Estate Planning Gifts: Will Bequest
U.S. Residents
Your gift to the AAW as a bequest through your will is one of the simplest forms of planned gifts. In a bequest, you can designate either a specific dollar amount or a percentage of your estate as a gift to the AAW after other disbursements.
Leaving a gift to the AAW doesn’t mean you can’t leave money to your family. You can do both. In addition to supporting the AAW, your planned gift conveys your passion for woodturning and may also reduce the amount of your taxable estate*, which can increase the actual amount you leave to loved ones. Here’s how it works:
- You arrange for a future gift to the AAW by including a bequest in your will.
- You can modify your bequest if your circumstances change.
- The AAW receives your gift and applies it to the purpose(s) you specified.
- Your assets remain in your control during your lifetime.
- You know that your gift will benefit the AAW and the future of woodturning tomorrow just as you intend today.
Just as gifts to charity during your lifetime may result in a tax deduction, the gifts made by you after death may provide a deduction for your estate too (U.S. residents). Please talk to your financial or legal adviser about the best way for you to leave your charitable bequest to the AAW.* If would like more information, or if you are interested in finding a professional legal adviser, please contact Phil McDonald, AAW Executive Director, at [email protected].
AAW Donors & Supporters
Examples of Charitable Bequest Language
General Bequest
I give, devise, and bequeath to The American Association of Woodturners (AAW), a nonprofit corporation, organized and existing under the laws of Minnesota, located in Saint Paul, Minnesota, the sum of $___________, (or the description of the specific asset) for the benefit of the AAW and for its general purposes.
General Residuary Bequest
I give, devise, and bequeath all the rest, residue, and remainder of my property, real, personal, or mixed, after all personal bequests have been made, to The American Association of Woodturners (AAW), a nonprofit corporation, organized and existing under the laws of Minnesota, located in Saint Paul, Minnesota, for the benefit of the AAW and for its general purposes.
Specific Bequest
I give, devise, and bequeath to The American Association of Woodturners (AAW), a nonprofit corporation, organized and existing under the laws of Minnesota, located in Saint Paul, Minnesota, the sum of $___________, (or the description of the specific asset) to be used for the following purpose: e.g. youth education. If at any time in the judgment of the AAW Board it is impossible or impracticable to carry out exactly the designated purpose, the Board shall determine an alternative purpose closest to the designated purpose.
Specific Residuary Bequest
I give, devise, and bequeath all the rest, residue, and remainder of my property, real, personal, or mixed; after all personal bequests have been made, to The American Association of Woodturners (AAW), a nonprofit corporation, organized and existing under the laws of Minnesota, located in Saint Paul, Minnesota, to be used for the following purpose: e.g. youth education. If at any time in the judgment of the AAW Board it is impossible or impracticable to carry out exactly the designated purpose, the Board shall determine an alternative purpose closest to the designated purpose.
*Tax Advice
The AAW does not provide tax advice and recommends that you consult with your own tax adviser to evaluate the specific tax benefits or consequences resulting from your gift to the AAW based on your personal financial situation.
Contact Us
We invite you to contact us so that we can assist you or your adviser in the process of making a gift to the AAW. Call Phil McDonald, Executive Director, at 651-484-9094, 877-595-9094 toll free, or [email protected].
If your would like your gift to remain anonymous, please contact us at [email protected].