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BEQUESTS, WILLS AND ESTATES
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Bequests are a source of support in building a sound future for the Connecticut Humane Society or the Connecticut Humane Society Memorial Clinic. There are several types of bequests, including:
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1.) Charitable remainder unitrust - you reserve a lifetime income; the Connecticut Humane Society or Connecticut Humane Society Memorial Clinic receives the remainder upon your death.
2.) Charitable remainder unitrust - your spouse or other beneficiaries receive lifetime income; the Connecticut Humane Society or Connecticut Humane Society Memorial Clinic receives the remainder upon the beneficiary's death.
3.) Pooled income fund - income will be paid to the designated beneficiary or beneficiaries for life; the Connecticut Humane Society or Connecticut Humane Society Memorial Clinic receives the remainder upon the beneficiary's death.
4.) Gift of real estate with reserved life estate - you retain your house or real estate for life; at death it goes to the Connecticut Humane Society or Connecticut Humane Society Memorial Clinic.
5.) Gift of real estate with reserved life estate and annuity - same as 3. above, but in addition you receive a quarterly cash payment.
6.) Gift restricted to use of income only, whether for general or specific purposes.
The language necessary to accomplish your wishes is highly technical and should be prepared by your attorney, preferably in consultation with the Connecticut Humane Society and/or Connecticut Humane Society Memorial Clinic's attorney. A gift can consist of almost anything - money, bank accounts, securities, works of art, motor vehicles, appliances, or real estate. If a gift is to take effect at death, it may be contained in either your will or your trust, depending upon the structure of your estate plan; the following, sample clauses may be used in either a will or trust:
A) its general purposes;
B) the income only to be used for its general purposes;
C) the income only to be used for a specific purpose.
In the case of a particular program, it is well to include the following language: "If due to the passage of time, or changed circumstances, it is impossible or impractical, in the Connecticut Humane Society or Connecticut Humane Society Memorial Clinic's opinion to carry on this program, the funds (or the income) may be used for another of the Connecticut Humane Society or Connecticut Humane Society Memorial Clinic's activities, which, in the Connecticut Humane Society or Connecticut Humane Society Memorial Clinic's judgment, the Donor would have wished to benefit."
I give, devise, and bequeath all of the rest, residue, and remainder of my estate (or remainder of my trust) to the Connecticut Humane Society or Connecticut Humane Society Memorial Clinic, a Connecticut charitable corporation for its general purposes (if the gift is to be restricted in some way, use same language as above).
- Contingent Residuary Bequest
I give, devise, and bequeath all of the rest, residue, and remainder of my estate (or the remainder of my trust) to ___, but if he/she fails to survive me, then I give the same to the Connecticut Humane Society or Connecticut Humane Society Memorial Clinic, a Connecticut charitable corporation, for its general purposes (if the gift is to be restricted in some way, use the same language as above).
The information presented here is intended as a general guide. Laws pertaining to bequests vary from state-to-state. You should consult your own attorney with respect to a bequest to the Connecticut Humane Society or Connecticut Humane Society Memorial Clinic, especially as it affects your particular estate and tax situation.
Please contact our Chief Financial Officer, Ray Gasecki, at 860-594-4502 ext. 6315 in order to discuss any aspects of the foregoing with you. We have often found it beneficial to the Connecticut Humane Society and/or Connecticut Humane Society Memorial Clinic and its benefactors to discuss the drafting of your bequest, will or estate (especially any complicated, restricted or unusual gifts). It is always prudent to do this far in advance to better insure that your wishes will be carried out.
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