Legacy Giving - The Tandana Foundation (TTF)


Wills & Bequests

A will enables you to: 1) direct the distribution of your assets; 2) provide for your heirs in the way you choose rather than as state and federal laws dictate; 3) possibly reduce or eliminate certain estate taxes and court costs; and 4) designate a portion of your assets as a gift to your favorite charity.

 

Testamentary gifts to TTF or other charities can take many forms, either through a new will, or through a 'codicil' - an amendment to your existing will.

 

Cash Bequest
TTF receives a specified dollar amount.

 

Specific Bequest or Devise of Property
TTF receives specified assets, such as securities, an interest in real estate (such as a residence or land), or tangible personal property.

 

Residuary Bequest or Devise
TTF receives all or a percentage of the remainder of your estate after specific legacies, debts, taxes, and estate expenses have been paid.

 

Contingent Bequest or Devise
TTF receives a gift according to the language of the bequest. There are a wide variety of conditions that you could place on such a bequest. For example, if you outlive other named beneficiaries, then part or all of your estate would benefit TTF.
 

EXAMPLES OF TESTAMENTARY LANGUAGE

The following are examples of language that can be included in your will or trust and tailored to address your specific interests:

 

Unrestricted Bequest
I give and bequeath to The Tandana Foundation, Inc, a non-profit organization (Tax ID #20-4748423), with a principal business address of 2933 Lower Bellbrook Rd, Spring Valley, OH 45370, for its general purposes, the sum of ______ Dollars ($______ ) - OR - ______% of my residuary estate.

An unrestricted bequest allows your support to be used in the area of greatest need.

 

Restricted Bequest
I give and bequeath to The Tandana Foundation, Inc, a non-profit organization (Tax ID #20-4748423), with a principal business address of 2933 Lower Bellbrook Rd, Spring Valley, OH 45370, the sum of ______ dollars ($______ ) - OR - ______% of my residuary estate to support ______________ (e.g, education, conservation, scholarships, income generation).

If you have a more specific purpose in mind, please contact us so we can work with you to ensure that your wishes are met.

 

Bequest of Specific Assets
I give and bequeath to The Tandana Foundation, Inc, a non-profit organization (Tax ID #20-4748423), with a principal business address of 2933 Lower Bellbrook Rd, Spring Valley, OH 45370, for its general purposes, ____________________.

Include specific details, such as the address of a vacation home or the title and artist of any piece of art.
 

TAX BENEFITS

Your bequest to TTF may qualify your estate for a charitable deduction equal to the entire amount of the bequest. Consult your tax or financial adviser for further information.
 

CHARITABLE REMAINDER TRUSTS & CHARITABLE LEAD TRUSTS

One or more named beneficiaries receive income for life or for a specified term of years, after which time the assets pass to TTF. Through this arrangement, you can provide income to family members or friends, realize significant tax savings, and ensure important benefits to TTF after the trust's termination.

 

Charitable Remainder Trust
One or more named beneficiaries receive income for life or for a specified term of years, after which time the assets pass to TTF. Through this arrangement, you can provide income to family members or friends, realize significant tax savings, and ensure important benefits to TTF after the trust's termination.

 

Charitable Lead Trust
Income from the trust is paid to TTF for a period of years, after which time the assets pass to your heirs, usually your grandchildren, at a reduced estate tax cost. By substantially reducing estate and other transfer taxes, this arrangement allows you to preserve a larger portion of your estate for your beneficiaries.
 

RETIREMENT PLANS

IRAs, 401(k)s, 403(b)s, Keoghs, and other retirement plan assets make up an increasingly large part of many estates. When left to your heirs, these assets can be subject to income, estate, and other transfer taxes. Naming TTF as a beneficiary or contingent beneficiary of all or a percentage of your plan assets may reduce or eliminate both income and estate taxes. Note that designating a specific dollar amount, rather than a specified percentage, may result in the inclusion of these funds in your gross estate for tax purposes.

 

To designate TTF as the beneficiary of some or all of your retirement plan funds, please use the following language on the retirement plan forms:

 

To The Tandana Foundation, a non-profit organization (Tax ID # 20-4748423), with a principal business address of 2933 Lower Bellbrook Rd, Spring Valley, OH 45370, for its general purposes - OR - to support _________________ (e.g., education, conservation, scholarships, income generation).

 

Retirement plan assets can also be placed in a testamentary charitable remainder trust to provide income to your heirs for life or a specified term of years with the remainder interest passing to TTF.

 

LIFE INSURANCE

Life insurance is another asset that could be used to support TTF, especially when a policy no longer serves its original purpose. Such gifts often provide certain tax benefits as well. To designate TTF as the primary or contingent beneficiary of some or all of your life insurance policy, use the same language that is suggested above for use in designating retirement plan assets.
 

ADDITIONAL GUIDANCE

To find out more about planned giving options, please consult your attorney and your tax or financial advisers. You can also ask your attorney or financial adviser to contact us. Inquiries are confidential.

 

If you have included TTF in your will or estate plan, please let us know. The details of your planned gift are not necessary, we simply want to thank you and recognize your generosity and support of our mission.