What it is:
A bequest is a gift that passes by will or revocable trust.
Why it may work for you: A bequest to the BPSEF will pass with the remainder of your estate. This planned gift has no effect on your current financial picture. If you find your circumstances change and a bequest to the BPSEF is no longer in your best interest, then you simply change or remove the bequest in your will at any time. You maintain title and control over all of your assets during your lifetime.
How to do it: When drafting a will, there are a number of ways to leave a bequest to the Foundation. Typical language includes:
- Specific Item “I give my farm”
- Specific Dollars “I give $500”
- Percent “I give 20% of my estate”
- Residue “I give the residue of my estate”
- Contingent “I give to my sister $500, but if she dies before me, I give such $500 to the BPSEF.”
The tax advantages of a bequest: When a bequest is made to the BPSEF, the amount of your estate is decreased by the value of the bequest, thus reducing your estate tax liability, if any.