Bequest Language for parishes, schools, and organizations within the Diocese of Lincoln
One way for you to support the mission of any parish, school, or organization, such as Catholic Social Services of Southern Nebraska, within the Catholic Foundation of the Diocese of Southern Nebraska is to make a bequest through the Catholic Foundation of the Diocese of Southern Nebraska. A bequest is a gift made to charity in your will or trust. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that by making a bequest you are able to leave a lasting legacy. Your bequest can be made to provide an enduring gift to your preferred Catholic organization by naming an existing endowment fund of the Catholic Foundation as the beneficiary of your bequest. If your preferred Catholic organization does not yet have an endowment fund, we can work with you and your attorney to establish a new endowment. Please see our main page for more information on endowment funds.
There are a number of ways you can make a bequest to your preferred Catholic organizations through the Catholic Foundation of the Diocese of Southern Nebraska. You can leave what is called a 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 the Catholic Foundation of the Diocese of Southern Nebraska. 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 the Catholic Foundation of the Diocese of Southern Nebraska.
Another kind of bequest is called a residual bequest. A residual bequest is a bequest that 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 of 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 the Catholic Foundation of the Diocese of Southern Nebraska.
There are no limitations on bequest gifts. Bequests may be made for a general or specific purpose. All 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.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to your preferred Catholic organizations in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Outright Bequest
If you are considering making an outright bequest to your preferred Catholic organization, we recommend the following language:
I hereby, give, devise and bequeath $DOLLARS to The Catholic Foundation of Southern Nebraska, a non-profit organization located at 3700 Sheridan Blvd. Suite 9, Lincoln, NE, 68506, Federal Tax ID # 47-0825444, for The Catholic Foundation of Southern Nebraska's general use and purpose.
I hereby, give, devise and bequeath DESCRIPTION OF PROPERTY to the Catholic Foundation of the Diocese of Southern Nebraska, a Nebraska non-profit corporation located at P.O. Box 80328, Lincoln, NE, 68501, Federal Tax ID # 47-0825444, for the unrestricted benefit of NAME OF PREFERRED CATHOLIC ORGANIZATION.
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 the Catholic Foundation of the Diocese of Southern Nebraska, a Nebraska non-profit corporation located at P.O. Box 80328, Lincoln, NE, 68501, Federal Tax ID # 47-0825444, for the unrestricted benefit of NAME OF PREFERRED CATHOLIC ORGANIZATION.
I hereby, give, devise and bequeath PERCENTAGE OF YOUR ESTATE to the Catholic Foundation of the Diocese of Southern Nebraska, a Nebraska non-profit corporation located at P.O. Box 80328, Lincoln, NE, 68501, Federal Tax ID # 47-0825444, for the unrestricted benefit of NAME OF PREFERRED CATHOLIC ORGANIZATION.
2. Restricted Bequest
If you are considering a bequest but would like to ensure that your bequest will be used only 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 that will ensure your charitable objectives can be met. We will also work with you and your attorney to craft language to accomplish your objectives.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Catholic Foundation of the Diocese of Southern Nebraska flexibility should it no longer be possible for our Catholic Foundation of the Diocese of Southern Nebraska to use your gift as you originally intended:
If, in the judgment of the Board of Directors of the Catholic Foundation of the Diocese of Southern Nebraska, it shall become impossible for the Catholic Foundation of the Diocese of Southern Nebraska to use this bequest to accomplish the specific purposes of this bequest, the Catholic Foundation of the Diocese of Southern Nebraska 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.
Please contact us if you have any questions about how to make a bequest to the Catholic Foundation of the Diocese of Southern Nebraska or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
Types of Bequests
There are a number of ways you can make a bequest to your preferred Catholic organizations through the Catholic Foundation of the Diocese of Southern Nebraska. You can leave what is called a 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 the Catholic Foundation of the Diocese of Southern Nebraska. 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 the Catholic Foundation of the Diocese of Southern Nebraska.
Another kind of bequest is called a residual bequest. A residual bequest is a bequest that 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 of 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 the Catholic Foundation of the Diocese of Southern Nebraska.
Bequest Benefits
There are no limitations on bequest gifts. Bequests may be made for a general or specific purpose. All 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 your preferred Catholic organizations in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Outright Bequest
If you are considering making an outright bequest to your preferred Catholic organization, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby, give, devise and bequeath $DOLLARS to The Catholic Foundation of Southern Nebraska, a non-profit organization located at 3700 Sheridan Blvd. Suite 9, Lincoln, NE, 68506, Federal Tax ID # 47-0825444, for The Catholic Foundation of Southern Nebraska's general use and purpose.
Bequest of Specific Personal Property
I hereby, give, devise and bequeath DESCRIPTION OF PROPERTY to the Catholic Foundation of the Diocese of Southern Nebraska, a Nebraska non-profit corporation located at P.O. Box 80328, Lincoln, NE, 68501, Federal Tax ID # 47-0825444, for the unrestricted benefit of NAME OF PREFERRED CATHOLIC ORGANIZATION.
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 the Catholic Foundation of the Diocese of Southern Nebraska, a Nebraska non-profit corporation located at P.O. Box 80328, Lincoln, NE, 68501, Federal Tax ID # 47-0825444, for the unrestricted benefit of NAME OF PREFERRED CATHOLIC ORGANIZATION.
Bequest of Percentage of an Estate
I hereby, give, devise and bequeath PERCENTAGE OF YOUR ESTATE to the Catholic Foundation of the Diocese of Southern Nebraska, a Nebraska non-profit corporation located at P.O. Box 80328, Lincoln, NE, 68501, Federal Tax ID # 47-0825444, for the unrestricted benefit of NAME OF PREFERRED CATHOLIC ORGANIZATION.
2. Restricted Bequest
If you are considering a bequest but would like to ensure that your bequest will be used only 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 that will ensure your charitable objectives can be met. We will also work with you and your attorney to craft language to accomplish your objectives.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Catholic Foundation of the Diocese of Southern Nebraska flexibility should it no longer be possible for our Catholic Foundation of the Diocese of Southern Nebraska to use your gift as you originally intended:
If, in the judgment of the Board of Directors of the Catholic Foundation of the Diocese of Southern Nebraska, it shall become impossible for the Catholic Foundation of the Diocese of Southern Nebraska to use this bequest to accomplish the specific purposes of this bequest, the Catholic Foundation of the Diocese of Southern Nebraska 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.
Contact Us
Please contact us if you have any questions about how to make a bequest to the Catholic Foundation of the Diocese of Southern Nebraska or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
Chris Raun
Executive Director
[email protected]
The Catholic Foundation of Southern Nebraska
3700 Sheridan Blvd. Suite 9
Lincoln, NE 68506-6100