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Learn how to make Kosair Charities part of your planned giving.
Wills & Bequests
There are two basic categories of bequests:
•Specific bequests take the form of an outright gift of securities, a specific amount of money or other property. In your will, you describe one item and you give that particular item to Kosair Charities. Specific bequests are honored after debts and expenses of your estate are paid and before other bequests are distributed.
•With a residuary bequest, you take care of what remains of your estate after all expenses, debts and taxes have been paid and all specific bequests have been honored. If you do not make arrangements for your residuary estate, any asset not mentioned specifically in the will is treated as if you had dies intestate (without a will).
There are two variations of bequests you should be familiar with:
•Charitable bequests are similar to contingent bequests in that they, too, overlap the basic types of bequests. Kosair Charities, for instance, can be the beneficiary of a specific or a residuary bequest.
•A contingent bequest takes effect only in the event that other bequests, for whatever reason, are not able to be carried out. For example, you could make a bequest to Kosair Charities in the event another beneficiary should predecease you. This type of bequest is not one of the basic categories-that is, specific or residuary. Instead, it is a rider that attaches itself to a bequest and comes into play only when certain conditions are met.
Codicil - If you already have a will, you can make a gift through the use of a codicil, an inexpensive and easy way to change or amend your will.
Tax Benefit
Advantages
- You decide how your estate will be distributed and prioritize the family's needs.
- Provides a lasting charitable gift.
- Inexpensive and easy to amend your will by using a codicil.
- Become a member of the W. Barnett Owen Society.
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