Leave a Legacy
You'd like to help build the long-term financial strength of Pacific Biodiversity Institute, but feel you cannot make a significant gift today. Your solution may be a charitable bequest. A bequest under your will or revocable trust can complement your lifestyle and commitments today while supporting Pacific Biodiversity Institute tomorrow.
Steps to Make a Bequest to Pacific Biodiversity Institute
- You include a provision in your will or revocable trust making a bequest to Pacific Biodiversity Institute. If you do not currently have a will, please contact us and we will advise you on how to proceed.
- Notify Pacific Biodiversity Institute about your decision to make a bequest.
How it works
- By including a bequest provision in your will or revocable trust you can provide now for a future gift to Pacific Biodiversity Institute.
- The executor of your estate transfers this gift to Pacific Biodiversity Institute upon your death.
- Pacific Biodiversity Institute and applies the gift to the purpose(s) and programs you specified.
- Follow this link for more information about wills.
What if I've already written my will or trust?
You can amend a will or trust to make a gift without rewriting the entire document. Your attorney can prepare a simple document, called a codicil, which adds a new bequest to us while reaffirming the other terms of your will. Similarly, an attorney can prepare an amendment to a revocable trust to add Pacific Biodiversity Institute as a beneficiary.
- Your assets remain in your control during your lifetime.
- You can modify your bequest if your circumstances change.
- You can direct your bequest to a particular purpose (be sure to check with Pacific Biodiversity Institute to make sure your gift can be used as intended).
- There is no upper limit on the estate tax deductions that can be taken for charitable bequests.
- You know that your gift will benefit Pacific Biodiversity Institute tomorrow just as you intend it to today.
Donors choose a bequest because
- It is not payable until death, so it does not affect your assets or cash flow during your lifetime.
- It is revocable – you can change the provisions in your will or trust at any time.
- It is private – your will is not filed or made public until your death. You can also state that you wish the gift to remain anonymous upon your death.
Your giving options are increased
- A bequest can deliver a specific gift to Pacific Biodiversity Institute (“I bequeath the sum of Fifty Thousand [$50,000] Dollars”). Alternately, it can deliver a percentage of the balance remaining in your estate after taxes, expenses and specific bequests have been paid — what's known as the residue (“I bequeath Forty [40%] Percent of the residue of my estate”).
- You can designate that a particular program or activity at Pacific Biodiversity Institute benefit from your bequest. Or, you can make your bequest unrestricted and allow us to use it for our top conservation priorities when we receive your gift.
Types of bequests
There are several Types of bequests that allow you to designate how your estate will be distributed.
You describe exactly what you want to leave to a specific individual or organization and the designated source. If you want to leave a specific dollar amount from a specific source or a particular item (such as an antique or collector's item), this is the type of bequest that you would use. The more narrowly you restrict the use of your bequest, the greater the risk that the program you want to benefit today won't be as vital or as relevant when we receive your gift in the future. Please talk with us as you are drafting your will if you want to restrict the use of your bequest.
Example: Linda states in her will: “I leave my diamond engagement ring to my granddaughter, Paula. I also leave my securities to Pacific Biodiversity Institute.”
This type of bequest does not specify the source from which it should be paid. This gives your executor the flexibility to honor the bequest from any available source.
Example: Linda states in her will: “I leave $50,000 to Pacific Biodiversity Institute.”
This type of bequest is honored after all other bequests have been made, and all debts, expenses and taxes have been paid.
Example: Kathryn states in her will: “I give all the rest, residue and remainder of my real and personal estate to Pacific Biodiversity Institute.”
This type of bequest is fulfilled if certain conditions are met. For instance, if your primary beneficiary does not survive you, you can indicate your next choice through a contingent designation.
Example: Linda states in her will: “I give all the rest, residue and remainder of my real and personal estate to my husband, Paul, if he survives me; if not, then 50 percent in equal shares to my children who survive me and 50 percent to Pacific Biodiversity Institute.”
Other Important Information to Include in Your Bequest
Legal Designation: If you wish to name Pacific Biodiversity Institute in your will or estate plan, we should be named as:
Pacific Biodiversity Institute, a nonprofit corporation, organized and existing under the laws of Washington State, with principal business address of PO Box 298, 517 Lufkin Lane, Winthrop, WA 98862. Website address: www.pacificbio.org
The following information should also be included:
Tax ID: Our tax identification number is: 31-1602392
Date of Incorporation: January 6, 1998
Pacific Biodiversity Institute is tax exempt under section 501(c)(3) of the Internal Revenue Code.
At Pacific Biodiversity Institute, all unrestricted charitable gifts are used strategically to support top conservation priorities. If you have a more specific purpose in mind, please contact us and ask to talk to our Executive Director to ensure that we can meet your wishes. Whether you choose to restrict a gift or not, your support will help preserve our rich biological legacy for future generations to enjoy.
Is a bequest deductible?
A bequest from a will or a trust distribution to Pacific Biodiversity Institute is fully deductible for federal estate tax purposes, and there is no limit on the deduction your estate can claim. In addition, the gift is usually exempt from state inheritance taxes.
Copyright © Pacific Biodiversity Institute
PO Box 298, 517 Lufkin Lane
Winthrop, WA 98862 509-996-2490