Let Your Legacy Live On
A bequest is a written direction contained in a will, which disposes of some or all of the property controlled by the will. Through a will, it is possible to give cash, securities, life insurance proceeds, and real and personal property. It is also possible to create a trust through a will. Bequests may be used to establish memorials in honor of the donor, family members or others. Click here for recommended language in your will.
Charitable Remainder Trust (C.R.T.)
These trusts provide the donor or other named beneficiary an income from the trust. Title to the trust passes to the organization upon the death of the last named beneficiary. These trusts can be structured to provide a fixed income or a fixed percentage of the trust’s assets.
Charitable Lead Trust
This is similar to the Charitable Remainder Trust (CRT) above. Rather than paying an income to the beneficiary with remaining assets going to the organization, the CRT assigns from the trust an income to the organization, with remaining assets either reverting to the donor or being paid to a donor assigned designee at the end of a specific time period. A CRT may be advantageous to a donor who would like to reduce current taxable income yet retains ultimate ownership of the property.
Gifts of life insurance provide a way to make a sizeable gift at a relatively low cost. Certain gifts of life insurance, such as a gift of a paid-up policy, may be considered as current, rather than deferred gifts. A gift of life insurance is made either by delivering and assigning ownership of the policy to the non-profit organization, or by naming the organization as the beneficiary. When you make an outright gift of a paid-up life insurance policy and name the organization as the irrevocable owner and beneficiary, you may claim an immediate tax deduction equal to the replacement value of the policy. You may also contribute life insurance policies, which are partially paid up and claim an immediate tax deduction equal to the cash surrender value of the policy. You may even purchase and support a new policy naming the organization as the irrevocable owner and beneficiary. In this case, an immediate tax deduction can be claimed for the premium payments made.
If you’d like to learn more about making a planned gift to the Zoo, please email firstname.lastname@example.org or call (502) 238-5300.
Recommended Form of Bequest
The Trustees of the Louisville Zoo Foundation recommend that for estate planning purposes, members and friends consider the following language for use in their wills:
“To the Louisville Zoo Foundation, a not-for-profit, tax-exempt organization incorporated in Kentucky in 1998, having as its principal address the Louisville Zoo Foundation, 1100 Trevilian Way, Louisville, Kentucky, 40213, I hereby give and bequeath $_______________ for the Zoo’s _________ [general purposes or a specific interest].”
To help the Louisville Zoo defray future administration costs, it is suggested that the following paragraph be added to bequests for which the gift has a restricted use:
“If at some future time, in the judgment of the Trustees of the Louisville Zoo Foundation, it is no longer practical to use the income or principal of this gift for the purposes intended, the Trustees reserve the right to use the income or principal for purposes they deem necessary and most closely in accord with the intent described.”
If you wish to discuss the language of your bequest with a member of the Louisville Zoo staff, please contact the Development Director at (502) 238-5300.
Any information you provide is for internal use only and will not be sold to or used by other parties.