One way for you to support the Community Foundation or other organizations is to leave a bequest. A bequest is a gift made to charity in your will or trust. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that by making a bequest you are able to leave a lasting legacy.

Types of bequests

There are a number of ways you can make a bequest. You can leave what is called a specific bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property, or a specific dollar amount. For example, you may wish to leave your home or $10,000 to the Community Foundation. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to the Community Foundation.

Another kind of bequest is called a residual bequest. A residual bequest is a bequest that is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to the Community Foundation.

Benefits include

• There are no limitations on bequest gifts;
• Bequests may be made for a general or specific purpose;
• All bequests are exempt from federal estate taxes; and
• If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes resulting in a larger inheritance for your heirs.

Bequest language

Your attorney can help you include a bequest to the Community Foundation of Greater Memphis in your estate plan. We have provided some basic bequest language to assist you and your attorney.

1. Outright Bequest

If you are considering making an outright bequest to the Community Foundation of Greater Memphis, we recommend the following language:

Bequest of a specific dollar amount

I hereby, give, devise and bequeath $DOLLARS to Community Foundation of Greater Memphis, a non-profit organization located at 1900 Union Avenue, Memphis, TN, 38104, Federal Tax ID #58-1723645, for Community Foundation of Greater Memphis's general use and purpose.

Bequest of specific personal property

I hereby, give, devise and bequeath DESCRIPTION OF PROPERTY to Community Foundation of Greater Memphis, a non-profit organization located at 1900 Union Avenue, Memphis, TN, 38104, Federal Tax ID #58-1723645, for the Fund of the Community Foundation of Greater Memphis.

*Please note: Gifts of real estate or personal property must be approved in advance by the Community Foundation's Board of Governors. Email Director of Development Wesley LaRue or call her at (901) 722-0036 if you are considering such a gift. See our real estate checklist.

Bequest of specific real estate

I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Community Foundation Realty, Inc., a non profit located at 1900 Union Avenue, Memphis, TN, 38104, Federal Tax ID #62-1493663, for the Fund of the Community Foundation of Greater Memphis.

*Please note: Gifts of real estate or personal property must be approved in advance by the Community Foundation's Board of Governors. Email Director of Development Wesley LaRue or call her at (901) 722-0036 if you are considering such a gift. See our real estate checklist.

Bequest of percentage of an estate

I hereby, give, devise and bequeath PERCENTAGE OF YOUR ESTATE to Community Foundation of Greater Memphis, a non profit organization located at 1900 Union Avenue, Memphis, TN, 38104, Federal Tax ID #58-1723645, for the Fund of the Community Foundation of Greater Memphis.

2. Restricted Bequest

If you are considering a bequest but would like to ensure that it will be used only for a specific purpose, please let us know. We work with you and your attorney to help you identify ways to give that will ensure your charitable objectives can be met. We also work with you and your attorney to craft language to accomplish your objectives.

If you are making a restricted bequest, we recommend that your attorney include the following provision to give the Community Foundation of Greater Memphis flexibility should it no longer be possible for us to use your gift as you originally intended:

If, in the judgment of the Board of Govenors of Community Foundation of Greater Memphis, it shall become impossible for the Community Foundation of Greater Memphis to use this bequest to accomplish the specific purposes of this bequest, Community Foundation of Greater Memphis may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.

Email Director of Development Wesley LaRue or call her at (901) 722-0036 to discuss bequests.