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Bequests provide long-term financial security to your family members, loved ones, and XLNC1. This type of gift is the most common and easiest to arrange. A bequest is a gift by will or revocable living trust, which allows the donor to have full control of their assets during their lifetime. You can designate a pre-determined fixed gift in your will, trust or remainder of the estate. These gifts include outright cash, appreciated stock or securities which can benefit you and XLNC1. Gifts through your will or trust to XLNC1 are not subject to estate or inheritance taxes. The value of a bequest is deductible from the donor’s taxable estate. There are different types of bequests that you can leave to XLNC1. You can establish: Specific Bequest: you name a particular item such as a block of securities that you wish to give, or tangible/ intangible items. General Bequest: you establish a specific amount that you would like to give from your remaining estate. Residual Bequest: you assign a percentage of your estate to be distributed to XLNC1 after all specific and general bequest have been met. Contingent Bequest: gives all or a portion of your estate to XLNC1 when a named individual beneficiary dies, before your passing, or is otherwise disqualified. You can specify the way XLNC1 uses the fund from your gift. You can designate your gift to be: Unrestricted: enabling XLNC1 to direct the gift where funding is needed Restricted: designating your gift to directly fund a particular program like community outreach, equipment improvements or new program acquisition. If you have already executed a will or living trust, you can easily amend it. When amending or drafting your bequest, please use language like: Unrestricted: I hereby give (insert dollar amount, percentage of estate, or “the remainder of my estate “) to XLNC1, Tax Identification Number 30-0026410, a California non-profit charity, located at 1690 Frontage Road, Chula Vista, CA 91911, for general use and purpose. I hereby give (insert dollar amount, property to be given, percentage of estate, or “the remainder of my estate“) to XLNC1, Tax Identification Number 30-0026410, a California non-profit charity, located at 1690 Frontage Road, Chula Vista, CA 91911, to support ( insert designated purpose) of XLNC1. We recommend that you contact a tax advisor or estate executor to weigh your options and to receive advice regarding specific language. Once you have named XLNC1 as the beneficiary of a bequest, please notify Cynthia Fuentes at 619-575-9090 Ext. 413 or email cfuentes@xlnc1.org to receive recognition for your special gift. |
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