You can support the mission of Scripture Memory Fellowship by leaving us a bequest. A bequest is a gift made in your will or your revocable living trust. One significant benefit of making a charitable gift by bequest is that the gift does not become effective until your passing, so it allows you to continue to use the property during your lifetime before it goes to charity. Another benefit is that by making a bequest you are able to leave a lasting legacy. And if you have a large estate, a charitable gift may even reduce or eliminate federal estate taxes.
You can also make a gift to support the mission of Scripture Memory Fellowship by naming us as a beneficiary under a life insurance policy, an annuity contract, or a retirement plan.
Types of Bequests
There are a number of ways you can make a bequest to Scripture Memory Fellowship. You can leave a specific bequest in your will or trust by making a gift of a specific dollar amount of money or a specific asset, such as shares of stock, real estate, a car, or other specifically-identified property. For example, you may wish to leave $10,000 in cash, your home, or 100 shares of stock to Scripture Memory Fellowship.
Another kind of bequest is called a residual bequest. A residual bequest is one that is made from the balance of an estate after the will or trust has given away each of the specific bequests and all debts and expenses have been paid. A common residual bequest involves leaving of a percentage of the residue of your estate to charity. For example, you may wish to leave 10% or more of the residue of your estate to Scripture Memory Fellowship.
Bequest Tax Benefits
There are no limitations on the amounts of gifts made by bequest or beneficiary designation. Bequests may be made for a general or specific purpose. All bequests to Scripture Memory Fellowship are deductible for federal estate tax purposes. If you have a taxable estate, the estate tax charitable deduction may reduce or even eliminate federal estate taxes resulting in a larger inheritance for your heirs.
Bequest Sample Language
You should consult with your attorney about the best way to make a bequest. He/she can help you include a bequest to Scripture Memory Fellowship in your will or revocable trust. The following is sample language which can be used as a guide for you and your attorney:
1. Outright Bequest
With an outright bequest, the charitable organization will use the bequest in its discretion to fulfill its charitable purposes. If you are considering making an outright bequest to Scripture Memory Fellowship, the following language may be used:
Bequest of a Specific Dollar Amount:
I hereby, give, devise and bequeath $[Dollar Amount of Bequest] to Scripture Memory Fellowship International, 1930 Pendleton Drive, Garland, TX 75041, to be used for its general purposes.
Bequest of Specific Personal Property:
I hereby, give, devise and bequeath [description of property] to Scripture Memory Fellowship International, 1930 Pendleton Drive, Garland, TX 75041, to be used for its general purposes.
Bequest of Specific Real Estate:
I hereby give, devise and bequeath all of my right, title and interest in and to the real estate located at or described as [address or legal description of real estate] to Scripture Memory Fellowship International, 1930 Pendleton Drive, Garland, TX 75041, to be used for its general purposes.
Bequest of Percentage of an Estate:
I hereby, give, devise and bequeath [___%] of my residuary estate to Scripture Memory Fellowship International, 1930 Pendleton Drive, Garland, TX 75041, to be used for its general purposes.
2. Restricted Bequest
A restricted bequest is given to an organization with instructions as to how the gift will be used. If you are considering a bequest but would like to ensure that your bequest will be used only for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give that will ensure your charitable objectives can be met. We will also work with you and your attorney to craft language to accomplish your objectives.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Scripture Memory Fellowship flexibility should it no longer be possible for Scripture Memory Fellowship to use your gift as you originally intended.
If, in the judgment of the Board of Directors of Scripture Memory Fellowship International, it shall become impossible or impracticable for Scripture Memory Fellowship International to use this bequest to accomplish the specific purposes of the bequest, Scripture Memory Fellowship International may use the income and principal of the gift for such purpose or purposes as the Board determines is most closely related to the original purpose of this bequest.