Estate/Trust Administration

By making bequests and other planned gifts, you can continue to help the ICSC Foundation make an important difference in your industry.

What better way to thank the people or organizations that have had an impact on your life, than to make a contribution from your estate through a bequest? Gifts large and small are important. Charitable giving is not only for the wealthy!

Charitable Bequests

A charitable bequest is simply a distribution from your estate to the ICSC Foundation through your last will and testament or a living trust which includes terms for disposition after death. There are different kinds of bequests. For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes. In any charitable bequest, be sure to name the ICSC Foundation accurately.

YOUR estate

Your “estate” is the sum of your assets, including property you own, insurance policies, retirement accounts, cash on hand, etc. Wealthy people may have very large estates, but even people who aren’t wealthy often have the resources to make a charitable bequest.

Below, are listed some of the more common kinds of bequests, and some bequest language. The bequest may be unrestricted, in which case ICSC Foundation may use the cash for any of its charitable purposes, or it may be restricted to a specific use. We always recommend that you carefully review the terms of your will with an attorney trained in handling trusts and estates.

Cash Bequests

Cash Bequests are legacies of a designated cash amount left to certain people or organizations that are made by designating a specific dollar amount.

Cash bequest language with no restriction as to use:
"I give, devise, and bequeath to the ICSC Foundation the sum of $________ for the benefit of the ICSC Foundation and its general purposes."

Specific Bequests

Specific Bequests are made when a particular item or property is bequeathed for a designated purpose.

Specific bequest language with a restriction as to use:
"I give, devise, and bequeath to the ICSC Foundation, _______ shares in XYZ corporation (or a description of another specific asset), for the benefit of the ICSC Foundation to be used for the following purpose: (state the purpose). If at any time in the judgment of the trustees of the ICSC Foundation it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose."

Residuary Bequests

Residuary Bequests are made when you leave the residue or a portion of the residue of your estate after other terms of the will have been satisfied.

Residuary bequest language with no restriction on use:
“All the rest, residue and remainder of my estate, both real and personal, I give to the ICSC Foundation, for its general purposes."

OR

“One-half of the rest, residue and remainder of my estate, both real and personal, I give to the ICSC Foundation, for its general purposes."

 

Contingent Bequests

Contingent Bequests allow you to leave a portion of your estate to a particular charity if your named beneficiary does not survive you.

Contingent bequest language:
"I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath my residuary estate to the ICSC Foundation, for its general purposes."

Some other estate planning vehicles: retirement plans and/or life insurance

Retirement Accounts: In addition to providing for ICSC Foundation through a bequest under your will, you might also consider naming ICSC Foundation as the beneficiary of a portion or all of the assets remaining in a retirement account. As retirement accounts which hold income tax-deferred assets are subject to income tax upon distribution to a non-tax exempt beneficiary, these income tax-weighted assets may make an excellent choice to satisfy your desire to benefit ICSC Foundation.

Life Insurance: Also consider transferring ownership of a paid-up life insurance policy to ICSC Foundation or naming ICSC Foundation as a beneficiary of a life insurance policy the death benefit of which you and your estate no longer needs.

Without a will, there is no mechanism in place to make a bequest, so here are the steps you should take to make sure your wishes are granted.

Make a detailed list of your assets (financial, real estate, vehicles, jewelry, collectibles, musical instruments, etc.)

Set up an appointment with your financial analyst or attorney to help sensitively guide you through the process.

Depending on the current tax laws, leaving a gift to the ICSC Foundation in your will may reduce the estate tax burden on your heirs significantly. You should consult with a financial advisor or attorney to learn how giving may actually benefit your family after you’re gone.