Irvine Barclay Theatre's Bequest Language
A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to Irvine Barclay Theatre that will make a lasting impact. With the help of an attorney, you can include language in your will or trust specifying a gift to be made as part of your estate plan, or you can make a bequest using a beneficiary designation form.
Benefits of a bequest
- 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.
- You can receive an estate tax charitable deduction.
- You can reduce the burden of taxes on your family.
- You can continue to use the property you will leave to charity during your life.
- You will leave a philanthropic legacy.
Types of Bequests
There are a number of ways you can make a bequest to Irvine Barclay Theatre.
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 Irvine Barclay Theatre.
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 Irvine Barclay Theatre.
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 Irvine Barclay Theatre.
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 Irvine Barclay Theatre.
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 Irvine Barclay Theatre.
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 Irvine Barclay Theatre.
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 Irvine Barclay Theatre.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Irvine Barclay Theatre in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequests
If you are considering making an outright bequest to Irvine Barclay Theatre, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Irvine Barclay Theatre, a nonprofit organization located at 4199 Campus Drive Suite 275, Irvine, CA, 92612, Federal Tax ID #33-0157868, for Irvine Barclay Theatre's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Irvine Barclay Theatre, a nonprofit organization located at 4199 Campus Drive Suite 275, Irvine, CA, 92612, Federal Tax ID #33-0157868, for Irvine Barclay Theatre's 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 Irvine Barclay Theatre, a nonprofit organization located at 4199 Campus Drive Suite 275, Irvine, CA, 92612, Federal Tax ID #33-0157868, for Irvine Barclay Theatre's general use and purpose.
2. Percentage BequestsI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Irvine Barclay Theatre, a nonprofit organization located at 4199 Campus Drive Suite 275, Irvine, CA, 92612, Federal Tax ID #33-0157868, for Irvine Barclay Theatre's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Irvine Barclay Theatre, a nonprofit organization located at 4199 Campus Drive Suite 275, Irvine, CA, 92612, Federal Tax ID #33-0157868, for Irvine Barclay Theatre's 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 Irvine Barclay Theatre, a nonprofit organization located at 4199 Campus Drive Suite 275, Irvine, CA, 92612, Federal Tax ID #33-0157868, for Irvine Barclay Theatre's general use and purpose.
If you are considering making a bequest of a percentage of your estate to Irvine Barclay Theatre, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Irvine Barclay Theatre, a nonprofit organization located at 4199 Campus Drive Suite 275, Irvine, CA, 92612, Federal Tax ID #33-0157868, for Irvine Barclay Theatre's general use and purpose.
3. Residual BequestsIf you are considering making a bequest of a residual of your estate to Irvine Barclay Theatre, we recommend the following language:
I hereby give, devise and bequeath to Irvine Barclay Theatre, a nonprofit organization located at 4199 Campus Drive Suite 275, Irvine, CA, 92612, Federal Tax ID #33-0157868, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Irvine Barclay Theatre's general use and purpose.
4. Contingent Bequests
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Irvine Barclay Theatre, a nonprofit organization located at 4199 Campus Drive Suite 275, Irvine, CA, 92612, Federal Tax ID #33-0157868, DESCRIPTION OF PROPERTY to be used for Irvine Barclay Theatre's general use and purpose.
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Irvine Barclay Theatre flexibility should it no longer be possible for our Irvine Barclay Theatre to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Irvine Barclay Theatre, it shall become impossible for Irvine Barclay Theatre to use this bequest to accomplish the specific purposes of this bequest, Irvine Barclay Theatre may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please contact us if you have any questions about how to make a bequest to Irvine Barclay Theatre or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Irvine Barclay Theatre in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.