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​​​Bequests​​

 

 

A gift in your will, also known as a bequest, is a wonderful way to support The Masonic Charity Foundation of Connecticut and a powerful statement to others of your belief in the mission of Masonicare. Our donors are pleased to know bequests are also fully deductible for federal estate tax purposes.

 

"You don't have to be a Bill Gates or a Warren Buffett to do good in the world," says Foundation benefactor Howard W. Orr. "When you make a bequest to an organization as I have, you look at the organization's mission, vision and values. After years of volunteering for organizations like Masonicare, I have seen how much good that gifts to The Foundation can do and how most of the money will directly help the people I want to help."

 

Howie notes that bequest giving has become an important financial planning strategy for many families and individuals.

 

"What I did in my Will and trust agreements," he explains, "was designate a percentage of my estate to each of my five children and to my charities of choice. So, in essence, I made Masonicare one of my children. Using percentages, as opposed to dollar amounts, ensures that nobody will ever be left out."

 

There are three types of bequests:

 

  • Residuary — This bequest directs that The Foundation receives all or a portion of the balance of your estate after all necessary costs and pecuniary bequests have been met. A residuary bequest is a gift of whatever remains in your probate estate. For example, “I give, devise and bequeath all the rest, residue and remainder of my estate to The Masonic Charity Foundation of Connecticut.” If you have more than one residuary beneficiary, then you would make sure that the total passing to the residuary beneficiaries equals 100 percent.

  • Percentage — This is a bequest of an amount equal to a fixed percentage of the value of your estate at the time of your death. For example, “I give and bequeath to The Masonic Charity Foundation of Connecticut an amount equal to 10 percent of my adjusted taxable estate (as defined for federal estate tax purposes).” While the percentage will stay fixed, the amount ultimately passing to The Foundation will depend upon the value of all your assets passing under your will upon your death. Care must be taken to ensure that you have sufficient assets in your probate estate to effect this type of gift.

  • Pecuniary — This is a bequest of a specific dollar amount. For example, “I give and bequeath the sum of $25,000 to The Masonic Charity Foundation of Connecticut.” This amount will not fluctuate if your estate increases in value after you have signed your will. Assuming your executor has sufficient other assets to pay expenses, debts, taxes and the like, this bequest will not be reduced.

The Foundation's Bequest Language 

Should you wish to remember The Foundation in your will, we encourage you to provide the following bequest language to your attorney:


“I give, devise and bequeath $___ (sum of money), or ___% (percentage) of my estate, or ___ (named property), or all the rest, residue, and remainder of my estate to The Masonic Charity Foundation of Connecticut, Inc., located in Wallingford, CT.”

 

The Foundation is a non-profit 501 (c) 3 organization. Our federal tax identification number is 06-1435920.

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