Bequests

Ways You Can Define a Charitable Gift in Your Estate Plan

A gift of a particular amount of money.
A gift of a specific item or items.
A gift that will be made only if one or more conditions are met. For example, you give $25,000 provided that we still offer a particular program or service and your spouse does not survive you.
A gift that will be made from the remainder of your estate once all other bequests, debts, and taxes have been paid. Often called a "residuary bequest," this approach assures that your family will be taken care of before your estate makes a bequest to us.

Ways to Specify How We May Use Your Bequest

An Unrestricted Bequest: This is a gift for our general purposes. This can be the most useful kind of gift because it allows us to put your gift to the best possible use at the time we receive it.
A Restricted Bequest: This is a gift for a specific use, such as a special project or program that is important to you. It is best for you to consult with us before placing restrictions on your bequest to be sure we can carry out your wishes.
An Endowed Bequest: This is a gift where our organization invests your donation along with the rest of our endowment. We distribute these funds in accordance with our endowment spending policy. This approach assures that your gift will continue to benefit us long after you're gone. An endowed bequest can be restricted or unrestricted.
An Honorary Bequest: This is a gift made in honor of someone else. Any form of bequest can also be an honorary bequest.

Make Sure We Can Carry Out Your Wishes

In order to avoid any possible question that your bequest is to our organization, be sure to include our full legal name and our federal tax identification number in your bequest.

Legal Name: The Foundation of the Pennsylvania Medical Society

Current Address: 400 Winding Creek Blvd., Mechanicsburg, PA 17050-1885

Tax Identification Number: 37-1732501

We are happy to provide you with sample bequest language to assist you and your attorney below. You have complete flexibility to change your bequest at any time. If circumstances change in a way that makes you want to revise your gift to us, you can.

Tax Benefits

Because your bequest is revocable, you do not receive an income tax charitable deduction when you create it. Rather, your estate will receive an estate tax deduction for the full value of your bequest in the year it is made. Depending on a variety of factors, including the size of your estate and estate tax law at the time of your estate is settled, this deduction may or may not save estate taxes.

Bequest Language

The following is intended to help you and your attorney in drafting a bequest that satisfies your interests.

As you consult your attorney on the selection of appropriate wording to reflect your own goals and intentions regarding The Foundation of the Pennsylvania Medical Society, be sure our organization's correct legal name appears in all final documents as:

"The Foundation of the Pennsylvania Medical Society, 400 Winding Creek Blvd., Mechanicsburg, PA 17050-1885, a Pennsylvania nonprofit corporation, or its successor, Federal Tax Identification Number: 37-1732501."

General Bequest of a stated sum of money may be worded:

"I give to The Foundation of the Pennsylvania Medical Society, 400 Winding Creek Blvd., Mechanicsburg, PA 17050-1885, a Pennsylvania nonprofit corporation, or its successor, Federal Tax Identification Number 37-1732501 [insert here the exact dollar amount]."

Specific Bequest of a certain asset from your estate may be worded:

"I give to The Foundation of the Pennsylvania Medical Society, 400 Winding Creek Blvd., Mechanicsburg, PA 17050-1885, a Pennsylvania nonprofit corporation, or its successor, Federal Tax Identification Number 37-1732501, [insert here a description of the particular property]."

Residuary Bequest, after other bequests and expenses have been paid, may be worded:

"I give to The Foundation of the Pennsylvania Medical Society, 400 Winding Creek Blvd., Mechanicsburg, PA 17050-1885, a Pennsylvania nonprofit corporation, or its successor, Federal Tax Identification Number 37-1732501, all [or a portion] of the rest, residue and remainder of my estate."

Contingent Bequest if the person making the will is not survived by certain individuals:

"If [name/s of primary beneficiary/ies] do/es not survive me, or shall die within ninety (90) days from the date of my death, or as a result of a common disaster, then I give to The Foundation of the Pennsylvania Medical Society, 400 Winding Creek Blvd., Mechanicsburg, PA 17050-1885, a Pennsylvania nonprofit corporation, or its successor, Federal Tax Identification Number 37-1732501, [insert here the exact dollar amount, description of property, or percentage of residual estate]."