A bequest to The Neely House will qualify your estate for a charitable tax deduction equal to the entire amount you bequeath. A bequest is not subject to federal or state inheritance taxes. It is deductible in determining the taxable estate, and there is no limit on the amount of the deduction. Through your will or living trust you can make a bequest in one of the following:
Specific: A specific amount or asset is transferred to The Neely House. To maximize the tax savings, consider gifts such as savings bonds, retirement accounts and real estate.
Percentage: A specific percentage of your estate.
Residuary: The residual left in your estate is transferred after all other specific bequests have been satisfied.
Contingent: If your named beneficiaries (family and friends) do not survive you, it is important to name a charity as your contingent beneficiary.
Restricted: A bequest is restricted to a particular portion of The Neely House or its use.
Frequently Asked Questions About Bequests
What happens if my circumstances change through a financial situation?
Gifts can be revocable pledges, meaning donors can change their minds as developments warrant.
I enjoy giving in my lifetime - do I have to make a deferred or planned gift?
Cash gifts and pledges are welcome. Most deferred-gift donors are consistent supporters; a deferred gift preserves their annual investment, helping the Foundation sustain its initiatives.
Will my deferred gift impact my children's inheritance or their decision-making on family assets?
The tax implications of deferred gifts may decrease taxes paid to the government thereby increasing the financial benefits to heirs. Studies show most children are proud of preserving a parent's legacy with a charity.
What if I already have a private family foundation?
A designated amount or a percentage of the foundation's assets can be passed to the Foundation at the time of passing.
If you are interested in making a bequest, please call 617-346-5900 to discuss your options and begin the process.