Charitable Bequests

You can, through a bequest, establish any kind of fund. Gifts provided through wills or trusts have become the foundation of the American philanthropic tradition. In fact, the vast majority of planned gifts ultimately received are as a result of bequests. Such gifts enable you to make significant contributions that may not have been possible during your lifetime.

When you remember the Community Foundation in your will or estate plan, you may reduce your estate taxes while supporting your community. You may give a specific dollar amount, property, or a percentage of your estate. You may also give a remainder of your estate after bequests to friends and family.

When planning a bequest to Grand Rapids Community Foundation, be sure to talk with a member of the development staff. Your staff representative will help make sure that your wishes are clearly understood in the present so they can be carefully carried out in the future.

Types of Bequests

A bequest can take various forms. You and your advisor may consider the following samples of several types of bequests when preparing your will. For restricted bequests, please contact a Grand Rapids Community Foundation development staff person to discuss the terms.

Specific Bequest

With a specific bequest, you designate that the Grand Rapids Community Foundation is to receive a specific dollar amount or specific property.

"I give to Grand Rapids Community Foundation, Grand Rapids, Michigan, a Michigan nonprofit corporation, ($____) to be held, administered, and used by its Board of Trustees for support of its grantmaking and programming in the areas of greatest need and opportunity." (Or designate the organization or interest area of your choice.)

Residuary Bequest

A residuary bequest is used to give Grand Rapids Community Foundation all (or a portion thereof) of your property, after all debts, taxes, expenses, and all other bequests have been paid.

"I give to Grand Rapids Community Foundation, Grand Rapids, Michigan, a Michigan nonprofit corporation, (all/%) of the remainder of my estate, both real and personal, to be held, administered, and used by its Board of Trustees for support of its grantmaking and programming in the areas of greatest need and opportunity." (Or designate the organization or interest area of your choice.)

Contingent Bequest

In the event of an unexpected occurrence, a contingent bequest will ensure that property will pass to Grand Rapids Community Foundation rather than unintended beneficiaries.

"If at anytime there is no one to take under the other provisions of this will, I give the property or funds to Grand Rapids Community Foundation, Grand Rapids, Michigan, a Michigan nonprofit corporation, to be held, administered, and used by its Board of Trustees for support of its grantmaking and programming in the areas of greatest need and opportunity." (Or designate the organization or interest area of your choice.)

Restricted Bequest

You may prefer to restrict your bequest for a specific purpose. For example, if you wish to memorialize a family member or an honored colleague, you can establish a legacy fund that will provide support for a program in which you (or the person honored or memorialized) were particularly interested. A restricted bequest should be made in the broadest terms that are consistent with your purpose to guard against the possibility of your gift becoming impractical or obsolete.

"I give to Grand Rapids Community Foundation, Grand Rapids, Michigan, a Michigan nonprofit corporation, (% or $) to be held, administered and used by its Board of Trustees for the establishment of an endowed ___________ fund. Distributions from the fund are to be used by its Board of Trustees for ___________. The fund shall be named the ___________ ."