Planned giving ensures Scouting for the future.
What is Planned Giving and How Can it Help Scouting?
The charitable bequest is the most familiar and widely used way to benefit Scouting at some future time. It is how many donors choose to establish a legacy after their lifetime, but in a way that remains revocable at any time during their life.
Most who include Scouting in their wills often benefit their heirs at the same time. A charitable bequest is completely deductible from the estate. Depending on your needs, there are many forms a bequest to Scouting can take. These include:
- General Bequest which specifies a designated sum of money from your estate, such as $10,000. These are among the first bequests to be fulfilled in an estate.
- Specific Bequest which is a specifically designated item, such as stock in a certain company, a specific home or piece of land, art work, etc. If you do not own the item at the time of your death, the beneficiary will get nothing.
- Percentage Bequest which is a designated percentage of your estate, such as 10%. This is a good way to ensure that inflation will not reduce the value of your bequest to Scouting.
- Residuary Bequest is a designation that gives Scouting all or a percentage of any estate remaining after all your general and specific bequests are satisfied. There may or may not be any gift for Scouting with such a bequest.
- Contingent Bequest is a bequest that will not take effect unless another bequest fails, such as to a spouse or other relative that might predecease you.
Many donors also establish testamentary charitable trusts in their will or living trust. These may be annuity trusts or unitrusts just like those created during life but are funded or created in a will.
For those already with wills, simple changes can easily be made with a codicil. A codicil is a simple addition or amendment to an existing will. As with all bequests, codicils remain revocable during your lifetime. Regardless of your charitable plans, it is important to regularly review your will and make sure it meets the changing needs of you and your family.
Recognition: Designated bequest gifts to the Nevada Area Council are recognized through the Second Century Society program.
“I give (describe dollar amount, percentage of estate, or property to be given) to the Nevada Area Council, Boy Scouts of America, a non-profit corporation organized and existing under the laws of the State of Nevada and having its principal place of business in the City of Reno, County of Washoe County, State of Nevada, to support where the need is greatest, (or a specific purpose, ie. camp capital needs, programs, camperships, endowment).” (Please consult your legal adviser to include in your will or trust).