Bequest to the AAW - Planning Ahead

When it's time to plan for the disposition of your estate, you think about the people and institutions that have played a role in your life. You have supported the American Association of Woodturners during your lifetime; you believe in our mission and understand that we will continue to make a positive difference in the world far into the future.

You can help provide for the AAW’s future by including a charitable bequest in your will or revocable trust.

Share this sample bequest and donation language with your estate attorney or other advisors to ensure that your gift is used as you intended. Please contact us with any questions you have during your estate planning process.

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 to the AAW... example: ("I bequeath the sum of Ten Thousand ($10,000) Dollars)". Or, it can deliver 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.

After you have made your bequest to the AAW, please notify our office staff by email or call (651) 484-9094 regarding your intentions. Your notification affords us the opportunity to welcome you into the AAW’s Founders Society, a special group who has made provision for the AAW in their estate plans.

Sample Bequest and Designation Language

If you are interested in leaving a portion of your estate to the AAW, an organization that has given to you over the years, here are three ways to give back to that organization.

1. Unrestricted bequest for general purposes:
   “I hereby give, devise, and bequeath to the American Association of Woodturners, a 501c.3 Charitable Corporation headquartered at 222 Landmark Center, 75 West Fifth St., St. Paul, MN 55102, for its general purposes xx dollars or xx percent or all the rest, residue, and remainder (choose one) of my estate.”
   
   
2. Bequest for endowment:
   “I hereby give, devise, and bequeath to the American Association of Woodturners, a 501c.3 Charitable Corporation headquartered at 222 Landmark Center, 75 West Fifth St., St. Paul, MN 55102, xx dollars or xx percent or all the rest, residue, and remainder (choose one) of my estate.  This bequest is to be invested in the American Association of Woodturners Memorial Endowment Fund, the income from which is designated for education purposes.
   
3. Restricted bequest for endowment (A gift in excess of $200,000):
   “I hereby give, devise, and bequeath to the American Association of Woodturners, a 501c.3 Charitable Corporation headquartered at 222 Landmark Center, 75 West Fifth St., St. Paul, MN 55102, xx dollars or xx percent or all the rest, residue, and remainder (choose one) of my estate to establish the ________ Endowed Fund, the income from which shall be used for financial aid to AAW members or support of special programs as specified in the bequest. The income of this fund may be used each year, or if not, may be used in a subsequent year or added to the principal of the fund.”

When a specific use is stated, the addition of the following language will make certain that the bequest always remains productive: “In the event that the AAW’s Board of Directors determines that carrying out the purposes established by this Agreement is impossible or impractical for any reason, the AAW Board of Directors may change the purposes of this Endowment Agreement in such a manner as to carry them out as closely as possible in conformity with the Donor’s original intention as set forth in this Agreement.”

For More Information

If you are considering a bequest or revocable trust benefiting the AAW, please email or call us at (651) 484-9094 so that we can assist you through this process.