Making a decision to include Lakota Language Consortium in your estate plans is a very personal choice, and yet it is one of the easiest ways you can leave a lasting impact on our organization.
We accept bequests in several forms, including cash, securities or personal property. The bequest can be in the form of a stated dollar amount or specific property, a percentage of the estate, or a portion of or the entire residue. In fact, there are a number of bequest options that you can include in your will or living trust to help you instruct your family and friends on what to do with the assets that you have accumulated in this life.
Under current law, your estate will receive a charitable deduction for the full donation to the fund at LLC, so your heirs will not pay estate tax on these assets.
Estate tax charitable deduction.
Lessen the burden of taxes on your family.
Leave a lasting legacy.
So How Do You Make a Bequest?
With the help of an advisor, you can include language in your will or trust specifying a gift to be made to LLC as part of your estate plan.
A general bequest provides that a specific amount of money, a percentage of your estate or a certain piece of property, be given to LLC at the time of your death. For most people, a gift of a percentage of the remaining estate after taxes and debts have been satisfied is the most appropriate use of a general bequest.The following sample language illustrates how a general bequest to LLC might be phrased in your will or trust:
I give, devise and bequeath $_____, _____% or _____ [name specific asset] of my adjusted gross estate (as that term is defined in the federal estate tax laws) to Lakota Language Consortium, a 501(c)(3) charitable corporation Tax ID: 20-1158601 with offices at 2620 N. Walnut St., Ste. 1280, Bloomington, IN 47404.
This gift shall be devoted to the general charitable purposes of Lakota Langauage Consortium as set forth in its governing instruments, as amended from time to time.
A residual bequest designates that the remainder or balance of your estate goes to Lakota Language Consortium --after your will or trust has made gifts of money or property to your loved ones.
The following sample language illustrates how a residual bequest to charity might be phrased in your will or trust:
After fulfilling all other specific provisions, I give, devise and bequeath ______% of the rest, residuary and remainder of my property, real, personal, or mixed; to Lakota Language Consortium, a 501(c)(3) charitable corporation Tax ID: 20-1158601 with offices at 2620 N. Walnut St., Ste. 1280, Bloomington, IN 47404 to be devoted to the general charitable purposes of the organization as set forth in its governing instruments, as amended from time to time.
A retirement asset, such as a Keogh plan, IRA, 401(k), 403(b), company retirement or profit sharing plan, makes an excellent bequest to us. If the retirement asset were given to your family, much of the value may be lost through estate and income taxes.
By designating a charity like LLC as the beneficiary of all or part of your retirement asset (using a beneficiary designation form provided by your custodian), the full value of the gift is transferred tax-free at your death and your estate receives an estate tax charitable deduction.
Thus, it is often better to make this kind of charitable bequest first to the extent practical.
Simply list Lakota Language Consortium as a full or partial beneficiary on the required form. The contributed amount can be in the form of a stated dollar amount or a percentage of the value of the account or policy.
The contribution of a life insurance policy or its proceeds may also enable you to make a major contribution to Lakota Language Consortium.
You may irrevocably name LLC as the owner of an existing paid up policy. The Consortium then names itself as the beneficiary of the policy and the fund you designate will receive the death benefit upon your passing. You may be able to deduct a calculated value of the policy itself as a charitable gift.
If you decide make a bequest to Lakota Language Consortium, please let us know
by completing the LLC gift form Thank You.