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Legacy Giving The following are three examples of gifts that take effect at the donor's death: Testamentary Bequests: A bequest under your Last Will and Testament (or an equivalent provision in a Revocable Living Trust) may provide that a specific dollar amount, a percentage of your estate, or specific assets pass to Extra Hands for ALS upon your death. Such a bequest can be for the general use of Extra Hands for ALS or you may designate a particular purpose. Properly formatted, such a bequest should be fully deductible when calculating your estate tax. The following examples are designed to illustrate the ways in which you may gift property at your death. You should consult with your attorney to develop the appropriate language for your circumstances and to integrate such a bequest into your overall estate plan. A general bequest to Extra Hands for ALS might read: I give and bequeath (the sum of $___________)(____ Percent of my residuary estate)(the following property)(all the rest, residue and remainder of my estate) to Extra Hands for ALS, 36 Four Seasons Center, Suite 293, St. Louis, MO 63017, for its general and unrestricted use in furthering its charitable purposes, provided that such organization is then an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, or the equivalent section of any successor code. A restricted request could be phrased as follows: I give and bequeath (the sum of $___________)(____ Percent of my residuary estate)(the following property)(all the rest, residue and remainder of my estate) to Extra Hands for ALS, 36 Four Seasons Center, Suite 293, St. Louis, MO 63017, provided that such organization is then an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, or the equivalent section of any successor code. Such property shall be used for (specify purposes). Please consult us prior to drafting restricted bequests to ensure that such restrictions allow the bequest to be utilized in concert with our current and future planned activities. The inclusion of language similar to the following in a restricted bequest will allow flexibility in the use of your bequest if the designated use becomes impractical: If at any time in the judgment of the Board of Directors of Extra Hands for ALS, the designated use of this bequest is no longer practicable or appropriate, then Extra Hands for ALS shall use the bequest to further its general charitable purposes, in the manner most consistent with my special interests as described above. You may also make Extra Hands for ALS a contingent beneficiary of part of your estate in the event that one or more primary beneficiaries predecease you. Such a bequest might read as follows: If neither my spouse nor any descendants of mine survive me, then I give and bequeath all the rest, residue, and remainder of the property, both real and personal, wherever situated, which I may own or be entitled to at my death, to Extra Hands for ALS, 36 Four Seasons Center, Suite 293, St. Louis, MO 63017, provided that such organization is then an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, or the equivalent section of any successor code. Such property shall be used for (specify purpose if any). Life Insurance: You may name Extra Hands for ALS as the beneficiary of your life insurance policy. The proceeds of such policy will typically pass to Extra Hands for ALS outside of probate and free of estate taxes. Alternatively, you may make Extra Hands for ALS both owner and irrevocable beneficiary of the policy, which would entitle you to an income tax deduction at the time of the transfer based on either the total value of the premiums paid, or the cash surrender value, whichever is less. Retirement Plans: You may name Extra Hands for ALS as the beneficiary of your Individual Retirement Account (IRA), Keogh plans, tax-sheltered annuity, self employment plans (SEPs) and qualified pension plans such as 401(k) and 403(b) plans. If you wish to name Extra Hands for ALS as the beneficiary of such a plan, you should notify your plan administrator and designate "Extra Hands for ALS" as the beneficiary. Upon your death, the proceeds of such plans would typically pass to Extra Hands for ALS free of taxes and outside of probate. For your information, the tax identification number of Extra Hands for ALS is 32-0077717. For more information on how a planned gift may benefit you, your family or Extra Hands for ALS, please consult with your attorney and financial planner. The information provided herein is not intended to serve as legal or tax advice and is merely provided for your consideration. Please consult with your own accountant and/or attorney to determine the best type of gift for your personal and charitable objectives and to assess the implications of a donation on your individual tax status. |
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