Los Rios Colleges Foundation's Bequest Language
An excellent way for you to support Los Rios's students and colleges is to leave Los Rios Colleges Foundation a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you can leave a lasting legacy.
Types of Bequests
There are a number of ways you can make a bequest to Los Rios Colleges Foundation.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to one of the Los Rios Colleges or direct it to the Los Rios Colleges Foundation to benefit the entire district.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to one of our colleges or to the Los Rios Colleges Foundation to support all four colleges.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Los Rios Colleges Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Los Rios Colleges Foundation or to one of our colleges.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Sample Bequest Language
For a will (unrestricted)
I/We give [the sum of $______________] or [the following property:______________]; or [________ percent of my/our estate] or [the residue of my/our estate] to the Los Rios Colleges Foundation, a California nonprofit public benefit corporation located in Sacramento, California, to benefit ______________ [College(s)], for its general purposes as determined by its Board of Directors.
For a will (restricted)
I/We give [the sum of $______________] or [the following property: _____________________]; or [_________percent of my/our estate] or [the residue of my/our estate] to the Los Rios Colleges Foundation ("Foundation"), a California non-profit public benefit corporation located in Sacramento, California for the benefit of ______________ [College(s)]. This bequest may be combined with the Foundation's other funds for purposes of investment and reinvestment and shall be used by the Foundation in support of ____________________________ [a specific area of interest after consultation with a representative of the Foundation]. If, at any time, in the judgment of the Board of Directors of the Foundation, it is impracticable or impossible to carry out this purpose, then the Board of Directors of the Foundation may use this bequest for such other purposes as shall be determined by the Board of Directors to be consistent with my/our interests and intentions.
For a trust (unrestricted)
The Trustee shall distribute [the sum of $______________] or [the following property: _____________________] or [________ percent of my/our trust estate] or [the residue of my/our trust estate] to the Los Rios Colleges Foundation, a California nonprofit public benefit corporation located in Sacramento, California, for the benefit of______________ [College(s)], for its general purposes as determined by its Board of Directors.
For a trust (restricted)
The Trustee shall distribute [the sum of $______________] or [the following property: _____________________] or [________ percent of my/our trust estate] or [the residue of my/our trust estate] to the Los Rios Colleges Foundation ("Foundation"), a California non-profit public benefit corporation located in Sacramento, California for the benefit of______________ [College(s)]. This gift may be combined with the Foundation's other funds for purposes of investment and reinvestment and shall be used by the Foundation in support of _____________________ [a specific area of interest after consultation with a representative of the Foundation]. If, at any time, in the judgment of the Board of Directors of the Foundation, it is impracticable or impossible to carry out this purpose, then the Board of Directors of the Foundation may use this gift for such other purposes as shall be determined by the Board of Directors to be consistent with my interests and intentions.
