We hope that you will consider including a gift to the JCFC in your will.
A bequest is a versatile gift. You can structure a bequest to leave a specified dollar amount, a percentage, or the residue of your estate. You can make your gift either outright to the JCFC, or as a contingent gift used to capitalize an endowment fund in your name to support the causes that matter most to you.
If your estate is subject to estate tax, your gift will be entitled to an estate tax charitable deduction for the gift’s full value. The Foundation will provide an official receipt for income tax purposes to your estate when it receives the bequest.
When planning a future gift, it’s sometimes difficult to determine what size donation will make sense. Emergencies happen, and you need to make sure your family is financially taken care of first. Including a bequest of a percentage of your estate ensures that your gift will remain proportionate no matter how your estate’s value fluctuates over the years. Moreover, because you are not actually making a gift until after your lifetime, we understand that your circumstances may change. You can change your gift at any time.
If you are planning to leave a bequest to the Jewish Community Foundation of Calgary, your wishes must be clearly set out in your will or trust.
Generally, just a few sentences are needed.
- the first paragraph specifies how the amount of the gift should be determined (are you making a specific bequest, a percentage or designating the residual of your estate).
- the second paragraph indicates how the income is to be expended (for example, the donor may wish to direct the gift to the General Heritage Fund with the annual income distributed at the discretion of the directors of the JCFC, or they may wish to establish a new fund or contribute to an existing named fund).
Here are a few examples of wording that could be useful.
“I give and bequeath the sum of (you can insert a dollar amount or a percentage or the words residue of my estate remaining) to the Jewish Community Foundation of Calgary to establish the (insert name) Fund.
“It is my wish that this gift be held in perpetuity and that only the annual net income derived from the fund shall be: (you can select one of the following)
- Used for general distribution purposes at the discretion of the directors of the Jewish Community Foundation of Calgary (this is called an unrestricted fund)
- Used solely for support of (insert an area of interest you wish to support -this is called a field-of-interest fund)
- Used solely for support of (insert the name of a specific charity or charities by percentage that you wish to support-this is called a restricted or designated fund)
- Added to the Endowment Fund already established by (insert the name of the fund or the organization) for the purposes outlined in the agreement established with that fund or organization
- Used for the purposes as shall be directed annually by (insert the names of your representatives), failing which the income shall be used for general purposes at the discretion of the directors of the Jewish Community Foundation of Calgary (this is called a donor advised fund)
The JCFC offers considerable flexibility to donors, so there can be many variables in the wording of wills. We would be happy to work with you and your legal advisor to create a document that will fulfill your philanthropic intentions.