What is a charitable bequest?
A charitable bequest is language included within a will or trust that designates a specific asset, a dollar amount, or a percentage of your estate to a specified charitable organization. If you choose to include a charitable bequest to the Oklahoma School of Science and Mathematics Foundation in your will, we can provide you and your professional advisor with sample language to help guide you. To further simplify the process, we recommend that you complete a customized fund agreement that allows you to change the charitable intent of your bequest without having to change your will. There are several benefits to including a charitable bequest in your will:
- You can create a legacy through a permanent fund that will benefit the community for generations to come.
- Your heirs can continue your family’s tradition of giving by serving as advisors to the fund.
- Your estate can claim a tax deduction for the full amount of your charitable bequest.
- You can bequeath almost any asset including stock and real estate.
- You maintain full access to and control over your assets during your lifetime.
- It is the easiest way to transfer assets to a charitable organization.
Through a charitable bequest, you designate a fund at the Oklahoma School of Science and Mathematics Foundation, a 501(c)(3) non-profit organization, as the beneficiary. You may want to designate a fund you established during your lifetime or an existing fund that benefits a specific charitable cause such as a scholarship program or a permanent endowment fund of a non-profit agency. You may also want to consider a donor-advised fund that allows your heirs to help direct grants to charitable causes. Whatever fund option you choose, a charitable bequest allows you to redirect assets from taxes to charities of your choice.
Who should have a will?
Any person who owns property, a home, automobile, real estate, is married, has children, a retirement plan, or a bank account should probably have a will. You may also want to discuss the use of a living trust with your professional advisor and attorney. In many cases, a living trust may avoid the need for probate in the administration of an estate.
We’re here to help
The Oklahoma School of Science and Mathematics Foundation looks forward to working with you and your professional advisor to ensure you continue to make a difference. We would welcome information from you if you have already included us in your estate plans as a charitable bequest so we may thank you properly.
For more information on charitable bequests and other charitable giving opportunities, contact us at (405) 522-7804 or pam.felactu@ossm.edu.
