An excellent way for your clients to support Southeastern Illinois Community Foundation's mission is to leave a gift in their will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows your client to continue to use the property they will leave to charity during their life. Another benefit is that clients are able to leave a lasting legacy.

Types of Gifts to Make

There are a number of ways your clients can make a gift in their will.

Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, clients may wish to leave their home or $10,000.

Percentage Bequest. Another kind of specific bequest involves your client leaving a specific percentage of their overall estate. For example, your client may wish to leave 10% of their estate.

Residual Bequest. This gift is made from the balance of an estate after the will or trust has given away each of the specific gifts. A common residual bequest involves leaving a percentage of the residue of the estate. For example, your client may wish to leave 30% of the residue of their estate to Southeastern Illinois Community Foundation or an affiliated fund.

Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, clients can leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of the client’s death, the vacation home will go to Southeastern Illinois Community Foundation.

We would be happy to work with you and your client to help identify ways to give and your client’s charitable objectives. We will also work with you and your client to craft language to accomplish those goals.

Benefits of a Gift in Your Client's Will

A bequest is generally a revocable gift, which means it can be changed or modified at any time. Your clients can choose to designate that a bequest be used for a general or specific purpose to have the peace of mind knowing that their gift will be used as intended. Bequests are exempt from federal estate taxes. If your client has a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your client’s heirs.

Wording for Gifts by Wills and Trusts

As a professional advisor, you can help your client include a bequest to Southeastern Illinois Community Foundation in their estate plan. We have provided some basic bequest language to assist you and your client.

Following are examples of language for gifts by will, trust or beneficiary designation.

Unrestricted Gifts for Southeastern Illinois Community Foundation

Unrestricted gifts may be made to the operating fund of Southeastern Illinois Community Foundation, to be expended at the discretion Board of Directors to meet the charitable priorities of the Community Foundation. Unrestricted gifts may be designated as follows:

"I give ______ to Southeastern Illinois Community Foundation, a 501(c)(3) nonprofit organization, for its operating fund.”

Gifts to Southeastern Illinois Community Foundation’s permanent endowment fund may be designated as follows:

"I give _____ to Southeastern Illinois Community Foundation, a 501(c)(3) nonprofit corporation, for its permanent endowment fund."

Designated Gifts for an Existing Fund

Donors may designate their gift for a specific charitable interest area within a Southeastern Illinois Community Foundation fund as follows:

"I give ______ to the Southeastern Illinois Community Foundation, a 501 (c)(3) nonprofit organization. This gift shall be used for the benefit of [Fund Name]."

If there is not an existing account for the charitable purpose your client wishes to benefit, please contact Southeastern Illinois Community Foundation.

Gifts to Support an Affiliate Foundation of Southeastern Illinois Community Foundation

Donors may designate gifts to support an affiliate foundation of Southeastern Illinois Community Foundation. These affiliates include Mattoon Area Community Foundation, Effingham County Community Foundation, Jasper County Community Foundation, Crawford County Community Foundation, and Clark County Community Foundation. This gift can be designated by making an unrestricted gift or contributing to its general permanent endowment fund.

An unrestricted gift may be designated as follows:

"I give _____ to [affiliate foundation name] Community Foundation, an affiliate of Southeastern Illinois Community Foundation, a regional 501(c)(3) nonprofit corporation, for its operating fund.”

Gifts to Southeastern Illinois Community Foundation’s permanent endowment fund (or that of an affiliate foundation) may be designated as follows:

"I give _____ to [affiliate foundation name] Community Foundation, a 501(c)(3) nonprofit corporation, for its permanent endowment fund."

Gifts to Establish a New Fund

Donors wishing to establish a new fund with a planned gift are encouraged to contact Southeastern Illinois Community Foundation. We can provide illustrations of various gift plans and sample documents as needed without obligation and at no cost.

Note: The above information is of a general nature and is not intended as legal advice. It should not replace the counsel of tax, legal or estate planning advisors.