Wills and Estate Plan Gifts
Did you know it is estimated that 70% of us do not have a will? Drawing up a will can be a first step toward a wise financial plan for you and your family, as well as for making a legacy gift to Friends of Nevada Wilderness. A valid will allows you—not state law—to determine how your assets and life’s work will be distributed. Whether providing for a spouse, children, a charitable organization like Friends of Nevada Wilderness, or all of these, your will should be prepared with the help of an attorney and reviewed regularly. If you already have a will, you may add a "codicil" providing for a charitable bequest.
What is a Bequest?
A bequest is a section of your will that directs the executor of your estate to make a gift from your assets to the person and/ or institution of your choice after you die. Bequests may be used to provide gifts of money, real estate, stocks, or even works of art or jewelry. Bequests may also be used to establish charitable trusts which can provide funds for heirs and at the same time set aside funds for charity.
A specific bequest is the simplest form of bequest. It designates a fixed dollar amount or specific property to a beneficiary (in this case, Friends of Nevada Wilderness). This type of bequest is appropriate when you have an item of value (stocks, bonds, real estate) or a definite dollar amount you wish to leave to as a legacy gift.
Residual or proportional bequests designate either your entire estate or a percentage of your estate AFTER other specific bequests are distributed. The advantage of designating a proportion of your estate to Friends of Nevada Wilderness is that the bequest automatically adjusts in size as your estate increases or decreases over the years.
Contingent bequests are carried out only if circumstances make it impossible to carry out a primary bequest. For example, if all other beneficiaries are deceased, then a contingent beneficiary, such as Friends of Nevada Wilderness receives a bequest.
Bequest Wording In general the following language may be inserted in your will (or in a codicil to your will) to accomplish a simple bequest to Friends of Nevada Wilderness For more complex bequests, such as those to establish charitable trusts, etc., please check with your estate planner. “I give to the Friends of Nevada Wilderness, a nonprofit corporation organized and existing under the laws of the Nevada, and with the current business address of 1360 Greg St #111, Sparks, NV 89431, and Federal tax ID # 88-0211763, the sum of $ ________________
OR all of my interest in the following described property: __________________.
OR ____ percent OR all of the residue of my estate, To be used as the Board of Directors of Friends of Nevada Wilderness shall determine,
OR to be used for the benefit of __________________ (name of project or activity—you can specify a particular activity, such as wilderness stewardship, or as an endowment so your gift lives in perpetuity).
If in future years, the above stated purpose is no longer necessary, practical or possible, the Board of Directors of Friends of Nevada Wilderness shall use its discretion to designate this gift for a related purpose the best promotes and supports its mission.
Tax Benefits of Bequests The property and assets you own when you die may be subject to a state and federal estate tax. One of the few deductions which are allowed are those for gifts made through your will to a charitable organization like Friends of Nevada Wilderness. Thus, depending on the value of your estate and your own financial situation, bequests can result in major tax savings for your estate. You should consult with your tax accountant as to how your bequest will affect your own estate taxes.
We’d Like to Say Thanks
If you include us in your will or estate plan, we hope you will share this with us. We would love to acknowledge your invaluable support. We want to talk with you so that when the time comes, we can make sure we do exactly as you wish.
We Can Help We welcome any questions you or your financial advisors may have about Friends of Nevada Wilderness. Please feel free to call Friends of Nevada Wilderness Executive Director, Shaaron Netherton at (775) 324-7667.