LEGACY GIVING

Sample Bequest Language for Your Will or Revocable Living Trust

A gift to the Visual Arts Center of New Jersey in your will or revocable trust enables you to support our mission and make a difference in the lives of future generations. A bequest:

  • is easy to arrange;
  • will not alter your current lifestyle in any way; and
  • can be easily modified to address your changing needs.

RESIDUAL GIFT LANGUAGE

A residual bequest comes to us after your estate expenses and specific bequests are paid:

I give and devise to the Visual Arts Center of New Jersey, located in Summit, NJ, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).

SPECIFIC GIFT LANGUAGE

Naming the Visual Arts Center of New Jersey as a beneficiary of a specific amount from your estate is easy:

I give and devise to the Visual Arts Center of New Jersey, located in Summit, NJ, the sum of $___________ (or asset) to be used for its general support (or for the support of a specific fund or program).

CONTINGENT GIFT LANGUAGE

The Visual Arts Center of New Jersey or its affiliates can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:

If (insert name) is not living at the time of my demise, I give and devise to the Visual Arts Center of New Jersey, located in Summit, NJ, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).

RETIREMENT PLAN BENEFICIARY LANGUAGE

You may name the Visual Arts Center of New Jersey as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.

Naming the Visual Arts Center of New Jersey as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh, or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming the Visual Arts Center of New Jersey a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor’s death the plan passes to support the Visual Arts Center of New Jersey free of both estate and income taxes.

Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change-of-beneficiary form from your plan administrator. When you have finished, please return the form to your plan administrator and notify the Visual Arts Center of New Jersey. We can also assist you with the proper language for your beneficiary designation to the Visual Arts Center of New Jersey.

RESIDUAL GIFT LANGUAGE

A residual bequest comes to us after your estate expenses and specific bequests are paid:

I give and devise to the Visual Arts Center of New Jersey, located in Summit, NJ, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).

SPECIFIC GIFT LANGUAGE

Naming the Visual Arts Center of New Jersey as a beneficiary of a specific amount from your estate is easy:

I give and devise to the Visual Arts Center of New Jersey, located in Summit, NJ, the sum of $___________ (or asset) to be used for its general support (or for the support of a specific fund or program).

CONTINGENT GIFT LANGUAGE

The Visual Arts Center of New Jersey or its affiliates can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:

If (insert name) is not living at the time of my demise, I give and devise to the Visual Arts Center of New Jersey, located in Summit, NJ, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).

RETIREMENT PLAN BENEFICIARY LANGUAGE

You may name the Visual Arts Center of New Jersey as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.

Naming the Visual Arts Center of New Jersey as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh, or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming the Visual Arts Center of New Jersey a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor’s death the plan passes to support the Visual Arts Center of New Jersey free of both estate and income taxes.

Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change-of-beneficiary form from your plan administrator. When you have finished, please return the form to your plan administrator and notify the Visual Arts Center of New Jersey. We can also assist you with the proper language for your beneficiary designation to the Visual Arts Center of New Jersey.

For more information and to discuss a legacy gift, please contact Director of Development Samantha Davis at sdavis@artcenternj.org or 908.516.5292.

DISCLAIMER

The material presented on this website is not offered as legal or tax advice.

The Visual Arts Center of New Jersey is not engaged in legal or tax advisory service. For advice or assistance in specific cases or whether to make certain a contemplated gift fits well into your overall circumstances and planning, the services of an attorney or other professional advisor should be obtained.

The purpose of this website is to provide general gift, estate, and financial planning information. Watch for tax revisions. State laws govern wills, trusts, and charitable gifts made in a contractual agreement. Advice from legal counsel should be sought when considering these types of gifts.

We do not collect or store any sensitive information through this website. When you send us an e-mail, just remember that like any other e-mail it is not secure, and therefore you should refrain from sending sensitive data such as social security numbers, credit card numbers, bank routing numbers, and the like.

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