You do have a Will, don’t you? Fact: 80% of adult Americans die intestate (without a will). What is a charitable bequest? A charitable bequest is a statement in your will or living trust that directs a gift to The Father Fred Foundation at the time your estate is settled. You might consider a specific amount or a percentage of your estate. Often, a bequest may pass through a spouse’s estate before finally going to Father Fred. Call David Abeel, Director of Development at the Foundation 231-947-2055 ext 18 for a confidential conversation about your wishes. What if one thing you did today made all the difference for tomorrow?
It is said that a person will work more than 40 years to accumulate assets, and will spend 10 years conserving what has been accumulated, but will not take two hours to plan carefully for its distribution!
Many people have asked how to follow Father Fred’s example and include the Foundation in their will. You can insert simple language like:
I devise and bequeath to the Father Fred Foundation, Traverse City, Michigan, Federal ID # 382908199, (insert sum or percentage or description of property) which shall be used for such Foundation purposes as the Board of Directors may determine.
Always talk to legal counsel to make sure any changes to your will are property recorded.
Suggested Wording for Planned Gifts:
Correct Name to use in a bequest to the Father Fred Foundation is:
Father Fred Foundation Traverse City, Michigan, Federal ID # 382908199 Specific Bequests: Where The Father Fred Foundation receives a specific dollar amount or stated percentage of the estate or specific assets (cash, securities, real estate, or tangible personal property.)
Unrestricted gift: I devise and bequeath to the Father Fred Foundation, Traverse City, Michigan, Federal ID # 382908199, (insert sum, percentage, or description of property), which shall be used for such Foundation purposes as the Board of Directors may determine.
Restricted gift: I devise and bequeath to the Father Fred Foundation, Traverse City, Michigan, Federal ID # 382908199, (insert sum, percentage, or description of property), which shall be used for (specify purpose).
Memorial Gift: I devise and bequeath to the Father Fred Foundation, Traverse City, Michigan, Federal ID # 382908199, (insert sum, percentage, or description of property), which shall be used to create “The _________Memorial Fund.”
Endowment Fund: All gifts must be approved in advance by the Board of Directors if they are to be restricted in their investment and use. I devise and bequeath to the Father Fred Foundation, Traverse City,Michigan, Federal ID # 382908199, (insert sum, percentage, or description of property) which shall be used to create “The _________Endowment Fund” the income there from to be used for its general purposes (or describe the specific purposes). Residuary Bequests: This type of planned gift is one where the Father Fred Foundation would receive a share or the entire remainder of the donor’s estate after providing for specific legacies, debts, taxes and estate expenses (usually after providing for family).
I devise and bequeath to the Father Fred Foundation, Traverse City, Michigan, Federal ID # 382908199, the rest and residue of my estate to be used in the discretion of the Board of Directors for the general purposes of the Foundation.
Contingent Bequests: This type of planned gift is one where the Father Fred Foundation receives a share of the estate in the event that other beneficiaries do not survive the donor.
Suggested wording for contingent bequests is so unique to each circumstance, you should consult your lawyer regarding your particular situation.
This list of suggested planned gift wording does not provide legal or financial advice, nor is it intended as a comprehensive review of the topic. You should consult your attorney, tax advisor and Father Fred before making or planning your gift.
