An orchard, a perennial garden, a just food system, a healthy community – the things we value are for the long term. Leave a lasting legacy in our community by making a bequest to VINES in your will or estate plan.
Below are the most common kinds of bequests with sample language for naming VINES as a beneficiary. You may also change your beneficiaries at any time, should your circumstances change.
Bequest Benefits
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, resulting in a larger inheritance for your heirs.
Types of Bequests and Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to VINES in your will or estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest: A specific bequest involves making a gift of a specific dollar amount. For example, you may wish to leave $10,000 to VINES. Suggested language:
I hereby give, devise and bequeath $_________ to Volunteers Improving Neighborhood Environments, Inc., a not-for profit corporation, Tax ID# 27-2617454, mailing address PO Box 3104, Binghamton, NY 13902, to be used as the board of directors directs.”
2. Residual Bequest: 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. For example, you may wish to leave 30% of the residue of your estate to VINES. This is a very popular choice for charitable bequests because it ensures that loved ones receive their distribution before any distribution to charity. Suggested language:
“I devise the residue of my estate, after the satisfaction of all specific bequests and the payment of all taxes and other costs attending my death, to Volunteers Improving Neighborhood Environments, Inc., a not-for profit corporation, Tax ID# 27-2617454, mailing address PO Box 3104, Binghamton, NY 13902, to be used as the board of directors directs.”
3. Percentage Bequest: Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to VINES. This enables your bequests to grow as your assets grow.
“I bequeath to Volunteers Improving Neighborhood Environments, Inc., a not-for profit corporation, Tax ID# 27-2617454, mailing address PO Box 3104, Binghamton, NY 13902 an amount equal to ______ percent of the net value of my estate as finally determined for federal estate tax purposes, to be used as the board of directors directs.”
4. Contingent Bequest: A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave a percentage of your estate to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the residual will go to VINES. Suggested language:
“In the event that (name of the beneficiary) does not survive me, I designate Volunteers Improving Neighborhood Environments, Inc., a not-for profit corporation, Tax ID# 27-2617454, mailing address PO Box 3104, Binghamton, NY 13902, AMOUNT OF GIFT to be used as the board of directors directs.”
Restricted Bequests
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 VINES flexibility should it no longer be possible for us to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Volunteers Improving Neighborhood Environments, Inc., it shall become impossible for Volunteers Improving Neighborhood Environments, Inc. to use this bequest to accomplish the specific purposes of this bequest, Volunteers Improving Neighborhood Environments, Inc. 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.
Contact Us
Please contact us if you have any questions about how to make a bequest to VINES 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 VINES in your will or estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.