Andrew told his attorney that he wished to leave a bequest to the Peoria Symphony Foundation as part of his estate plan - his estate included some stocks, real estate and an IRA. Andrew's attorney recommended that he give the appreciated stock and real estate to his children and leave his IRA to a nonprofit organization.

• Andrew: "My attorney told me that if I gave the stock and real estate to my children, these assets would receive a step-up in basis at my death. My children could then sell them without paying tax. However, if I gave my children my IRA, the IRA would be subject to estate and income tax. After paying all of these taxes, very little would be left for my family. By giving the IRA to the Peoria Symphony Foundation, I could make a nice gift and avoid any additional tax for my estate and children."

Andrew contacted his IRA custodian to obtain a beneficiary designation form. He filled out the form and designated Peoria Symphony Foundation as the 100% recipient of this IRA account. Andrew's attorney then specified the bequest of his other assets to his children in Andrew's will.

Andrew notified us of his bequest. He was pleased that the Peoria Symphony Foundation would receive the full amount of the IRA value when he passed away, building a legacy for the future.

What is a charitable bequest?

A bequest is a gift you can make to support the the Peoria Symphony Foundation's mission in your will, living trust or with a codicil.

Charitable bequest video

Is a bequest right for you?

It is easy and convenient to include a bequest in your will or living trust. This link includes sample bequest language that can very easily be included in your will.

You might find it helpful to print this page and the bequest language to give this information to your attorney. If you or your attorney have any questions, please contact us.

Please note: The information above is representative of a typical donor and may or may not be an actual donor to our organization.