Bequest Language
Types of Bequests
There are a number of ways you can make a bequest to Corewell Health Foundation.
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, you may wish to leave your home or $10,000 to Corewell Health Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Corewell Health Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Corewell Health Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property such as a vacation home to a relative, but the bequest language could provide that if the relative is not alive at the time of your death the vacation home will go to Corewell Health Foundation.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Corewell Health Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Corewell Health Foundation, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise, and bequeath _________ ($DOLLARS) to Corewell Health Foundation, a nonprofit organization located at 26901 Beaumont Boulevard, Floor 5D, Southfield, MI, 48033, Federal Tax ID #38-1459362, for Corewell Health Foundation's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise, and bequeath DESCRIPTION OF PROPERTY to Corewell Health Foundation, a nonprofit organization located at 26901 Beaumont Boulevard, Floor 5D, Southfield, MI, 48033, Federal Tax ID #38-1459362, for Corewell Health Foundation's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise, and bequeath all of the right, title, and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Corewell Health Foundation, a nonprofit organization located at 26901 Beaumont Boulevard, Floor 5D, Southfield, MI, 48033, Federal Tax ID #38-1459362, for Corewell Health Foundation's general use and purpose.
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to Corewell Health Foundation, we recommend the following language:
I hereby give, devise, and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Corewell Health Foundation, a nonprofit organization located at 26901 Beaumont Boulevard, Floor 5D, Southfield, MI, 48033, Federal Tax ID #38-1459362, for Corewell Health Foundation's general use and purpose.
3. Residual Bequest
I hereby give, devise and bequeath to Corewell Health Foundation, a nonprofit organization located at 26901 Beaumont Boulevard, Floor 5D, Southfield, MI, 48033, Federal Tax ID #38-1459362, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Corewell Health Foundation's general use and purpose.
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Corewell Health Foundation, a nonprofit organization located at 26901 Beaumont Boulevard, Floor 5D, Southfield, MI, 48033, Federal Tax ID #38-1459362, DESCRIPTION OF PROPERTY to be used for Corewell Health Foundation's general use and purpose.
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Corewell Health Foundation flexibility should it no longer be possible for our Corewell Health Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Corewell Health Foundation, it shall become impossible for Corewell Health Foundation to use this bequest to accomplish the specific purposes of this bequest, Corewell Health Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
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