Legacy Gifts
Outright Bequests
Unrestricted bequests to NLF of cash and/or publicly traded securities are always welcome. You can provide for them in your will or trust or by way of a transfer-on-death account. A transfer on death account is a bank or investment account that allows you to enjoy ownership of the account’s assets during your lifetime and entitles NLF to receive any assets remaining in it at the time of your passing.
Sample language for leaving an unrestricted general bequest in a will or trust:
I give to the NAPABA Law Foundation, 1612 K Street NW, Suite 510, Washington, DC 20006 (TIN: 36-4014003), [the sum of ($) (Dollars)] or [x% of the residue of my estate] or [description of specific assets to be given] for its general charitable and educational purposes.
You also may leave a designated amount for restricted use that coincides with your interests, e.g., to endow a scholarship or a fellowship in your name or your family’s name or in the name of anyone else you may wish to be remembered.
Sample language for leaving a restricted general bequest in a will or trust:
I give to the NAPABA Law Foundation, 1612 K Street NW, Suite 510, Washington, DC 20006 (TIN: 36-4014003), [the sum of ($) (Dollars)] or [x% of the residue of my estate] or [description of specific assets to be given] for the following [specific purpose], [specific program] or [specificproject].
Charitable bequests qualify for a 100% charitable deduction for estate tax purposes.
Life Insurance Policies
You can designate NLF as the sole or partial beneficiary of your life insurance policies.
Pensions, Retirement Plan Benefits and IRAs
You can designate NLF as the sole or partial beneficiary of your retirement assets.
One of the major benefits of contributing to a pre-tax retirement plan during life is immediate income tax deduction and tax deferral. However, when you pass away, the assets in the retirement plan will be subject to both income and estate taxes. The combined effect of these two taxes may reduce the value of your retirement assets by as much as two-thirds.
When you designate NLF as the sole or partial beneficiary of your retirement assets, both income and estate taxes can be avoided. Thus, 100% of the value of such assets can be utilized to support NLF's programs and projects.