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Wills and bequests

A bequest is a gift of property or assets to a beneficiary as defined in a will. There can be long-term tax benefits because charitable bequests can reduce estate taxes. In addition, there are the emotional rewards of knowing what a charitable gift means to the charity and how it can benefit our Masonic charities. There can be other tax benefits as well if the bequest involves appreciated assets.

Specific language (see sample bequest language) is used to effect a bequest. The examples provided here are for general information - please consult your attorney to make sure your wishes are properly carried out.

There is additional infomration available about the benefits of utilizing a charitable bequest and how bequests enable you to keep control of your assets.

Using funds from a retirement account to make bequests is often a good strategy. If there is a balance in your retirement account at your death, not only is there a potential income tax burden, but there may be estate taxes as well. Estimates are that taxes could eat up as much as 70-75% of retirement assets under certain circumstances. Careful planning concerning retirement funds needs to be done. Some additional information regarding retirement assets is available.

Another option to consider in making a gift is to use real estate that is not practical or necessary. There are some different ways to make a gift of real estate.







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