Memorial Gifts and Bequests
Memorial Gifts: The Scallop Shell Memorial Gift
A gift in memory of a loved one or friend is a special tribute to those who appreciated the beauty of Long Island. Please provide the name of the person being memorialized and indicate the name and address of a family member or friend of the deceased to whom we can send an acknowledgment of your gift.
Procedures for Making a Bequest
Making a gift to the Peconic Land Trust through a bequest in a will and/or a revocable living trust allows the donor to decide how his/her estate will be distributed. A charitable donation through a bequest also enables the donor to take advantage of tax-saving opportunities that preserve as much of the estate as possible by lowering estate taxes that must be paid by heirs. There are several types of bequests, and donors are urged to discuss their plans with an attorney or financial advisor before any decisions are made. These bequests include:
- Specific Bequest: This would be a gift of money, stocks or bonds, land, tangible personal property, or any other asset. The suggested wording for this type of bequest is:
I give, devise, and bequeath to Peconic Land Trust, Inc., a nonprofit charitable organization with its office in Southampton, New York, the sum of $__________ (or insert description of real or personal property here) to be used for its general purposes.
- Specific Bequest of a Conservation Easement: A conservation easement may be placed on land after the donor’s death. Again, we encourage the donor to discuss his/her conservation goals with Peconic Land Trust in advance to be sure that these goals can be met. Important technical details in drafting conservation restrictions must be included in order to fulfill the IRS deductibility requirements, and donors should be aware of the Trust’s stewardship fund policy for the management and enforcement of the easement. The suggested language for this type of bequest is:
a) In the event I do not make such a conveyance (describe the intended conservation easement here) during my lifetime, I hereby bequeath unto the Peconic Land Trust, Inc., a publicly supported 501(c)(3) organization with offices in Southampton, New York, the development rights and conservation restrictions in certain real property described as follows: (Legal Description of Protected Property). The development rights and conservation restrictions to be conveyed shall be substantially in the form set forth in the Grant of Development Rights and Conservation Restrictions attached to this will as Exhibit B, and incorporated herein by reference as if fully set forth. b) I further bequeath to the Peconic Land Trust, Inc. the sum of $(_____) as a stewardship endowment for the purpose of monitoring and enforcing the conservation restrictions on the property conveyed pursuant to the preceding paragraph.
- Residuary Bequests: In this type of bequest, the donor leaves all or a part of the balance of the estate to a beneficiary after all of the specific bequests have been satisfied. The suggested wording for a residuary bequest is:
I give, devise, and bequeath to the Peconic Land Trust, Inc., a nonprofit charitable organization with offices in Southampton, New York, all (or ____%) of the rest, residue and remainder of my estate, to be used for its general purposes.
- Contingent Bequests: This type of bequest provides for the disposition of the estate if one or more of the named beneficiaries fails to survive the donor. It can be used in conjunction with a specific bequest or a residuary bequest.
If any of the above-named beneficiaries should predecease me, I hereby bequeath his or her share to the Peconic Land Trust, Inc., a nonprofit charitable organization with offices in Southampton, New York, to be used for its general purposes.
- Charitable Gift Annuity or Charitable Remainder Trust: A donor may also use a bequest to create a charitable gift annuity or charitable remainder trust. Both will provide income to heirs and Peconic Land Trust.
Remember:
- Always seek your own professional assistance.
- Consult with the Peconic Land Trust in advance before executing a will or living trust. We want to be certain that we understand your goals and can provide the correct technical details for easements to your advisor or attorney.
For more information regarding Memorial Gifts or Bequests, please contact Rebecca A. Chapman.
