Gift By Bequest
A gift by bequest offers a practical way to provide substantial support to an institution that has meant so much to you. A bequest to the First Amendment Foundation is not subject to federal or state estate or inheritance taxes, and there is no limit on the allowable deduction.
If you have already provided for the First Amendment Foundation through your estate plans, or are thinking about doing so, please contact the Foundation at (850) 224-4555 or via e-mail at firstname.lastname@example.org .
Ways to include the First Amendment Foundation in your will:
An outright bequest is the simplest method of making a testamentary gift to the First Amendment Foundation. An outright bequest is a gift by will of a specific sum of money or of a specific piece of property (such as securities or real estate). The following language can be used in a will to make an outright bequest:
“I hereby bequeath to the First Amendment Foundation, Federal Tax ID Number 59-2449379, located at 801 Third Street South, St. Petersburg, FL, 33701 the sum of $_____________ (and/or the following described property ______________).”
A residuary bequest provides the First Amendment Foundation with a percentage or all of the remainder of a donor’s estate after specific bequests, debts, taxes, and estate expenses have been paid. A residuary bequest to the First Amendment Foundation is made in a will by incorporating the following language:
“I hereby bequeath all (or _____percent) of my residuary estate to the First Amendment Foundation, Federal Tax ID Number 59-2449379, located at 801 Third Street South, St. Petersburg, FL, 33701.”
Many donors have family and friends for whom they feel responsible and choose to provide for them first in their wills. In this case, the donor can leave what is known as a contingent bequest to the First Amendment Foundation. The contingent bequest provides first for the family and friends and benefits the First Amendment Foundation only if the named beneficiaries predecease the person making the will.
“I bequeath to my sister, Jane Smith, the sum of $__________ and, in the event she shall predecease me, I direct this sum to be paid to the First Amendment Foundation, Federal Tax ID Number 59-2449379, located at 801 Third Street South, St. Petersburg, FL, 33701.”