Charitable Bequest
A charitable bequest gift to PAACS through your Last Will and Testament or Trust is one of the easiest and most flexible ways you can leave a lasting legacy. It can be your final act of biblical stewardship and the means by which you purposefully allocate the resources you've been entrusted to manage during life to support the people and causes you hold dear.
The method used to make a bequest will depend on the kind of gift you choose to leave to PAACS.
Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and then send it back to the person or organization who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass on to Glory, the bequest property will be transferred to PAACS. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.
Benefits of a Charitable Bequest May Include:
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to charity
How to Make a Charitable Bequest
With the help of an attorney licensed in your state, you can include language in your will or trust specifying a gift to be made to family, friends, or PAACS. That language can remember beneficiaries of your Will or Trust in any number of ways, including….
- Percentage bequest – a gift of a percentage of your estate
- Specific bequest – a gift of a specific dollar amount or a specific asset
- Residual bequest – a gift from the balance or residue of your estate
Some charitably-minded individuals have also found other fun and creative ways to partner with PAACS:
Child Named Charity
Some have remembered PAACS through the addition of a "child named Charity" to their will or trust. By this method, for example, if a couple had four children, each of the four children would receive one fifth of their estate, and the remaining one fifth would go toward the couple's favorite Christian charities, which could include PAACS.
Percentage or Tithe
Many individuals choose to allocate a certain percentage of their estate toward charity. Some specifically designate 10 percent of their estate toward Kingdom causes, wishing to reinforce to their families the biblical concept of tithing.
Gifts of Assets
Perhaps you have a specific non-cash asset you'd like to give to PAACS, such as a gift of real estate, business interests, life insurance, retirement assets, machinery or even a collection. People often designate assets as gifts for a number of reasons, whether it's because the property has special meaning, their children have no further use for it or because they wish to protect their families from unnecessary taxes.
Please reference PAACS as The Pan-African Academy of Christian Surgeons (PAACS)
FEIN - 84-2569391
