Bequests
Many people believe they cannot afford to make a gift to FAIR within their lifetime. Bequests provide you with the opportunity to meet your financial goals during your lifetime and also support FAIR.
Gifts made to FAIR in the form of bequests in wills and estates have been vital in building FAIR’s strength as an organization. In a farsighted decision made early in the organization’s life, FAIR’s board decreed that all bequests were to be put into FAIR’s endowment fund. The earnings from the endowment fund are used as a base of support for FAIR’s current operating budget but its principal remains intact and grows over time as more bequests are received and the Endowment’s financial assets appreciate. For these reasons bequests in wills and estates are among the most important gifts a FAIR supporter can make.
A bequest provides you, the donor, with great flexibility. You can leave a specific asset, a sum of money, a percentage of your estate, or the remainder of your estate after you have provided for other beneficiaries. You can also designate the purpose for your gift or FAIR to determine its use.
You can give almost any kind of asset through a bequest, including cash, securities, an interest in real estate (such as a residence), tangible personal property (such as works of art or antiques) or the remainder of your IRA, Keogh, tax-sheltered annuity, qualified pension or profit-sharing plan.
What are the advantages of making a bequest?
- It is not payable until death, so it does not affect your assets or cash flow during your lifetime.
- It is private your will is not filed or made public until your death.
- It is revocable you can change the provisions in your will or trust at any time until death.
In addition, a bequest is deductible for federal estate tax purposes, and there is no limit on the deduction your estate can claim. In addition, the gift is usually exempt from state inheritance taxes.
Seventh Generation Society
FAIR supporters making a bequest of at least $5,000 to FAIR are automatically (unless they wish to remain anonymous) made members of FAIR’s Seventh Generation Society. The Seventh Generation Society is a group of individuals who have made the commitment to support FAIR long into the future. Their support of FAIR’s work is vital to our nation’s security as well as the healthy environment we hope to bequeath to future generations.
The name Seventh Generation Society is taken from the great law of the Iriquois Indian Confederacy:
“In our every deliberation, we must consider the impact of our decisions on the next seven generations.”
Although there are other types of bequests, because all bequests go directly to our endowment fund, the following are the bequests that apply to FAIR:
Specific Bequest
With this type of bequest, you specify that you will leave a specific item of property to FAIR such as a main residence or a vacation home, or a particular piece of artwork, etc.
Example
“I hereby give, devise, bequeath to the Federation for American Immigration Reform, a non-profit institution incorporated in the District of Columbia, and now of Suite 400, 1666 Connecticut Avenue, N.W., Washington, DC 20009 all my right, title and interest in the following described property______.
General Bequest
A general bequest provides FAIR with a stated sum of money or a percentage of your estate.
Example
“I hereby give, devise, bequeath to the Federation for American Immigration Reform, a non-profit institution incorporated in the District of Columbia, and now of Suite 400, 1666 Connecticut Avenue, N.W., Washington, DC 20009 the sum of ____dollars or ____percent of my residual estate or particular item.
Contingent Bequest
A contingent bequest names FAIR as the beneficiary only if the primary beneficiaries under a will are not alive to receive the benefits. This type of bequest can also specify that certain conditions be met before the bequest is distributed.
Example
“If my wife (name) does not survive me, I hereby give, devise, bequeath her share of my estate, as stated in paragraph __ above, to the Federation for American Immigration Reform, a non-profit institution incorporated in the District of Columbia, and now of Suite 400, 1666 Connecticut Avenue, N.W., Washington, DC 20009 her share of my estate.
Residuary Bequest
A residuary bequest names FAIR to receive all or part of the estate remaining after all other bequests, debts and taxes have been paid.
Example
“After payment of the above devises and bequests, I hereby give, devise, and bequeath to the Federation for American Immigration Reform, a non-profit institution incorporated in the District of Columbia, and now of Suite 400, 1666 Connecticut Avenue, N.W., Washington, DC 20009, all the rest, residue, and remainder of my estate, both real and personal.OR
I hereby give, devise, and bequeath to the Federation for American Immigration Reform, a non-profit institution incorporated in the District of Columbia, and now of Suite 400, 1666 Connecticut Avenue, N.W., Washington, DC 20009, ___percent of all the rest, residue, and remainder of my estate both real and personal.
Honorary or Memorial Bequest
A bequest made in memory or honor of a loved one. the memory of a family member, friend or associate. It serves as a testament to a life fulfilled and a promise to the future.
What if I've already written my will or trust?
You can amend a will or trust to make a gift without rewriting the entire document. Your attorney can prepare the simple statement, called a codicil that adds a new bequest while reaffirming the other terms of your will.
If you plan to make a charitable gift to FAIR by will, meet with your attorney to discuss and update your will and please notify us so that we ensure your wishes can be fulfilled. Your notification will be treated confidentially. If you prefer to remain anonymous, your gift will be kept completely confidential.
If you choose to name FAIR in your will, you should designate FAIR as the “Federation for American Immigration Reform, a non-profit institution incorporated in the District of Columbia, and now of Suite 400, 1666 Connecticut Avenue, N.W., Washington, DC 20009.”