Bequests

Gifts through bequests

A bequest made through your will is one of the easiest and most effective ways to make a planned gift while providing for the security and well-being of your loved ones. There are several different types of bequests:

  1. A specific bequest will state that a dollar amount or percentage of the assets in your estate will be given to the Church, or that a particular piece of property will be transferred to the Church.
  2. A residuary bequest will state that all or a percentage of your estate will pass to the Church after specific bequests and other obligations have been met.
  3. A contingent bequest will state that the Church will receive a portion of your estate if none of your heirs are alive at the time of your death.

The value of your bequest to the Church is deductible from your taxable estate, thereby reducing your estate taxes. There is no limit on the amount of your charitable deduction for estate tax purposes.

The following language may be useful to you and your attorney as you review ways in which you can best include The Catholic Foundation or your parish, the Archdiocese or other charitable institutions in your will or revocable trust.

You should always seek the advice of a professional when planning the disposition of your estate.

For a specific amount:

“I bequeath to The Catholic Foundation of Rhode Island, a Rhode Island non-profit corporation, the sum of _______ dollars ($_____) for its general purposes.”

For a percentage of your estate:

“I bequeath to The Catholic Foundation of Rhode Island, a Rhode Island non-profit corporation, ___% of my adjusted gross estate as finally determined for federal estate tax purposes.”

For your residuary estate:

“I devise and bequeath the residue of the property owned by me at my death, real and personal and wherever situated, to The Catholic Foundation of Rhode Island, a Rhode Island non-profit corporation.”

To establish an endowment:

“I bequeath to The Catholic Foundation of Rhode Island, a ¬†Rhode Island non-profit corporation, the sum of _______ dollars ($________)* to be used to establish the (name of family, parish, school, Catholic organization) _____________ Endowment Fund, the earnings from which shall be used for _____________(designate a purpose).”

*Please Note that while a minimum gift of $10,000 is required to establish a named endowment fund, gifts of any amounts may be added to existing endowment funds.  Gifts of this nature are gratefully received as they help further the works of so many ministries.

 

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