A Bequest In Your Will
The most common planned gift to North Olympic Land Trust is a simple bequest, added to a will or living trust. You do not have to rewrite your current documents. You simply add an amendment, called a codicil, to your will or living trust. Your bequest is entirely under your control during your life and becomes irrevocable only at death.
Here is an example of simple bequest language:
“I give devise and bequeath _______ percentage (__%) of my residuary estate to to North Olympic Land Trust a non-profit 501©(3) located in Port Angeles, Washington, (tax I.D. #91-1500378) for the benefit of its general purposes (or specify North Olympic Land Trust program you wish to support).”
“I give devise and bequeath _______________dollars ($_____________) from my residuary estate to North Olympic Land Trust a non-profit 501©(3) located in Port Angeles, Washington, (tax I.D. #91-1500378) for the benefit of its general purposes (or specify a North Olympic Land Trust program you wish to support).”
Using bequest language, you can also give securities, real estate or other assets through your will or revocable trust.
If you don’t have a will, there’s no time like the present to prepare one. That way, you control your estate and can make revisions if you change your mind or your circumstances change. We encourage you to work with a qualified probate attorney.
Other ways you can give
In addition to adding North Olympic Land Trust to your will or living trust, there are other simple ways to write the Land Trust into your estate plan:
- Traditional IRAs and qualifying 401(k) or 403(b) Plans: Your plan allows you to simply fill in the blanks (online or on paperwork they supply) to name North Olympic Land Trust as a primary or contingent beneficiary for all or a portion/percentage of your 401(k) or 403(b) plan: North Olympic Land Trust, tax ID 91-1465078
- Bank Accounts: Title or “retitle” a bank CD, checking or savings account”: Payable on Death (POD) to North Olympic Land Trust, tax ID 91-1500378
- Brokerage Accounts: Title or “retitle” a brokerage account: Payable on Death (POD) to North Olympic Land Trust, tax ID
- ID 91-1500378
- Life Insurance Policies or Commercial Annuities: Simply fill in the blanks on the beneficiary designation form provided by the insurance company: North Olympic Land Trust, tax ID 91-1500378 as a beneficiary for all or a portion/percentage of the amount
- Charitable Trusts: Please consult your attorney
- Annuities: Please consult your attorney
Please consider naming North Olympic Land Trust as a beneficiary in your estate plans, and we hope you will let us know if you do!
For more information, or to discuss including North Olympic Land Trust in your estate plans, contact Dean Miller, Development Director, at firstname.lastname@example.org or call (360) 417-1815 ext
Donations in Lieu of Flowers
It is often customary, upon a loved one’s passing, that donations be made to the deceased’s favorite non-profit in lieu of flowers.
To encourage this practice, common language for an obituary is:
In lieu of flowers, please consider a donation to North Olympic Land Trust in _______’s memory. Donations can be made on the Land Trust’s website (www.northolympiclandtrust.org) or by mail.
North Olympic Land Trust
PO Box 2945
Port Angeles, WA 98362
Please indicate on the check or on the website’s form that this donation is in ________’s memory.
Land Trust staff will contact family members and share general information about contributions received in a loved one’s memory.
Gifts of Stocks, Bonds and Mutual Funds
Appreciated securities, on which an individual might accrue a hefty capital gains tax, are easily donated, and can often provide you with exceptional tax savings. When you donate appreciated securities to North Olympic Land Trust, your gift will be exempt from capital gains tax on the appreciation, and you will usually receive an income tax deduction on the full value of the gift.
Charitable Remainder Trust
Providing for loved ones and fulfilling your philanthropic goals does not have to be an “either/or” proposition. Charitable remainder trusts provide for and maintain two sets of beneficiaries. The first is the income beneficiaries who receive income from the trust for life, or a term of years. This can be anyone – you, your spouse, a child, a sibling etc…. The second could be North Olympic Land Trust.
Life Insurance Policies
Many individuals have life insurance policies that can be used to benefit charities when the insured dies or, in some cases, during the insured’s life. Such policies, if left to non-charitable beneficiaries at the insured’s death, will in most cases pass free of income tax, but they will be subject to estate taxation in the donor’s estate, thereby reducing what these non-charitable beneficiaries receive. For this reason, life insurance policies are often excellent assets to use for charitable giving.
The very brief information provided here is intended to be general and educational in nature. It isn’t a substitute for legal or tax advice. Please consult an independent legal and/or tax advisor for specific advice about your individual situation.