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Providence St. Peter Foundation's Bequest Language

An excellent way for you to support Providence St. Peter Foundation's mission is to leave us a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.

Types of Bequests


There are a number of ways you can make a bequest to Providence St. Peter Foundation.

Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Providence St. Peter Foundation.

Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Providence St. Peter Foundation.

Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Providence St. Peter Foundation.

Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Providence St. Peter Foundation.

Bequest Benefits


A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.

Restricted and Unrestricted Bequests


When creating a bequest to St. Peter Foundation you will want to consider how the funds eventually will be used. One of your first considerations is to determine whether your gift will be unrestricted or restricted.

Unrestricted gifts enable St. Peter Foundation to address the community's health care needs with the most flexibility. Funds received that are not restricted are placed in our "Greatest Need Fund," and the foundation's board of directors determines the most appropriate use of the gift. Unrestricted gifts enable St. Peter Foundation to respond quickly to pressing needs. Many donors, however, would like the satisfaction of supporting programs that are of particular interest to them or have special meaning. For these donors, it would be best to include language in their bequest that directs the foundation board to use their gift for the purposes they describe in their will or living trust.

For example, perhaps you are grateful for the care that a loved one received during cancer treatment, and you would like to direct your gift to cancer services. In making a restricted gift, it is helpful to discuss your wishes with a foundation representative so that no prohibitive limitations are placed on the gift.

Endowments


An endowment, which is a permanent, self-sustaining source of funding, can be established through a gift from your will. A portion of the value of the endowment fund, as determined by the foundation's board of directors, is paid out to support the fund's purpose. Any earnings in excess of this distribution are then used to build the fund's market value. In this way, an endowment fund can grow and provide support for its designated purpose in perpetuity. Establishing an endowment fund can create a permanent legacy of support for your favorite service or program. More information about endowments, please contact us.

Bequest Language


In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Providence St. Peter Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney. If you are considering making an outright bequest to Providence St. Peter Foundation, we recommend the following language:

1. Specific Bequest

"I hereby give, devise, and bequeath Providence St. Peter Foundation, a Washington nonprofit corporation (Taxpayer Identification Number 91-1097056) located at 413 Lilly Road NE, Olympia, WA 98506 [insert percentage of estate or dollar amount] for [specific area or purpose]. If this program or service is no longer in existence, the use of my bequest should be used to for general purposes as determined by the St. Peter Foundation Board of Directors."

2. General Bequest

"I hereby give, devise, and bequeath Providence St. Peter Foundation, a Washington nonprofit corporation (Taxpayer Identification Number 91-1097056) located at 413 Lilly Road NE, Olympia, WA 98506 [insert percentage of estate or dollar amount] for general purposes as determined by the Board of Trustees."

3. Personal Property or Real Estate

"I hereby give, devise, and bequeath Providence St. Peter Foundation, a Washington nonprofit corporation (Taxpayer Identification Number 91-1097056) located at 413 Lilly Road NE, Olympia, WA 98506 [insert description of property, address of real estate] for [specific area/purpose OR general purposes as determined by the Board of Directors]. If this program or service is no longer in existence, the use of my bequest should be used to for general purposes as determined by the St. Peter Foundation Board of Directors."

4. Contingent Beneficiary

"If [name of primary beneficiary] shall not survive me, I bequeath X% of my estate to the Providence St. Peter Foundation, a Washington nonprofit corporation (Taxpayer Identification Number 91-1097056) located at 413 Lilly Road NE, Olympia, WA 98506 for [specific area/purpose OR general purposes as determined by the Board of Directors]. If this program or service is no longer in existence, the use of my bequest should be used to for general purposes as determined by the St. Peter Foundation Board of Directors."

Sampling of Providence St. Peter Foundation Programs and Services


Unrestricted:
Greatest Need
Restricted
Providence St. Peter Hospital
Providence St. Francis House
Providence Mother Joseph Care Center
Providence SoundHomeCare and Hospice
Animal-Assisted Activity & Therapy
Cancer/Oncology
Cardiology
Emergency Care
Family Birth Center/Special Care Nursery
Family Practice Residency
Neurology
Sexual Assault Clinic
Sunshine House

Contact Us


Please contact us if you have any questions about how to make a bequest to Providence St. Peter Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.

If you have included a bequest for Providence St. Peter Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.

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