Support The Arc by Making a Bequest
One way for you to support The Arc’s mission is to leave us a bequest. A bequest is a gift made to charity in your will or trust. One significant benefit of making a gift by bequest is that it allows you to continue to use the assets/property you may leave to charity during your life. Another benefit is that by making a bequest you are able to leave a lasting legacy for the work of The Arc.
Keep in mind that your gift can be for a specific amount, a percentage or some portion of the remainder (after family, relatives and friends have gotten their designated share). Below are examples of language you can use with the correct name and address of The Arc (where you wish your gift directed).
Types of Bequests
There are a number of ways you can make a bequest to The Arc. You can leave what is called a specific bequest. A specific bequest involves making a gift of a defined dollar amount, a particular tangible asset such as real estate, a car, other property or even shares of stock. For example, you may wish to leave your home, a portion of its value or $10,000 to The Arc. Another kind of specific bequest involves leaving a percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to The Arc.
Another kind of bequest is called a residual bequest. A residual bequest is a bequest that 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 remaining value of your estate to The Arc (local, state and/or national).
There are no limitations on bequest gifts. Bequests may be made for a general or specific purpose. All bequests to tax-exempt entities approved by the IRS are not subject to estate taxes. Please be sure to consult your tax advisor for advice regarding your own personal situation. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes resulting in a larger inheritance for your heirs.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to The Arc in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Outright Bequest
If you consider making an outright bequest to The Arc, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath (XXDOLLARS) to The Arc of New Mexico, a non-profit organization located at 3655 Carlisle NE, Albuquerque, NM, Federal Tax ID 85-0167508, for The Arc’s general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath (DESCRIPTION OF PROPERTY) to The Arc of New Mexico; a non-profit organization located at 3655 Carlisle NE, Albuquerque, NM, Federal Tax ID #85-0167508, for The Arc’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 The Arc (identify The Arc of New Mexico, a non-profit organization located at 3655 Carlisle NE, Albuquerque, NM, Federal Tax ID #85-0167508), for The Arc’s general use and purpose.
Bequest of Percentage of an Estate
I hereby give, devise and bequeath (PERCENTAGE OF YOUR ESTATE) to The Arc of New Mexico; a non-profit organization located at 3655 Carlisle NE, Albuquerque, NM, Federal Tax ID #85-0167508, for The Arc’s general use and purpose.
2. Restricted Bequest
If you are considering a bequest but would like to ensure that your bequest will be used only 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 that will ensure your charitable objectives can be met. We will also work with you and your attorney to craft language to accomplish your objectives.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give The Arc flexibility should it no longer be possible for The Arc to use your gift as you originally intended:
If, in the judgment of the Board of Directors of The Arc, it shall become impossible for The Arc to use this bequest to accomplish the specific purposes of this bequest, The Arc 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.
Please contact us if you have any questions about how to make a bequest to The Arc or to request any additional information that might be helpful to you and your attorney as you consider making a planned gift for us. Also, if you don’t have an attorney and would like assistance in finding one, please contact us. The Arc has established a partnership with The Special Needs Alliance, which is an organization comprised of attorneys from around the country, skilled in assisting families with special needs.