Ways to Give
WAYS TO GIVE
Bequests to Outreach – Center for Community Resources can be made for a percentage of an estate or for a specific dollar amount. Bequests can be designated for general use or to support the program with the greatest need. Individuals can also establish endowments that honor the memory of a family member or another loved one. Endowments live forever since only the income from interest is used annually.
Residuary bequests are used to give all or a portion of the rest, residue, and remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries.
Specific bequests are used to make a gift of a specific dollar amount or specific assets, such as securities, real estate, or personal property.
If you have already prepared your will, your attorney can easily include Outreach – Center for Community Resources as a beneficiary by adding a codicil (amendment). However, whether it’s necessary to create a will or trust, or simply update an old document, it’s best to seek the help of an estate planning attorney.
Donors should always consult with their own attorneys or other financial advisors for tax and legal advice when considering any type of planned gift.
Residuary Bequest: This allows loved ones to be taken care of first, with residuary funds designated for Outreach. An example of the wording for this type of bequest is, “I hereby give, devise, and bequeath to Outreach – Center for Community Resources, a 501(c)(3) organization, Tax ID# 25-1562285, 431 North 7th Avenue, Scranton PA 18503, all (or a percentage of) the rest, residue, and remainder of my estate to be used in support of its mission to promote family stability and economic self-sufficiency to individuals in our community.”
Simple Bequest: This leaves a specific dollar or percentage or one’s estate. This is the most common type of bequest. Standard wording is, “I hereby give, devise, and bequeath to Outreach – Center for Community Resources, a 501(c)(3) organization, Tax ID# 25-1562285, 431 North 7th Avenue, Scranton PA 18503, the sum of $_____ (or _____% of my estate) to be used to support of its mission to promote family stability and economic self-sufficiency to individuals in our community.”
Contingent Bequest: This is for those whose first choice is to have their estate inherited by living relatives. If, however, those relatives become decedents, Outreach – Center for Community Resources would inherit the estate. An attorney can draft this language based on your specific circumstances.