Types of Bequests and Beneficiary Designations
The Dominican Friars value the relationships we enjoy with our many friends who become benefactors and benefactors who are friends. We are greatly honored by those of our many friends and benefactors who chose to memorialize and perpetuate these relationships through a Legacy gift. These planned gifts are vital support that will assist us in carrying out our Dominican mission of serving the people of God by preaching Jesus Christ, and forming new generations of Friars to do so, far into the future.
Remembering the Friars in your estate planning brings with it membership in the Saint Dominic Legacy Society. This is an important decision in which you are aligning your own legacy of faith with that of the 800 year Dominican legacy. These gifts will bear great fruit through the impact the Friars will have in the lives of countless people for many years to come. In this way, your gift will help to restore virtue and morality to our society as the Friars labor to build up a culture of life.
Here are some of the many ways you can remember the Friars with a Legacy gift.
The Dominican Friars may accept donations as a designated beneficiary (primary or contingent) of a Life Insurance policy, Retirement Plans and IRAs, Charitable Remainder Trusts, Charitable Lead Trusts and other planned gift instruments. For more information, see the accompanying document "Ways to Become a Member" or contact the Office of Planned Giving at 646-350-0108.
The Dominican Foundation of Dominican Friars Province of St. Joseph, Inc. is a NY State tax-exempt corporation under section 501(c) (3) of the Internal Revenue Code (EIN 26-3273636).
Individuals may support the Dominican Friars with a bequest. The Friars welcome the following types of bequests:
1. Specific Bequests are those in which you bequeath a specific dollar amount or a specific asset(s). Sample language: I give, devise, and bequeath $_____ (or, the following asset) to the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636 for its general purposes.
- Real Estate or Property – for specific bequests of these, include this language: My Executor shall, at the request of the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., liquidate and sell this aforementioned asset, i.e. real estate and property, before making distribution.
2. Percentage Bequests are those where you bequeath a percentage of your estate. Sample language: I give, devise, and bequeath to the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636 an amount equal to ______ per cent (__%) of my adjusted gross estate as finally determined for federal estate tax purposes for its general purposes.
3. Residuary Bequests are those where one bequeaths all or a percentage of the remainder of the estate after other gifts, debts, taxes, and expenses. Sample language: I give, devise, and bequeath all (or a percentage) of the rest, residue and remainder of my estate, both real and personal and wheresoever situated, to the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636 for its general purposes.
4. Contingent Bequests are received by the Friars only if your primary beneficiaries are not surviving at the time of death. Sample language: If (primary beneficiary) does not survive me, I give, devise, and bequeath such beneficiary's share of my estate (or trust) to the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation, having EIN 26-3273636, for its general purposes.
5. Restricted Bequests are those where you bequeath a gift to be used for a specific purpose. Sample language: I give, devise, and bequeath to the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636, (the sum of $______) (the following asset) (___ percent of my adjusted gross estate) or (the rest, residue, and remainder of my estate). This gift shall be used for (state purpose) if and for so long as the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., determines that the need exists. If the Foundation Board shall determine at the outset or at a later time that the need does not exist, or no longer exists, or for some reason it is not possible (or prudent) for the bequest to be used as originally intended, the Board of Directors may, in its sole and uncontrolled discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above.
It is strongly advised that you, the donor and/or your advisor, discuss restrictions with a representative of the Dominican Foundation's Office of Planned Giving before the will or trust is finalized to assure your wishes can be carried out.
PLEASE NOTE: THE DOMINICAN FOUNDATION DOES NOT PROVIDE LEGAL AND TAX ADVICE. Given the complex tax and legal issues related to estate planning and/or the establishment of a planned gift, we encourage you to obtain competent, independent professional advice to assist you in deciding upon the appropriate gift instrument and/or plan to achieve your desired financial, estate planning and charitable goals.
We greatly appreciate your consideration of a Legacy gift to help the Friars build up a culture of life. For more information, please contact Diana Kilarjian in the Office of Planned Giving at (646) 350-0108, or email at Diana.Kilarjian@DominicanFriars.org.
Click here to learn more about becoming a member of the Saint Dominic Legacy Society.