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What is a bequest?

A bequest is one of the easiest ways to make a gift to Catholic Charities Dallas. It is generally a revocable gift, which means it can be changed or modified at any time. You may choose to designate a bequest to be used for a general or specific purpose, so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes to the recipient. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.

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Types of Bequests

You have several opportunities in which you can make a bequest to Catholic Charities Dallas.

General Bequest This is considered the most popular type of bequest. You simply leave a specified dollar amount to Catholic Charities Dallas. Upon settlement of an estate, any direct monthly donation is considered a “General Bequest”.

Specific Asset Bequest A specific asset bequest involves making a gift of a specific asset such as real estate, a car or other property.

Percentage Bequest Another kind of specific bequest involves leaving a specific percentage of your overall estate to Catholic Charities Dallas.

Residual Bequest A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the remainder of the estate to Catholic Charities Dallas.

Contingent Bequest A contingent bequest is made to Catholic Charities Dallas only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a home, to a relative, but the bequest language could provide that if the relative is living at the time of your death, the property remains with your relative and upon their passing will go to Catholic Charities Dallas.

Beneficiary Designation A very simple way to allocate funds to Catholic Charities Dallas. You simply list Catholic Charities Dallas as a whole or partial beneficiary on a bank account, retirement plan, health savings account, insurance policy, etc.

Why gift a bequest?

  • Knowledge of where your bequest will go and the individuals it will impact the most
  • Create a lasting legacy that fits appropriately with your philanthropic estate goals
  • Can give you and your heirs a tax advantage
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