Charitable Bequests and the Legacy Society

A Bequest:

What is it?

Simply put, a bequest is a gift you leave through a will or trust. It is often the easiest way to support your charitable interests because you can support your community while retaining complete control over your assets during your lifetime. Bequests can be a specific dollar amount, a percentage of your estate, or what remains after other bequests, such as those to family members, are satisfied.

You may direct your bequest to the Princeton Area Community Foundation to benefit our grant making programs and work in the community. Or you may choose to use your bequest to create a fund to support a specific nonprofit, an area of particular interest or scholarship.  If you have an existing fund at the Community Foundation, your bequest may be directed to it.

If you anticipate that a bequest to the Community Foundation will be greater than $10,000, please let us know as there is additional information required by us to set up a fund that could affect the language you use in your will or trust.

Highlights:

• You can give cash, appreciated stocks, or other assets.
• Bequests to the Community Foundation earn a full charitable deduction on estate taxes.
• You may name a new fund, an existing fund, or a specific group or organization to receive your bequest to the Community Foundation.
• Some of the most tax-efficient asset types to give through your will come from retirement plans, since heirs would be taxed on the income in respect of the decedent. 
• You may arrange for your heirs to receive lifetime income from a charitable trust, with the remainder going to the Community Foundation for charitable purposes.

Next Steps:

• Because it is important to leave clear instructions, use the suggested language below when naming the Princeton Area Community Foundation as the recipient of gifts through your will or trust.
• For retirement assets, simply name the Princeton Area Community Foundation as a beneficiary.
• For a gift or bequest over $10,000, please complete a New Fund Agreement and forward it to the Community Foundation.
• Contact Ralph Serpe so we can assist you and your attorney to develop a bequest that suits your charitable goals.
• We welcome the opportunity to thank you for your generosity, please share your plans with us by contacting us or completing a Legacy Society Form

Thank you

Sample Language for a Charitable Bequest (you may "Print this Page" by clicking below)

The following four types of bequests direct your gift to the Princeton Area Community Foundation.

• Percentage: ”I devise to the Princeton Area Community Foundation, a not for profit corporation of the State of New Jersey, located at 15 Princess Road, Lawrenceville, NJ 08648, ____% of my estate.”

• Specific: "I devise to the Princeton Area Community Foundation, a not for profit corporation of the State of New Jersey, located at 15 Princess Road, Lawrenceville, NJ 08648, (Choose one) 1) The sum of $___________." 2) __________ shares of stock in ________________Company.", or 3) my real property commonly known as _________________."

• Residual: "I devise my residual estate to the Princeton Area Community Foundation, a not for profit corporation of the State of New Jersey, located at 15 Princess Road, Lawrenceville, NJ 08648."

• Contingent: "In the event of the death of any of the beneficiaries, I devise to the Princeton Area Community Foundation, a not for profit corporation of the State of New Jersey, located at 15 Princess Road, Lawrenceville, NJ 08648, (percentage, specific, or residual language as above)."

You may also use a bequest to set up a named fund, using language outlined below.

• The Fund for Mercer County: (to provide broad support of the Community Foundation’s work in Greater Mercer County) “to establish the (choose name) Fund for Mercer County.”

• Field-of-Interest Fund: (to establish a new, or add to an existing, fund with programmatic and/or geographic parameters.) "to establish the (choose name) fund for (describe field- of-interest as programmatic, geographic or combination of both)."

• Designated Funds: (to provide support to a specific organization) "to establish the (name of fund) for (designated nonprofit(s)."

• Advised Fund: (to establish a new, or add to an existing, advised fund) "to establish the (choose name) advised fund."

• Scholarship* Fund: (to establish a new, or add to an existing, scholarship fund) "for (name of education initiative at the Community Foundation)" or "to establish the (choose name) scholarship fund."

If you have an existing fund at the Community Foundation, place the fund's name in the examples above.

* Please note: All new scholarship funds, including those created through a bequest, require pre-approval. Please contact the Community Foundation for guidance.