Bequests are gifts made through your will or living trust and is the most popular type of deferred gift to Village Theatre. There are many good reasons for its popularity. A bequest is revocable, meaning that you retain full control over your assets during your lifetime should you need them. It's flexible—you can name as many charitable beneficiaries as you would like, and specify the amount or percentage each will receive. In addition, your estate is entitled to an estate tax deduction for the full amount of the bequest gift.
Different kinds of bequest gifts you can make:
- A general or pecuniary bequest leaves a certain dollar amount.
- A specific bequest leaves a piece of property, such as stock or real estate.
- A residual bequest leaves all or a portion of what remains from an estate after debts, taxes, expenses, and other bequests have been paid.
- A contingent bequest leaves assets only under certain conditions—if a spouse or other beneficiary does not survive you, for example.
You may choose to designate your gift for current use, so that your gift can be used for pressing needs at the time it is received, or you may direct it to the Village Theatre Endowment, where principal is preserved and only income is spent. With a gift to endowment, you ensure that your annual support continues in perpetuity, for the benefit of future generations. Whichever way you choose, you truly create a living legacy at Village Theatre.