“I give, devise and bequeath to the Independent Charitable Gift Fund (EIN# 81-2576201), a nonprofit corporation of the State of Ohio, located at 5 E Main St, Hudson, OH 44236, ____% of my estate to create a donor-advised fund.”

Specific bequest:
“I give, devise and bequeath to the Independent Charitable Gift Fund (EIN# 81-2576201), a nonprofit corporation of the State of Ohio, located at 5 E Main St, Hudson, OH 44236, to create a donor-advised fund,
(Choose one)
1) The sum of $___________.”
2) __________ shares of stock in ________________Company.”, or
3) My real property commonly known as _________________.”

Residual Bequest:
“I give, devise and bequeath to the Independent Charitable Gift Fund (EIN# 81-2576201), a nonprofit corporation of the State of Ohio, located at 5 E Main St, Hudson, OH 44236, all the residuary of my estate, including real personal property to create a donor-advised fund.”

Retirement plans, like IRAs and 401ks, often become the most valuable assets in a person’s estate. To move these assets out of a potentially high-tax situation, you can name iGiftFund as either their sole beneficiary or one of multiple beneficiaries. Talk to your retirement plan administrator about making these changes.

Beneficiary designation where your donor-advised fund is established prior to death:

I distribute __________dollars ($__________)[and/or __________ percent (__________%)] to the Independent Charitable Gift Fund (EIN# 81-2576201), a nonprofit corporation of the State of Ohio, located at 5 E Main St, OH 44236, to be allocated to the __________ [donor- advised fund Name], donor fund number __________.

You can also name iGiftFund as the income or remainder beneficiary of a charitable lead trust or a charitable remainder trust. If you have an existing charitable trust and it is set up to benefit a different charitable organization, you may be allowed to change the beneficiary to iGiftFund. This can provide the flexibility to support a greater variety of charities beyond the term of the trust.

Distribution from a Trust where a donor-advised fund at iGiftFund is established prior to death:

The Trustees shall distribute __________dollars ($__________) [and/or the following described property, __________] [and/or __________ percent (__________ %) of my trust assets] to the Independent Charitable Gift Fund (EIN# 81-2576201), a nonprofit corporation of the State of Ohio, located at 5 E Main St, Hudson, OH 44236 to be allocated to the ____________________ [donor-advised fund name], donor fund number __________.

Distribution from a Trust where donor-advised fund at iGiftFund is not established prior to death:

I bequeath __________ dollars ($ _________) [and/or the following described property, __________] [and/or __________ percent (__________%) of my trust assets] to the Independent Charitable Gift Fund (EIN# 81-2576201), a nonprofit corporation of the State of Ohio, located at 5 E Main St, Hudson, OH 44236, to be held in a donor-advised fund known as the __________ [donor-advised fund name]. I hereby direct my Trustee to take all steps necessary to establish such a donor-advised fund at the Independent Charitable Gift Fund. I direct my Trustee to name _____________________ to have the same advisory privileges, including those with respect to grants, investments, and the appointment of successor advisors.

Note: The information provided herein is for informational purposes only, and should not be interpreted as legal and/or tax advice. Donors should always consult their legal and tax advisors regarding their specific situations.

Questions?