When planning your estate, one option to consider is leaving a charitable bequest to a cause you care about.
A bequest is a flexible and easy way to make a lasting impact on the world around you. By including language in your will or trust, you can specify a gift to be made to a charity of your choice. You could set up a scholarship fund, a grantmaking fund to support our competitive grants program, or a designated fund to provide a perpetual stream of income for a nonprofit you love.
There are a variety of ways to leave a bequest, including designating a charity as a beneficiary of your retirement account or life insurance policy. If you have an Individual Retirement Account (IRA), this can be a particularly attractive option as it allows you to invest funds that grow tax-free until you withdraw them during retirement. You can also find some useful language to use in your bequest at the bottom of this page.
The method used to make a bequest will depend on the kind of gift you choose to leave. You may choose to make a percentage bequest, a specific bequest, or a residual bequest. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
No matter how you choose to leave your bequest, the transfer to charity will be tax-free, and your estate will receive an estate tax charitable deduction. By leaving a bequest, you can reduce the burden of taxes on your family and leave a lasting legacy to a cause you care about.
If you are interested in leaving a bequest to the Truman Heartland Community Foundation or another charity, it's important to speak with an estate-planning attorney and financial advisor to ensure that your wishes are carried out as you intend. By taking the time to plan your estate and leave a bequest, you can make a difference in the world around you for generations to come.