A Will represents a person's final wishes and intentions. After providing for your loved ones, please consider your final tribute through a bequest in your Will or living trust that provides enduring support of our vital work. For many of us, this will be the most significant gift we make our gift of a lifetime.
Tools to make a Bequest: *If you have not done so, you need to establish a living trust or formal Will. This undertaking is a very important to fulfill your wishes. *If you have a living trust of Will, you need to add a codicil to present Will or make an amendment to the present trust.
Types of Bequests: *Specific Bequests: You may leave specific cash, securities or property. *Contingent Bequests: You may fit the estate if one or more of your beneficiaries does not survive the benefactor. *Residuary Bequests: You may gift the remaining balance of the estate after all the specific distributions are made and obligations have been satisfied.
What's Next *Connect with our Executive Director at mglauser@acapl.org, 1) answer any questions, 2) thank you, 3) ensure that your intentions can be met and are fulfilled, and 4) share specific verbiage and information. *Speak with your attorney to compose or amend you Will or living trust.
Is my Bequest Tax Deductible? A bequest from a Will or a trust distribution to the Ashtabula County APL is fully deductible for federal estate tax purposes and there is no limit on the estate deduction. Also, gifts by beneficiary designation avoid probate.
