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Wills
A will can be a means of making a substantial gift to Mission Catalyst without diminishing the contributers' assets during their lifetimes. Important estate tax savings can result from such contributions, since bequests to Mission Catalyst may be deducted entirely from the taxable estate in determining estate taxes. Often such bequests will place the estate in a lower tax bracket.
While we welcome large bequests, such gifts do not need to be large to have a worthwhile impact. For example, a $20,000 bequest will provide a perpetual gift of $1,100 per year to Mission Catalyst in the name of the contributor (at a 5.5 percent yield, with any excess income returned to the principal of the fund to encourage further growth and keep pace with inflation).
Of the numerous ways to give through a will, a bequest of a fixed amount of dollars or specific property is perhaps the simplest. It is the most logical form when the individual has in mind a particular project to benefit Mission Catalyst.
Benefits
- Your assets remain in your control during your lifetime.
- You can modify your bequest if your circumstances change.
- You can direct your bequest to a particular purpose (be sure to check with Mission Catalyst to make sure your gift can be used as intended).
- There is no upper limit on the estate tax deductions that can be taken for charitable bequests.
- You can have the satisfaction now of knowing that your bequest will support Mission Catalyst in the way you intended when you are gone.
How It Works
- You can provide now for a future gift to Mission Catalyst by including a bequest provision in your will.
- Your will directs assets to your heirs.
- Your will directs a bequest to Mission Catalyst for the purpose(s) you specify.
How to Prepare Your Will
Your attorney should prepare your will. It is a legal document custom-made for your situation. While some people use a blank will form or draw their own will, we advise the use of an attorney to assure that your will is properly drawn, signed, and witnessed.
If you already have a will, it may be amended to make a gift without rewriting the entire document. Your attorney can prepare the simple statement (called a codicil) that adds a bequest to Mission Catalyst.
Your 5-minute Guide to Estate Planning
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