How To/Next Steps
Sample language for use in documents
A residual bequest comes to us after your estate expenses and specific bequests are paid:
I bequeath to the FLCC Foundation Inc., a nonprofit educational corporation located in Canandaigua, NY, the rest, remainder and residue of my estate (____________%), both real and personal, to be used for general purposes (or for the support of a specific program, fund or scholarship)
Naming us as a beneficiary of a specific amount from your estate is easy:
I bequeath to the FLCC Foundation Inc., a nonprofit educational corporation located in Canandaigua, NY, the sum of $___________ to be used where it determines the need is greatest (or for the support of a specific fund or program).
Naming us as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish your charitable goals while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming Finger Lakes Community College Foundation as a beneficiary of all or a percentage of your retirement plan, you maintain complete control over the assets while living, but at your passing the remaining assets pass to Finger Lakes Community College Foundation free of both estate and income taxes.
Making a charitable gift from your retirement plan is easy. Simply fill out a change of beneficiary form from your plan administrator and notify us. We can also assist you with the proper language for your beneficiary designation to the Finger Lakes Community College Foundation.
As with retirement plans, naming Finger Lakes Community College Foundation as the beneficiary of a life insurance policy or your donor-advised fund is as simple as filling in a change of beneficiary form from your plan/fund administrator. Be sure to let us know you have named us as the beneficiary so we can contact the insurance company or fund at the appropriate time and put your gift to work as you intend.