Bequests by will to the Alpha Delta Phi Foundation are exempt from federal and most state inheritance taxes. With a gift by will, your total estate value is reduced by the amount of your planned gift, which lowers your overall estate tax, if applicable.
By your will (which you may change by a codicil) or your revocable trust (which you may change by an amendment), you can make the Alpha Delta Phi Foundation the beneficiary of cash, securities, and/or other property. You may designate by a specific amount or by a percentage of your estate. You may also make the Foundation a residual beneficiary of your will or trust; that is, a recipient of some part of the balance after payment of specific bequests, expenses, and taxes.
As you review your testamentary plans, here are some language samples for your consideration.
Specific Amount for General Purposes
“I give and bequeath to Alpha Delta Phi Foundation, a charitable purpose corporation chartered by the State of New York in 1961, under Section 501(c) (3) of the Internal Revenue Code, the sum of $______ to be used at its discretion for the general objectives and purposes of said Alpha Delta Phi Foundation.”
Percentage Amount for General Purpose
“I give and bequeath to Alpha Delta Phi Foundation, a charitable purpose corporation chartered by the State of New York in 1961, under Section 501(c) (3) of the Internal Revenue Code, ___% of the rest, residue, and remainder of my estate, to be used at its discretion for the general objectives and purposes of said Alpha Delta Phi Foundation.”
Percentage Amount for a Specific Purpose
“I give and bequeath to Alpha Delta Phi Foundation, a charitable purpose corporation chartered by the State of New York in 1961, under Section 501(c) (3) of the Internal Revenue Code , ___% of the rest, residue, and remainder of my estate, to be added to the [Foundation Fund Name] of said Alpha Delta Phi Foundation.”
These are only samples for your consideration. Your legal counsel can help you to refine the bequest language to suit your specific wishes for the Alpha Delta Phi Foundation. If you do decide to include the Foundation in your will, we would find it very helpful to have a copy of that portion of your will for our records.