A Charitable Bequest:
A Gift from Your Will
BY JIM MORRIS, MISSOURI
Recently my wife and I decided it was time to
review our will as our conditions had changed considerably
in the past 25 years since our last document
was prepared.
We decided sufficient funds were set aside for our
extended family and it was time to consider other
bequests such as charity, our fraternity/sorority, and the
American Iris Society, which has been such a large part
of our lives for the last 40 years. The following wording
was a result of our discussions with our legal tax advisor
and others, and may be helpful to any AIS member
considering such a bequest.
SPECIAL YEAR-ENDING IRA
ROLLOVER GIFT
If you are age 70 1/2 you are required to make a
percentage withdrawal from your IRA each year. The
federal government permits you to gift any amount
up to $100,000 to a 501(c)(3) non-profit or charitable
organization without increasing your taxable income or
paying additional tax. Such a gift offsets your required
withdrawal (RMD) for the year.
HOW TO MAKE A BEQUEST
A bequest is one of the easiest gifts you can make
to significantly impact the American Iris Society’s work.
Your estate-planning attorney can include a provision in
your will that leaves a lasting gift to our organization. Your
bequest could be a gift of specific assets such as your
iris garden or home, a cash donation of any amount or a
percentage of your estate. A bequest could also be made
from the residue of your estate or what is left after all
gifts have been made to your heirs. A Revocable Trust is
recommended in your will. This is classified as a “Grantor
Trust” under the Internal Revenue Code.
BEQUEST BENEFITS
• It costs you nothing today to make a bequest.
• Your bequest is free of federal estate tax.
• Your bequest can be changed later.
• You can still benefit your heirs with specific gifts.
• A bequest may produce estate tax savings.
• You can leave a legacy of charitable giving.
RECOMMENDED BEQUEST LANGUAGE
“I give to the American Iris Society Foundation, Federal
Tax ID 23-7230012, (the sum of $ or percent
of the rest, residue and remainder of my estate) for its
general purposes.”
See the AIS Foundation donation form on which you
can designate to which fund in the AIS and/or the AISF
you want your donation to be assigned. The current AIS
Foundation Treasurer is Jill Bonino but any changes in
the future may be accessed via irises.org.
Please give this some thought and consideration as
you begin thinking about downsizing and departing the
most active part of your horticulture growing experience.
Thank you.
d
Sources:
• Affinity Law Group, LLC
• Crouch, Farley & Heuring, PC,
Certified Public Accountants
• Alpha Tau Omega
National Fraternity
• Father Flanagan’s Boys Town
• University of Missouri Estate
and Gift Planning
• Morgan Stanley Company
Note:
Each person’s financial situation is
different, and laws vary from state
to state, therefore please consult
a qualified financial adviser when
making your estate plans.
Winter 2018 AIS Bulletin 11