Akron Community Foundation's Bequest Language
One way for you to carry on your charitable legacy is to leave a bequest to Akron Community Foundation. A bequest is a gift made to charity in your will or trust. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy through membership in our Edwin C. Shaw Society and, if you wish, through a charitable fund that bears your name.
There are no limitations on bequest gifts. All bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes resulting in a larger inheritance for your heirs. They can also create a permanent endowment fund in your name, so you benefit the community forever in the way you wish and your charitable legacy lives on in your name.
A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift of a specific dollar amount. For example, you may wish to leave your home or $10,000 to Akron Community Foundation. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10 percent of your estate to Akron Community Foundation.
A residual bequest is a bequest that is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving of a percentage of the residue of the estate to charity. For example, you may wish to leave 30 percent of the residue of your estate to Akron Community Foundation.
No matter which bequest type you choose, you have the option of adding it to our permanent endowment or creating your own charitable fund, both of which give back to the community forever through the power of endowment. An advantage to making a bequest through Akron Community Foundation is that we protect your charitable intent forever.
If outright, your bequest will be combined with gifts from thousands of other donors to help the community foundation meet Summit County’s changing needs in perpetuity.
If restricted, your bequest will be used for the specific purpose stated in your will. You can designate a specific nonprofit(s), community, or area(s) of charitable interest to support through your own charitable fund. If a cause or organization ceases to exist, we will support like causes or organizations in your name for generations to come.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Akron Community Foundation in your estate plan, and we would be happy to work with you and your attorney to help you identify ways to give that will ensure your charitable objectives are met. We will also work with you and your attorney to craft language to accomplish your objectives, but have provided some basic bequest language to get you started.
Specific Dollar Amount/Personal Property
I hereby, give, devise and bequeath [$dollars / description of property] to Akron Community Foundation, a non-profit organization located at 345 West Cedar Street, Akron, OH, 44307, Federal Tax ID # 34-1087615, for Akron Community Foundation's general use (or to support the following fund, nonprofit(s), community or area(s) of charitable interest).
Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at [address or description of property] to Akron Community Foundation, a non-profit Akron Community Foundation located at 345 West Cedar Street, Akron, OH, 44307, Federal Tax ID # 34-1087615, for Akron Community Foundation's general use (or to support the following fund, nonprofit(s), community or area(s) of charitable interest).
Percentage of an Estate
I hereby, give, devise and bequeath [percentage of your estate] to Akron Community Foundation, a non-profit organization located at 345 West Cedar Street, Akron, OH, 44307, Federal Tax ID # 34-1087615, for Akron Community Foundation's general use (or to support the following fund, nonprofit(s), community or area(s) of charitable interest).
Please contact us if you have any questions about how to make a bequest to Akron Community Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us. We also request that you send us a copy of your will so that we can include you in our list of Edwin C. Shaw Society Members.
Bequest Benefits
There are no limitations on bequest gifts. All bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes resulting in a larger inheritance for your heirs. They can also create a permanent endowment fund in your name, so you benefit the community forever in the way you wish and your charitable legacy lives on in your name.
Types of Bequests
A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift of a specific dollar amount. For example, you may wish to leave your home or $10,000 to Akron Community Foundation. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10 percent of your estate to Akron Community Foundation.
A residual bequest is a bequest that 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 of a percentage of the residue of the estate to charity. For example, you may wish to leave 30 percent of the residue of your estate to Akron Community Foundation.
Charitable Options
No matter which bequest type you choose, you have the option of adding it to our permanent endowment or creating your own charitable fund, both of which give back to the community forever through the power of endowment. An advantage to making a bequest through Akron Community Foundation is that we protect your charitable intent forever.
If outright, your bequest will be combined with gifts from thousands of other donors to help the community foundation meet Summit County’s changing needs in perpetuity.
If restricted, your bequest will be used for the specific purpose stated in your will. You can designate a specific nonprofit(s), community, or area(s) of charitable interest to support through your own charitable fund. If a cause or organization ceases to exist, we will support like causes or organizations in your name for generations to come.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Akron Community Foundation in your estate plan, and we would be happy to work with you and your attorney to help you identify ways to give that will ensure your charitable objectives are met. We will also work with you and your attorney to craft language to accomplish your objectives, but have provided some basic bequest language to get you started.
Specific Dollar Amount/Personal Property
I hereby, give, devise and bequeath [$dollars / description of property] to Akron Community Foundation, a non-profit organization located at 345 West Cedar Street, Akron, OH, 44307, Federal Tax ID # 34-1087615, for Akron Community Foundation's general use (or to support the following fund, nonprofit(s), community or area(s) of charitable interest).
Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at [address or description of property] to Akron Community Foundation, a non-profit Akron Community Foundation located at 345 West Cedar Street, Akron, OH, 44307, Federal Tax ID # 34-1087615, for Akron Community Foundation's general use (or to support the following fund, nonprofit(s), community or area(s) of charitable interest).
Percentage of an Estate
I hereby, give, devise and bequeath [percentage of your estate] to Akron Community Foundation, a non-profit organization located at 345 West Cedar Street, Akron, OH, 44307, Federal Tax ID # 34-1087615, for Akron Community Foundation's general use (or to support the following fund, nonprofit(s), community or area(s) of charitable interest).
Contact Us
Please contact us if you have any questions about how to make a bequest to Akron Community Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us. We also request that you send us a copy of your will so that we can include you in our list of Edwin C. Shaw Society Members.
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