What will your legacy Be?
A bequest is a gift from your estate—a transfer of cash, securities, or other property made through your estate plans. You can make a bequest to NGPA by including language in your will or living trust leaving a portion of your estate to NGPA, or by designating NGPA as a beneficiary of your retirement account or life insurance policy.
Remembering NGPA with a bequest from your estate will help sustain and strengthen NGPA in the years to come. Some of the advantages of creating a bequest include:
- A bequest costs nothing now, yet gives you the satisfaction of knowing you have provided for NGPA in the future.
- You retain control of and use of your assets during your lifetime.
- You may modify your bequest if your circumstances change.
- Gifts to NGPA from your estate are exempt from federal estate taxes.
- If you let NGPA know of your plans, we will be able to thank you now and recognize you as a member of our Legacy Society.
Making a Bequest
A bequest to NGPA can be made for a specific amount, for a percentage of your estate, or for all or a portion of what is left after you have made bequests to your family. To make a gift to NGPA from your estate, you must sign a new will or living trust instrument, add a codicil to your present will, or make an amendment to your present trust instrument.
Alternatively, you can designate NGPA as a beneficiary of a retirement plan or life insurance policy. To do so, contact the retirement plan administrator or life insurance company and complete the appropriate beneficiary designation form. You can designate a specific purpose for such a gift with a separate letter prepared with assistance from NGPA.
An unrestricted gift is the most useful because it can be allocated to NGPA’s highest priorities. However, a gift for a specific purpose is also vital and may take the form of a directed gift or named endowment. Many individuals establish endowments that honor the memory of a family member or cherished mentor. These endowments live forever because only the income is used annually.
All types of assets, including cash, securities, real estate, and tangible personal property, can be transferred to NGPA through your estate. You may also consider naming NGPA as the beneficiary of your qualified retirement plan, donor advised fund, or life insurance policy.
Residuary bequests are used to give all or a portion of the rest, residue and remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries. Specific bequests are used to make a gift of a specific dollar amount or specific assets, such as securities, real estate, or personal property.
Suggested Bequest Wording
Because a will is an important legal document, you should seek the help of an attorney. To assist you with this important process, we offer some suggested bequest wording below. However, each individual situation is unique and, therefore, these examples include only some of the possible gift opportunities. Designation of the use of the funds bequeathed (devised, in the case of real property) can, or should, be as detailed as is felt necessary to adequately describe the desired use and purpose of the bequest. We encourage you to share your final will provision with NGPA to ensure that your wishes will be properly followed and recognized.
Unrestricted Gift: I give, devise, and bequeath to THE NATIONAL GAY PILOTS ASSOCIATION, a nonprofit corporation existing under the laws of the District of Columbia and located in Norfolk, VA, Tax Identification Number 04-1234567 (hereinafter, NGPA), the sum of $_____ (or, ___ percent of my residuary estate) to be used at the discretion of NGPA for its general purposes.
Restricted Gift: I give, devise, and bequeath to the THE NATIONAL GAY PILOTS ASSOCIATION, a nonprofit corporation existing under the laws of the District of Columbia and located in Norfolk, VA,, Tax Identification Number 04-1234567 (hereinafter, NGPA), the sum of $_____ (or, ___ percent of my residuary estate) to be used for [state the specific fund or purpose, e.g., scholarships, support of the Advocacy Fund, establishing a new program].
Restricted Gift with Endowment Provision: I give, devise, and bequeath to the THE NATIONAL GAY PILOTS ASSOCIATION, a nonprofit corporation existing under the laws of the District of Columbia and located in Norfolk, VA, Tax Identification Number 04-1234567 (hereinafter, NGPA) _____ percent of the rest, residue and remainder of my estate to establish the ____________________ ENDOWED FUND. The principal of this fund shall be invested as part of NGPA’s permanent endowment and in accordance with its policies. The income therefrom is to be used by NGPA for ________________________________. Contributions may be added to the fund at any time
Because endowments are established in perpetuity, it is impossible for NGPA to anticipate any or all of the changing circumstances that may affect, positively or negatively, the objectives for which this endowment was created. If, at some time in the future, it is the opinion of the Directors of NGPA that all or part of the income from this fund cannot be usefully applied to the objectives as stated in the foregoing paragraph, the Directors of NGPA may use the income for a purpose which, in their opinion, most nearly resembles the donor’s original objective.
If you are interested in creating a restricted fund through your estate plan, we encourage you to contact NGPA’s Executive Director to discuss the specifics of your desired gift and how it aligns with NGPA’s needs. This conversation will also help ensure that your wishes can be fulfilled by NGPA.
Let NGPA say Thank You
If you have already named NGPA as a beneficiary to your will, trust, retirement, or other qualified plan, please let us know so that we can welcome you as a member of our Legacy Society. By joining the Legacy Society, you become part of the NGPA legacy and will help to inspire others to support NGPA with future gifts.
The National Gay Pilots Association
Tax ID Number
The National Gay Pilots Association
4931 W. 35th Street, Suite 200
St. Louis Park, MN 55416
The information presented on these Web pages is not offered as legal or tax advice. You are urged to seek the advice of your tax advisor, attorney and/or financial planner to make certain any gift you are considering is appropriate for your specific circumstances.