How to create a charitable bequest to the Iditarod

Posted by in Iditarod
Date: September 8, 2021 1:30 pm

 

A bequest is made through your will or trust, and can be changed or modified at any time, and can be designated for an unrestricted or for a specific purpose. Your estate planning professional can help you determine how your charitable bequest are exempt from federal estate taxes, and how the estate tax charitable deduction may offset or eliminate estate taxes. If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, such as dog care, educational programs or heritage, please let us know. We can help you and your attorney develop specific language to accomplish your goals. Please let us know if you have included the Iditarod in your estate plan so we can thank you and recognize you for your gift!

There are four Bequest Options you can choose from to make a gift to the Iditarod:

  • Specific Bequests allow you to make a gift through your will of a specific asset such as a specific dollar amount, a designated piece of real estate, or other property such as art or a car. Often, donors make a gift of highly-appreciated property, for example, a rental or business property.
  • Percentage Bequests allow you to direct a specific percentage of your overall estate to the Iditarod, such as “5% of the value of the estate.”
  • Residual Bequests are gifts made from what is left in the estate after the language of the will or trust has given away all of the other specific bequests. A common way to accomplish this is by leaving a percentage what is remaining in the estate to the Iditarod.
  • Contingent Bequest leaves a gift to the Iditarod if the primary bequest intention cannot be met. An example would be that you leave an apartment unit to a relative, but they are not alive when you pass away. Then the property would go to the Iditarod.

Your attorney can help you include a bequest to the Iditarod through your estate plan. Here is basic bequest language for consideration.

 

Bequest of a Specific Dollar Amount

I hereby give, devise and bequeath _________  ($DOLLARS) to the Iditarod Trail Committee located at 2100 S. Knik-Goose Bay Road, Wasilla, AK 99654 Federal Tax ID #92-0043991 for general use and purpose.

Bequest of Specific Personal Property (Art or Car)

I hereby give, devise and bequeath _______________ (DESCRIPTION OF PROPERTY) to the Iditarod Trail Committee located at 2100 S. Knik-Goose Bay Road, Wasilla, AK 99654 Federal Tax ID #92-0043991 for general use and purpose.

Bequest of Specific Real Estate

I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ____________________ (ADDRESS OR DESCRIPTION OF PROPERTY) to the Iditarod Trail Committee located at 2100 S. Knik-Goose Bay Road, Wasilla, AK 99654 Federal Tax ID #92-0043991 for general use and purpose.

Percentage Bequest

I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to the Iditarod Trail Committee located at 2100 S. Knik-Goose Bay Road, Wasilla, AK 99654 Federal Tax ID #92-0043991 for general use and purpose.

Residual Bequest

I hereby give, devise and bequeath to the Iditarod Trail Committee located at 2100 S. Knik-Goose Bay Road, Wasilla, AK 99654 Federal Tax ID #92-0043991  ____________ (ALL, OR A PERCENTAGE) of the rest, residue and remainder of my estate to be used for general use and purpose.

Contingent Bequest

If ________________(primary beneficiary) does not survive me, then I hereby give, devise and bequeath to, _________________________ (DESCRIPTION OF PROPERTY) to the Iditarod Trail Committee located at 2100 S. Knik-Goose Bay Road, Wasilla, AK 99654 Federal Tax ID #92-0043991 for general use and purpose.