If you have not already done so, please consider putting AACN in your will or revocable trust.
Including a bequest provision in your will or revocable trust provides now for a future gift to AACN. It grants you the flexibility of a gift commitment without affecting your current cash flow.
When you make a bequest to AACN:
- Your assets remain in your control during your lifetime.
- You can modify your bequest if your circumstances change.
- You can direct your bequest to a particular purpose (be sure to check with AACN to make sure your gift can be used as intended).
- There is no upper limit on the estate tax deductions that can be taken for charitable bequests.
If you plan to include AACN in a bequest provision, please discuss it with your financial planner or attorney. Then, notify us so that we can assure you that your wishes can be fulfilled. As with any gift to AACN, your notification will be treated confidentially.
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.
- It is revocable – you can change the provisions in your will or trust at any time until death.
What is 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 effect after your death.
A revocable trust (sometimes called a living trust) is a legal entity that holds assets during your lifetime then transfers ownership — 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 advisors can guide you in choosing which vehicle will work best for you.
What is the best way to include AACN in my will?
When including a provision for AACN in your will, you will want to make sure that your intention is stated clearly and that you include AACN’s correct name and address — American Association of Critical-Care Nurses, 27071 Aliso Creek Road, Aliso Viejo CA 92656. It would be prudent for you or your financial adviser or attorney to contact AACN before drafting the document to ensure that the information you include is accurate.
Read more about and view examples of sample bequest language.
What form should my gift take?
You may choose to designate that AACN receive a specific sum from your estate (e.g., $5,000) or a percentage of your estate (e.g., 5 percent).
Can my gift be in non-cash form, such as stocks, bonds, or real estate?
Unfortunately, AACN is not in a position to accept non-cash gifts.
How will my gift be used?
You may designate a particular AACN program as the beneficiary of your gift. This would be an unrestricted gift that opens the door to many opportunities for use as AACN’s strategic agenda evolves over time. Or you may allow AACN to determine how your gift is to be used at the discretion of our Board of Directors. Of course, the choice is entirely yours.
What priority will my gift have?
You can decide whether AACN 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 my gift be permanent?
You have the option of “endowing” your gift to provide AACN with an enduring financial resource. AACN cannot spend the principal of an endowed gift which ensures 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 a codicil which is a simple statement that adds a new bequest to AACN while reaffirming the other terms of your will. Similarly, your attorney can prepare an amendment to your revocable trust to add AACN as a beneficiary.