Types of Bequests
There are a number of ways you can make a bequest to the National Academies.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the National Academies.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the National Academies.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the National Academy of Sciences, the National Academy of Engineering, or the National Academy of Medicine in your estate plan. We have provided some basic bequest language to assist you and your attorney.
In the case of a bequest to support the National Academy of Engineering, the bequest should be made to the “National Academy of Engineering Fund” along with “Tax ID# 23-7284092.”
1. Residual Bequest
I hereby give, devise, and bequeath to the National Academy of Sciences, a tax exempt corporation located at 500 Fifth Street, NW, Washington, DC, 20001, Federal Tax ID# 53-0196932, all [or (insert percentage)], of the rest, residue, and remainder of my estate to be used for the general purposes of [insert name of academy].
I hereby give, devise, and bequeath [insert specific dollar amount] to the National Academy of Sciences, a tax exempt corporation located at 500 Fifth Street, NW, Washington, DC, 20001, Federal Tax ID# 53-0196932, to be used for the general purposes of [insert name of academy].
3. Contingent BequestIf [insert name of primary beneficiary] does not survive me, then I hereby give, devise, and bequeath to the National Academy of Sciences, a tax exempt corporation located at 500 Fifth Street, NW, Washington, DC, 20001, Federal Tax ID# 53-0196932, all [or (insert percentage)], of the rest, residue, and remainder of my estate to be used for the general purposes of [insert name of academy].
Restricted Bequests
If you are considering making a bequest for a specific purpose within one or all of the academies, please contact us before signing your estate documents. We want to ensure that we will be able to meet your charitable objectives many years into the future.
Additionally, we suggest that you and your attorney place language that gives the Academies some flexibility in the section of your estate plan that states your gift. Including this language ultimately saves the Academies time and money in receiving your gift:
"If at any time the fulfillment of the purpose of this bequest becomes obsolete, inappropriate or impractical, as determined by the NAS Council, the funds may be used for other purposes as determined by the NAS Council."
Contact Us
Please contact us if you have any questions about how to make a bequest to the National Academy of Sciences, National Academy of Engineering, and/or National Academy of Medicine to request additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for any of the academies in your estate plan, please contact us. You will become a member of the Heritage Society with all of the associated benefits.
