Bequest gift
Without the support of our generous circle of givers, PacRep could not withstand the "whips and scorns of time."
What is a bequest?
A bequest is probably the most popular method of planned giving. You make a bequest through your will or living trust, the legal documents that direct how your property is used and distributed after your lifetime. A bequest can be stocks or bonds, mutual funds, real estate, cash or any other asset of value.
When should a bequest be considered?
A bequest is particularly appropriate when you want to support PacRep but are unsure whether you will need that financial resource during your own lifetime. A bequest only comes into being if you pass on with remaining assets.
The advantages
- It does not reduce your current income or jeopardize your ability to sustain yourself financially.
- It lets you provide substantial future support to a cause that is important to you.
- It may reduce estate taxes (depending on the size of your estate).
- It is revocable: you can change your mind at any time.
- Membership in the Encore Circle, the community of PacRep supporters who have made similar provisions in their estates.
Ways to structure a bequest
- Specific bequest: a specific dollar amount, percentage or property.
- Residual bequest: after your estate pays all debts, taxes, expenses and specific bequests, the remainder goes to Pacific Repertory Theatre.
- Contingent bequest: PacRep receives all or part of your estate only under certain circumstances, for example if there are no surviving close family members.
Including PacRep in your will
The federal government encourages charitable bequests with an unlimited estate tax charitable deduction, and a charitable bequest may place your estate in a lower estate tax bracket. This language will be helpful to your lawyer:
I give, devise, and bequeath to Pacific Repertory Theatre the sum of _____________ (or otherwise describe the gift or specify a percentage of the estate).
We make no claims regarding the accuracy of this information or the tax consequences of your use of it. Please consult your own tax, legal or financial planning advisor.