Members of the Wilma Wilson Sharp Society are the visionaries of the Alpha Sigma Alpha Foundation. It is these donors that provide for the future of Alpha Sigma Alpha by including the Foundation as a beneficiary of their wills, life insurance policies, retirement plans or testamentary trust and annuities. The society provides an avenue to honor these donors.
Definition of charitable bequests
A bequest is one of the ways you can provide a significant gift to the Alpha Sigma Alpha Foundation. With a gift provided through your will, you retain full use of your gift property during your life, and you ensure your support of Alpha Sigma Alpha for generations to come.
A bequest may provide for a specific dollar amount, a percentage of your estate or specific assets to be given to the Foundation. Like other gifts, bequests can be designated for a specific purpose or given without restriction. Listed on the next page are several common forms of charitable bequests.
Types of bequests
The most familiar type of bequest is the general bequest, which specifies that Alpha Sigma Alpha will receive a designated sum. You may prefer this arrangement because it is considered a primary charge against your estate – which means it almost certainly will be fulfilled.
The percentage bequest states that the Alpha Sigma Alpha Foundation will receive a certain predetermined percentage of your estate.
This bequest directs that we receive either everything remaining in your estate or a designated percentage of your estate after all expenses, general bequests and specific bequests are satisfied.
As the name implies, this bequest is “contingent” on some event. The contingent bequest is most often used in the case of a husband or wife who stipulates that if his or her spouse is not living at the time of his or her death, then the bequest specified for the spouse will pass to Alpha Sigma Alpha.
With a specific bequest, you direct that one particular property be transferred to the Alpha Sigma Alpha Foundation, such as the stock from one specific company or some other specific property. This type of bequest is ideal for individuals wanting to give particular stocks.
How do I add the Alpha Sigma Alpha Foundation to my will?
It is not difficult to add a charitable bequest to your will. You can have your attorney draft a simple codicil. But there are also other ways you can continue your support of Alpha Sigma Alpha without changing your will. Here are some ideas:
- You can name the Alpha Sigma Alpha Foundation as beneficiary of your life insurance – just contact the company and ask them to send the form you will need to name or change beneficiaries.
- Most accounts at financial institutions can be made payable on death to a person or charitable organization. Ask the manager of the institution how you can arrange a death beneficiary for your CD, savings account, etc.
Benefits from IRAs and Pensions
- Because these assets have not yet been subject to income tax, as much as 75 percent of retirement savings may be eaten away by taxes without some simple planning. Your estate can save both income taxes and estate taxes if you make the Alpha Sigma Alpha Foundation a death beneficiary of your individual retirement account, pension, 401(k) or other retirement savings plan.