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Bequests


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You're considering a gift made after death as part of your estate > You want to help ensure the future of your church and/or other Baptist causes > Estate planning is more important to you than an immediate income tax deduction

When it's time to begin planning your estate, you think about the people and institutions that have played a role in your life. You have supported your church and other Baptist causes during your lifetime. You believe in their mission and understand that they will continue to make a positive difference for the cause of Christ in the world far into the future.

How can you provide for future support? By including an endowment fund bequest in your will or revocable trust.

A bequest is easy to arrange (see sample text below). 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. And, it is revocable – you can change the provisions in your will or trust at any time until death.

A bequest can deliver a specific gift (“I bequeath the sum of Ten Thousand ($10,000) Dollars”), or a percentage of the balance remaining in your estate after taxes, expenses and specific bequests have been paid – what's known as the residue of your estate ("I bequeath Ten Percent of the residue of my estate"). Generally, giving a percentage of the residue allows for more flexibility in your long-term planning.

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.

Since the endowment fund bequest will not be received until far into the future, its terms should be as general as possible – to avoid benefiting a project that the benefiting cause no longer pursues or terms that will be difficult to meet. Please consult the benefiting cause if you are considering a bequest for a specific purpose.

Suggested Text for a Bequest:

You Can Make Your Bequest in Several Ways:

A bequest can deliver a specific dollar amount or asset to the Foundation, or it can give us a percentage of the balance remaining in your estate after taxes and specific bequests have been paid. It can also be payable if an individual beneficiary is not able to inherit.

Specific Bequest

"I bequeath Twenty Thousand ($20,000) Dollars [or: all my General Motors stock] to the Kentucky Baptist Foundation, a Kentucky non-profit corporation located in Louisville, Kentucky for the purpose of establishing the _____________ Endowment Fund, the earnings from which shall be distributed to _____________ to be used for _____________ "

Residuary Bequest

"I bequeath Ten Percent (10%) of the residue of my estate to the Kentucky Baptist Foundation, a Kentucky non-profit corporation located in Louisville, Kentucky for the purpose of establishing the _____________ Endowment Fund, the earnings from which shall be distributed to _____________ to be used for _____________ ."

Contingent Bequest

"If my nephew does not survive me or is unable to inherit this bequest, I direct that it be paid to the Kentucky Baptist Foundation, a Kentucky non-profit corporation located in Louisville, Kentucky for the purpose of establishing the _____________ Endowment Fund, the earnings from which shall be distributed to _____________ to be used for _____________ ."

Your Bequest Can Be Used by Us in Two Ways:

A bequest can be directed to a specific program or purpose at the benefiting cause, or you can direct that it be applied to their general resources or used for the need that is most pressing at the time it is received.

You May Be Wondering ...

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What's 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 of them – 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 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 better for you.

What if I've already written my will or trust?

You can amend a will or trust to make a gift through the Foundation. Your attorney can prepare the simple document, called a codicil, that adds the new bequest while reaffirming the other terms of your will. Similarly, he or she can prepare an amendment to your revocable trust to add the Foundation as a beneficiary.


If you are considering a bequest or revocable trust benefiting us, email us, complete the personal illustration form, or call us at 502-489-3533 so that we can assist you through every step of the process.

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Kentucky Baptist Foundation
Attn: Laurie Valentine
P.O. Box 436389
Louisville, KY 40253-6389

502-489-3533 | Fax: 502-489-3564 | Toll Free: 1-866-489-3533 (Kentucky Only)
E-mail: laurie_valentine@kybaptist.org



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