The Legacy A-Team

A simple bequest in your will or a codicil for an existing will. 

A bequest can be a specific dollar amount, a percentage of your estate or the remainder of your estate. These gifts are the most used and least complicated way to leave a legacy.

Listed below are samples of bequest language for the most common types of bequests. Every estate plan is different, so please share this information with your estate planner to determine which one works best for you.

Residual Bequest

A residual bequest is a gift made to the Virginia War Memorial Foundation after all other bequests, debts, and taxes are paid. Sample language:

• I give, devise and bequeath to the Virginia War Memorial Foundation [all or percentage] of the rest, residue and remainder of my estate, to be used for its unrestricted use and purpose (or for the support of a specific program). 

Specific Bequest

A specific bequest names the Virginia War Memorial Foundation as a beneficiary of a specific gift amount designated in advance by you. Sample language:

• I give, devise and bequeath to the Virginia War Memorial Foundation, the sum of $_____ (or asset) to be used for its unrestricted use and purposes (or for the support of a specific program).

Contingent Bequest

A contingent bequest names the Virginia War Memorial Foundation a beneficiary in the event that one of your specific bequests cannot be fulfilled. Sample language:

• If (insert name) is not living at the time of my demise I give, devise and bequeath to the Virginia War Memorial Foundation, the sum of $____ (or all or a specific percentage of the residue of my estate) to be used for its general support (or for the support of a specific program),

In addition to simple bequests, you can name the Virginia War Memorial Foundation as a beneficiary in your retirement plan, investment account, or life insurance policy.

You continue to use your account as long as you need to and reduce the burden of taxes on your family when you pass.

Take advantage of favorable tax laws for charitable giving from your qualified retirement account.

If you are 70 ½ years or older, you can donate up to $100,000 per year (and up to $200,000 for married couples) directly from your qualified qualified retirement account to the Virginia War Memorial Foundation. These gifts from may satisfy your required minimum distribution for the year.  When these gifts are transferred directly to a qualifying charity from your retirement account, they do not count as taxable income.

Contact your IRA plan administrator to make a gift from your IRA to the Virginia War Memorial Foundation.

As part of the Consolidated Appropriations Act of 2023, the Secure Act 2.0 includes a new legacy giving opportunity allowing donors to make a one-time tax-free IRA charitable rollover of up to $50,000 to fund a charitable gift annuity (CGA).  A CGA is an excellent planned giving vehicle option for donors who want to utilize their required minimum distribution from their retirement account and receive a fixed amount of income in return.

Charitable gift annuities can provide you with income for the rest of your life. When funded with appreciated stock, you can avoid capital gains tax on the stock.  Charitable gift annuities may be written as single or double life. As is true of most charities in the United States the Virginia War Memorial Foundation uses interest payout rates recommended by the American Council on Gift Annuities.

Charitable Lead Trust

If you are looking for a way to pass on some of your assets to your family while reducing or eliminating gift or estate taxes, a charitable lead trust is an excellent option.

Charitable Remainder Trusts

Charitable remainder trusts (CRTs) are an ideal form of philanthropy for those who wish to make a legacy gift and to receive income for their lifetime and/or the lifetime of others.

The Virginia War Memorial Foundation may not act as trustee for charitable lead trusts, or charitable remainder trusts, but can be named a beneficiary.