Types of Bequests
There are a number of ways you can make a bequest for St. Philip St. Augustine Catholic Academy:
A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount.
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity.
A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity.
A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to charity.
Click here for specific wording options for your will or trust.
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give The Catholic Foundation flexibility should it no longer be possible for our The Catholic Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of The Catholic Foundation, it shall become impossible for The Catholic Foundation to use this bequest to accomplish the specific purposes of this bequest, The Catholic Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Please contact us if you have any questions about how to make a bequest to The Catholic Foundation for the benefit of The St. Philip & St. Augustine Catholic Academy Tuition Assistance Fund or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for The Catholic Foundation for the benefit of The St. Philip & St. Augustine Catholic Academy Tuition Assistance Fund in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose, so you have the peace of mind knowing that your gift will be used as intended.
Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes.