What is a bequest?
A bequest is a charitable gift from your estate that enables you to achieve your financial goals and benefit Dental Connections, Inc. A bequest will make an important contribution to Dental Connections’ long-term strength and their ability to carry on their mission.
Why should I make a bequest?
- You care about Dental Connections or one of its programs:
- Smile Squad
- Nolden Gentry Dental Clinic
- Main Clinic
- You want the flexibility to change your mind. A bequest is revocable and can be changed at any time.
- You want continued access to your wealth, should you need it. No other planned gift is as simple to make or as easy to change should you ever need the assets during your lifetime.
- You may save on estate taxes. Because your bequest is revocable, you do not receive an income tax charitable deduction when you create it. Rather, your estate will receive an estate tax deduction for the full value of your bequest in the year it is made. Depending on a variety of factors, including the size of your estate and estate tax law at the time your estate is settled, a bequest may or may not save estate taxes.
- You want to leave a legacy that will benefit Dental Connections and those they serve long after you’re gone.
How can I make a bequest?
We encourage you to work with an experienced attorney to create a will or living trust that accomplishes your goals for your estate.
There are several ways that you can define the amount of your bequest to Dental Connections, Inc. They are:
- A monetary gift
- A gift of a specific item or items. For example, shares of ABC Corporation.
- A gift that will only be made if one or more conditions are met. For example, you give $25,000 provided your spouse does not survive you.
- A gift that will be made from the remainder of your estate once all other bequests, debts, and taxes have been paid. For example, you give 25% of the remainder of your estate. Often called a “residuary bequest,” this approach assures that your family will be taken care of before your estate makes a bequest to charity.
You can also specify how Dental Connections may use your bequest:
- An unrestricted bequest – This is a gift for Dental Connections, Inc. to use for general purposes. It allows Dental Connections, Inc. to put your gift to the best possible use at the time they receive it.
- A restricted bequest – This is a gift for a specific use, such as a special project or program that is important to you. It is best for you to consult with Dental Connections before placing restrictions on your bequest to be sure we can carry out your wishes.
- An endowed bequest – This is a gift where Dental Connections, Inc. invests your donation along with the rest of their endowment. They distribute these funds in accordance with their endowment spending policy. This approach assures that your gift will continue to benefit Dental Connections, Inc. long after you’re gone. An endowed bequest can be restricted or unrestricted.
- An honorary bequest – This is a bequest made in honor of someone else. Any form of bequest can also be an honorary bequest. We would be pleased to recognize the people you wish to honor with your gift.
What are other ways to make a planned gift?
In addition to adding bequest language to your will, here are a few other simple ways for you to make a bequest to us:
- Make Dental Connections, Inc. a designated beneficiary of a life insurance policy.
- Make Dental Connections, Inc. a designated beneficiary of an IRA or other retirement plan.
- Make Dental Connections, Inc. a designated beneficiary of savings bonds.
- Instruct your bank to “pay on death” to Dental Connections, Inc. some or all of a specific bank account.
- Instruct your brokerage firm to “transfer on death” to Dental Connections, Inc. some or all of a specific brokerage or other financial account.
What is Dental Connections’ Legacy Society?
The Legacy Society of the Dental Connections, Inc. is a group of visionary, forward-thinking supporters who have made estate-plan provisions to give a lasting gift to Dental Connections, Inc. Please let us know if you have included Dental Connections, Inc. in your estate plans. We would welcome the opportunity to thank you for your thoughtful gift and to confirm that we can carry out your wishes.