Bequest by Will or Living Trust

A bequest is a gift made to People For the American Way Foundation (PFAWF) in a will or living trust that is given when you and your spouse pass on. It can be an outright gift, a gift of a percentage of your estate, or a gift of a portion of whatever is left after making any other gifts you decide. Your estate will receive a tax deduction for the full value of the gift.

You keep full control of all assets for your lifetime, using them as you see fit. When you (and your spouse) pass on, the gift will be made from whatever is left.

Suggested Language to Bring to Your Attorney

"I give, devise and bequeath $________ [or specific asset, % of estate or % of the remainder of my estate after taking care of all other provisions] to the People For the American Way Foundation, a 501(c)-3 charitable corporation incorporated under the laws of the State of Delaware and presently having offices at 2000 M Street, NW, Suite 400, Washington, DC 20036."

Tax Saving Tip

Most estates end up having to pay income taxes on income earned prior to death but paid or collected after death. This also includes most retirement plan funds. This is called "IRD" income. Unless special wording is included in the will, this added income tax will have to be paid. If you are making any charitable gifts in your estate, it is wise to bring the following wording to your attorney to include in your will or trust:

"Any charitable gifts will first be paid from any Income in Respect to the Decedent. If there is not enough income to cover such gifts or if this is otherwise inappropriate, the remaining gifts will be taken from other available assets."

This can save your estate from paying unnecessary taxes.