News
Look How Much a Bequest Can Do
When you write your will, you acknowledge the people and institutions that mean the most to you. Including the IEEE Foundation among your beneficiaries preserves your #IEEELegacy, while ensuring our long-term financial strength and is the easiest major gift you can make. Why?
- It’s Simple: A simple paragraph (see below) in your will, or a codicil (official amendment), sets up your gift to IEEE Foundation.
- It’s Revocable: A bequest doesn’t take effect until your death. That means that if your plans or circumstances change, you can easily revise your will.
- It’s Private: The provisions of your will are not made public until your death.
- And it’s Welcomed: If you let us know that you have remembered us in your will, we will welcome you into the IEEE Goldsmith Legacy League, which recognizes our friends during their lifetimes for making an estate-plan gift. (All such notifications are confidential, and you can advise us you wish to remain anonymous.)
Choose the Bequest That Best Fits Your Needs
Specific Bequest
This transfers a particular sum of money or item of property to us. For example:
“I bequeath all of my shares of XYZ Company to IEEE Foundation, Incorporated, a corporation organized under the laws of the State of New York, with business address of 445 Hoes Lane, Piscataway, NJ 08854-4141, USA. .”
Planning Note: if you no longer own this property when you die, your specific bequest cannot be made.
Residual Bequest
This transfers all or a portion of the amount remaining in your estate after debts and taxes have been paid. For example:
“I bequeath Twenty Five Percent {25%} of the residue of my estate to IEEE Foundation, Incorporated, a corporation organized under the laws of the State of New York, with a business address of 445 Hoes Lane, Piscataway, NJ 08854-4141, USA.
Planning Note: Many donors find that a residual bequest gives them more flexibility in their long-term planning than a specific bequest because they are not tied to maintaining certain assets, securities, or sums of money in their portfolios.
Contingent Bequest
A very flexible arrangement, this directs a gift to us only if certain life events do not occur. For example:
“If my daughter does not survive me, I bequeath the residue of my estate to IEEE Foundation, Incorporated, a corporation organized under the laws of the State of New York, with a business address of 445 Hoes Lane, Piscataway, NJ 08854-4141, USA..”
Planning Note: Please discuss your intentions with us before bequeathing assets, such as real estate, business interests, intellectual property or closely held stock, that are not easily marketable or not directly related to our operations. Likewise, if you want to give us a specific tangible asset such as a car, a collection, equipment or artwork, please consult with us first. We’ll want to talk with you about how we can move, use, store and/or sell the asset.
Tell Us How to Use Your Bequest
Unrestricted Bequest
This is a gift for our general purposes. It will give us resources to meet the challenges and opportunities that the future will bring. Also, it’s an especially wise format for bequests to be written by younger donors.
Restricted Bequest
This format specifies how we are to use your gift. You can direct that your bequest be expended for the purpose you have selected, or placed in a permanent endowment, with the annual income applied to the project of your choosing.
Planning Note: Many of our programs evolve and change over time. To make sure that your restricted bequest is as useful as possible when we receive it, please discuss your intentions with us before your attorney writes your will.
You May Be Asking…
“But I’ve already written my will…”
There’s no need to write an entirely new will to add a bequest to us. Have your attorney prepare a codicil, which makes the changes you want while reaffirming the remaining provisions of your existing will.
“Can my bequest provide for both you and my family?”
Some people ask us if they can set up a gift plan in their will that first pays income to a loved one, then the remaining balance to us. The answer is yes, most definitely! You can create a gift annuity or charitable trust in your will naming your spouse, children or other loved one as the life income beneficiary (ies). So then, one bequest can take care of loved ones and provide a gift to us, too! We can provide you and your advisors with suggested language for such a bequest, plus projections of the income and tax benefits it can yield.
“My advisors suggested a trust, not a will…”
A revocable trust has many unique features, but your advisors will confirm that it works the same as a will in making a gift to us.
“Are bequests deductible?”
Charitable bequests are not subject to federal estate tax or state inheritance taxes. A bequest to us can lower the amount of your estate subject to the federal estate tax. However, there is no income tax deduction for a charitable bequest.
“Can you write a will for me?”
Sorry – no! Our role is to demonstrate to you and your attorney how easy and beneficial an estate-plan gift can be and use your benevolence wisely when the time comes. We cannot give you legal advice.
We look forward to talking to you soon about how your estate plans can meet the needs of both of your loved ones and IEEE Foundation. Please contact us to hold a private and confidential discussion to answer any questions you may have about your estate and IEEE. Phone: +1 732.562.5446 e-mail: d.deliberato@ieee.org
This publication is intended to provide general gift planning information. Our organization is not qualified to provide specific legal, tax or investment advice, and this publication should not be looked to or relied upon as a source for such advice. Consult with your own legal and financial advisors before making any gift.
