Are you looking for a no-hassle way to support IJ?
How about one that costs you nothing now?
A bequest—that is, a gift through a will or living trust—is the easiest and most common way to include a charity in your long-term financial planning. At the same time, these gifts are vitally important to IJ’s future.
How do I know if a bequest is a gift I may want to consider?
A gift through your will might be a good option for you if the following are true:
- You want to help ensure IJ’s future strength
- Long-term planning is more important to you than an immediate income-tax deduction.
- You want the flexibility of a gift commitment that does not affect your current cash flow and that you can change or revoke at any time.
How do I make a bequest to IJ?
You can make IJ the beneficiary of a specific amount from your estate or of a residual bequest, which comes to us after your estate expenses and specific bequests are paid.
Including IJ in your plans can be as simple as adding a codicil to an existing will. Simply review the following language with your attorney:
I give, devise, and bequeath to the Institute for Justice, Tax ID #52-1744337, located at 901 North Glebe Road, Suite 900, Arlington, Virginia 22203, (insert total amount, percentage, or remainder of estate) to be used for general operations (or for the support of a specific program).
You can find other sample language and a simple sample codicil at www.ij.org/FourPillarsSociety.
What if I recently updated my will but would like to make provisions for IJ in my plans?
If you are not in a position to change your will at the moment, consider designating IJ as the beneficiary of your retirement plan, insurance policy or other cash account.
Because of the unfavorable tax consequences of leaving tax-deferred accounts (like many retirement plans) to non-spousal beneficiaries, these assets can be particularly good candidates for charitable giving. Like charitable bequests, these gifts may be revoked if your plans or circumstances change.
Making the gift is very easy to do—simply contact your plan administrator and ask for a beneficiary designation form. Note that you would like the Institute for Justice (Tax ID #52-1744337), of Arlington, Virginia, to be a beneficiary of all or a percentage of the account, and return the form to your administrator.
For more information about how best to fit your giving to your individual situation, please consult your professional advisors.
What do I do once I have made a gift through my will or retirement account?
Please let us know! If you have made arrangements to include IJ in your will or other long-term financial plans, we would be very grateful for the opportunity to thank you for your generosity.
Furthermore, these types of gifts qualify you for membership in the Four Pillars Society, a special group of IJ supporters who have made a commitment to defending and preserving liberty through their estate plans.
To let us know about your gift, or if you have any questions about how to make a gift or about the Four Pillars Society, contact me any time at email@example.com or (703) 682-9320 ext. 222.
Melanie Hildreth is IJ’s vice president for external relations.