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WILLS- Bequests are made by people of all income levels and the size of donation varies from small to large.
When including IITBHF in your Will, you may choose to leave
A specific dollar amount
A percentage of your estate
A specific parcel of real estate or personal property.
A portion of your estate’s residue after all heirs and bequests are satisfied
(For qualified charitable gifts, the tax laws generally allow an unlimited amount to
be deducted for federal estate and gift tax purposes.)
There are some differences between a bequest under your Will and gifts during life.
Generally, while bequests by Will are gift and estate tax deductible, they are not income tax deductible.
Trusts in Wills can be used in combination with the unlimited marital deduction
allowed under the Economic Recovery Tax Act of 1981. Creating a life interest for your spouse,
followed by charitable disposition of the property, frequently can entirely eliminate federal estate taxes.
Charitable gifts also can minimize your exposure to a “generation skipping’ transfer tax.
Wills are one of the most flexible and commonly used methods of making charitable gifts from your estate;
however, they are not the only method. Outside your Will, during your lifetime, you may want to explore charitable
remainder unitrusts and annuity trusts that let you keep income as long as you live, but pass to charity at the
death of you and your spouse. However, such a trust also can be created under your Will to go into effect upon your death,
distributing the income to someone you name, with the balance to IITBHF.
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