A planned gift to Encompass ensures better futures for children and families in our community. Help us continue our work of partnering with families to build healthy foundations for children.
Planned giving can be remarkably easy. There are several ways to include Encompass in your estate planning that often require little paperwork, and can be changed as needed. Some of the most popular are described below.
Bequest
You may designate Encompass as a beneficiary of a specific dollar amount or a percentage of your estate. A bequest can be either donated outright or contingent upon the passing of a named benefactor. You can make a lasting impact and realize an estate tax charitable contribution deduction which may reduce the tax burden for your family.
For your convenience, we have included sample language to share with your legal advisor:
Specific Sum of Money
Suggested language: “I give to Encompass, currently located at 9050 384th Ave. SE Snoqualmie, WA 98065, or its successor organization, the sum of (amount)…”
Specific Property
This may include real estate, stocks, bonds, jewelry, works of art, or other items. Unless the property is useful to Encompass, it will be sold, and the proceeds, less any appraisals and selling costs, applied per the terms of the bequest.
Suggested language: “I give to Encompass, currently located at 9050 384th Ave. SE Snoqualmie, WA 98065, or its successor organization, (description of property)…”
Rest and Residue of Estate
Under these circumstances, Encompass is given all or a percentage of what remains of the estate after paying debts, taxes, expenses, and other bequests.
Suggested language: “I give to Encompass, currently located at 9050 384th Ave. SE Snoqualmie, WA 98065, or its successor organization, all (or stated percentage) of the rest, residue, and remainder of my estate…”
Contingent Bequest
This gift takes place only if the Testator is not survived by certain individuals.
Suggested language: “If (name/s of primary beneficiary/ies) do/es not survive me, or shall die within ninety (90) days from the date of my death, or as a result of a common disaster, then I give to Encompass, currently located at 9050 384th Ave. SE Snoqualmie, WA 98065, or its successor organization, (describe amount of cash, property or percentage of residual estate)…”
Life Insurance
If you no longer need your life insurance policy, and you would like a way to reduce the size of your estate, you can name Encompass as the primary beneficiary of your policy. By doing so you can realize a federal estate tax deduction while helping Encompass continue to serve our community.
Retirement Assets
You can select Encompass to be the sole or partial beneficiary of your IRA, 401k plan or other retirement plan. As a tax-exempt organization, Encompass will not pay income tax on your gift, and will receive the full amount to continue vital programs and services.
Disclaimer
The information here is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.
If you would like to learn more, or if you have any questions, please contact Director of Development Megan Michalson at 425.888.3347 or megan.michalson@encompassnw.org
