The Legacy Operations

Bequests are gifts made through a will and are a wonderful and important way to support the Virginia War Memorial Foundation. A bequest can be a specific dollar amount, a percentage of your estate or the remainder of your estate. These gifts have no immediate impact on your current lifestyle. Please consider a gift through your estate.

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),
  Charitable Gift Annuities

A charitable gift annuity is a contract in which a donor transfers cash or appreciated securities to the Virginia War Memorial Foundation in exchange for a fixed annual payment for the duration of one or two lives. The donor may receive a charitable gift deduction and minimize capital gains taxes. Tax treatment and annuity payment size vary according to the value of property donated, beneficiary’s age at time of the gift, and IRS-mandated interested rates. Payments are a general obligation of the Virginia War Memorial Foundation.

Charitable Remainder Trusts

Because they pay no capital gains tax, Charitable Remainder Trusts are ideal instruments for highly appreciated assets and stocks. There are two types of Trusts accepted by the Virginia War Memorial Foundation:

• A Charitable Remainder Annuity Trust pays a set dollar amount at defined intervals to an individual for a term of years or life. At termination the remainder is paid to the Virginia War Memorial Foundation.
• A Charitable Remainder Unitrust pays a fixed percentage of the trust’s assets as valued annually to an individual for a term of years or life. At termination the remainder is paid to The Virginia War Memorial Foundation.

Charitable Lead Trusts

A Charitable Lead Trust permits a donor to make an annual gift to the Virginia War Memorial Foundation while retaining the remaining interest for the donor, the donor’s descendants, or for another non-charitable beneficiary. Charitable Lead Trusts permit the flexibility to remove assets from a donor’s estate and pass them to younger generations in a tax-friendly manner while fulfilling charitable wishes. There are two types of Trusts accepted by the Virginia War Memorial Foundation:

• A Charitable Lead Annuity Trust pays a set dollar amount or a set percentage of the initial trust assets to the Virginia War Memorial Foundation on an annual basis.
• A Charitable Lead Unitrust pays a fixed percentage of the trust’s assets as valued annually to the Virginia War Memorial Foundation.

The payment period for a Charitable Lead Trust can be a specific term of years or the life or lives of the individual or individuals identified on the date of transfer to the Trust. When the payment period expires, the trust ceases to exist, and assets are paid to either the donor or designated beneficiaries.