Annandale Village is an award-winning nonprofit organization dedicated solely to providing progressive life assistance to adults with developmental disabilities and traumatic brain injuries so that they can maximize their abilities and maintain their independence in the least restrictive environment.

Bequests, Wills & Living Trusts

In addition to filling an important role in providing for your family and others, your will or living trust can be a way to make a wonderful gift to the Annandale Village. It can be gratifying to know that a portion of your property will be put to good use after you no longer need it.

A gift made by will or living trust can be simple to arrange. A provision or amendment prepared by your attorney at the time you make or update your will or trust is all that is necessary. Gifts via wills and living trusts are popular because they are easy to arrange and may be changed at any time you choose.

Ways to give through wills and trusts:

  • Give only the remainder, or residue, of your estate—that is, what remains after all other bequests to friends and loved ones are satisfied.
  • Designate that a percentage of your estate be given through your will or living trust.
  • Leave a specific dollar amount. A gift of a particular amount may be designated for general use or for a special purpose you discuss with a representative of Annandale Village.
  • Provide for a gift of a specific property. Real estate, stocks, and other items of value are examples of properties Annandale Village receives as charitable bequests.
  • Arrange a trust as part of your estate plan to provide income to a loved one, with an eventual gift to Annandale Village after that person’s lifetime or another period of time you choose.
  • Name Annandale Village to receive a contingent bequest in the event other heirs are not there to receive their legacies.

There is currently no limit on amounts deductible from federal gift and estate taxes for charitable gifts made by will or trust, therefore no tax will be due on assets given in this way.

COMMONLY ASKED QUESTIONS ABOUT BEQUESTS AND WILLS

What are the advantages of making a bequest?

  • It is not payable until death, so it does not affect your assets or cash flow during your lifetime.
  • It is private – your will is not filed or made public until your death, and
  • It is revocable – you can change the provisions in your will or trust at any time until death.

What is the best way to include Annandale Village in my will?
When including a provision for us in your will, you will want to make sure that your intention is stated clearly and that you have our correct name and address. It would be prudent if you or your adviser calls us before drafting the document to ensure that the information you are including is accurate.

Here are some of your options:

  • How will your gift be used: You may opt to designate a particular program of Annandale Village as beneficiary of your gift, or you may leave your gift to be used at the discretion of our Board of Directors. (By leaving your gift unrestricted, you leave open many doors of opportunity. Of course, the choice is entirely yours.)
  • What form should your gift take: You may choose to designate that we receive a specific sum from your estate (for example $5,000), or you may choose to leave a percentage of your estate (for example 5%).
  • What asset should you use: You can give almost any kind of asset through a bequest, including cash, securities, an interest in real estate (such as a residence), tangible personal property (such as works of art or antiques) or the remainder of your IRA, Keogh, tax-sheltered annuity, qualified pension or profit-sharing plan.
  • What priority will the gift have: You can decide whether we will benefit outright through your will or only after other conditions are met, such as the distribution of bequests to heirs and other loved ones.
  • Will your gift be permanent: You even have the option of “endowing” your gift to provide a lasting financial resource. Because we do not spend the principal of an endowed gift, there is always income to support our programs and projects.

Will my gift be deductible?

A charitable bequest or trust distribution is deductible for federal estate tax purposes, and there is no limit on the deduction your estate can claim. In addition, the gift is usually exempt from state inheritance taxes.

What if I’ve already written my will or trust?

You can amend a will or trust to make a gift without rewriting the entire document. Your attorney can prepare the simple statement, called a codicil, which adds a new bequest to us while reaffirming the other terms of your will. Similarly, he or she can prepare an amendment to your revocable trust to add us as a beneficiary.

What’s the difference between a will and a trust?

A will is your instruction manual to your survivors about how you want your property distributed. It’s a revocable, private document that only takes affect after your death.

A revocable trust (sometimes called a living trust) is a legal entity that holds assets during your lifetime, then transfers ownership of them — or benefit from them — upon your death. Unlike a will, a trust must take title to assets before it can pass them to your survivors.

There is no difference between wills and revocable trusts in how transfers from them are taxed. In some states, however, the probate and distribution process is simpler with a revocable trust. Your advisers can guide you in choosing which vehicle will work better for you.

NOTE:  Please see Sample Bequests Language on the following page

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