1. Sample Bequest Language
To arrange a bequest from your Will or Trust(s), simply contact your estate-planning attorney to create or amend the necessary legal documents. Below are examples of bequest language that might be used.
I hereby give to Board of Child Care of the United Methodist Church, Inc., a nonprofit corporation with its principal office at 3300 Gaither Rd, Baltimore, Maryland 21244, (____% of the residue of my estate,) or (the sum of $____) to be used for its general purposes.
Sample Bequest Language for a gift to a specific use
Please reach out to BCC’s Development Team based in Baltimore to discuss leaving a gift with a specific use or purpose in mind. Their number is (410) 922-2100
2. Naming Board of Child Care as a Beneficiary of Your Retirement Assets, Life Insurance Policy or Bank Accounts
To arrange a bequest, simply contact your life insurance provider, retirement plan administrator, and/or bank or financial institution to fill out and file the appropriate beneficiary designation form(s) or payable on death (POD) form(s). Below is information for your paperwork, including BCC’s legal name and Tax ID number.
Please use the following if you wish to leave a bequest to BCC:
- Legal name: Board of Child Care of the United Methodist Church. Inc.
- Address: 3300 Gaither Rd, Baltimore, Maryland 21244
- Tax ID Number: 52-0591554
Remember to keep your beneficiary designation forms up-to-date, as well as your Will or trust, to ensure they are consistent and reflect your current wishes.
3. How to Give Your Double-Tax Assets to BCC
Not all assets are created equal.
At your death, some of your estate’s assets will be subject to more taxes than others. When they are transferred to your family and loved ones after your death, your heirs will owe income tax AND depending on the size of your estate, may owe estate tax as well. The technical name for these assets is “Income in Respect of a Decedent” or IRD.
Taxes can erode as much as 65% of an IRD asset. Some examples of assets that may be taxed twice are retirement plans such as an IRA, 40l(k) or 403(b), U.S. Savings bonds and accrued interest on bank accounts and CDs.
The good news is that you can give these funds to a tax-exempt charity like BCC and not only avoid income and estate taxs owed entirely, but also reduce the overal amount of taxes your estate may be subject to. You can then direct that other assets from your estate be given to family and loved ones that will be less costly for them to inherit.
There are two ways you can give IRD assets from your estate to BCC:
Use Your Will or Trust:
Below is sample language your attorney can use if you wish to ensure that charitable bequest(s) from your Will or trust are funded first by IRD assets.
“The charitable gift in the preceding paragraph shall be funded first, from all property classified as Income in Respect of a Decedent (IRD) for federal estate tax purposes in connection with my death, and thereafter out of the remaining assets which compose my estate [or Trust estate].”
Use Beneficiary Designation Forms:
Simply name BCC as a beneficiary of your retirement assets and they will be distributed directly to us. A signed beneficiary form will always control the distribution of the designated asset, regardless of what your Will or trust directs.
Contact Us for More Information
If you have any questions please send us an email at firstname.lastname@example.org or call 410-922-2100 x5430