Bequests

Bequests are the most flexible of planned gifts. It is a simple matter to include a bequest to Palm Healthcare Foundation directly in your Will or in a codicil to your Will.

There are several types of bequests including:

  • General Bequest - usually cash, securities, life insurance;
  • Devise - a bequest of real property;
  • Specific Bequest - a specific item(s), i.e., collections, jewelry, etc.;
  • Residual Bequest - a bequest of all or a portion of the estate after general and specific bequests are distributed;
  • Contingent Bequest - a bequest that takes place only if a primary intention cannot be met;
  • Percentage Bequest - a bequest based on a percentage of the estate residue;

Recommended language for an outright unrestricted bequest follows:

"I give, devise and bequeath to the Palm Healthcare Foundation, West Palm Beach, Florida the sum of (dollar amount, description of property or desired percentage (%), the principal and interest of which shall be used for the unrestricted purposes of Palm Healthcare Foundation"

 

Language for an outright bequest restricted to a specific purpose follows:

"I give, devise and bequeath to the Palm Healthcare Foundation, West Palm Beach, Florida the sum of (dollar amount, description of property or desired percentage), the principal and interest of which shall be used for (name of program or purpose) of Palm Healthcare Foundation.

 

You may be interested in directing your bequest to the Foundation's unrestricted endowment or creating an endowment for a specific program or purpose. Bequests for endowed purposes are self-perpetuating gifts in that the principal is sustained in perpetuity and a percentage of the income is used for grant making:

 

"I give, devise and bequeath to the Palm Healthcare Foundation, West Palm Beach, Florida the sum of (dollar amount, description of property or desired percentage),to an endowed fund. A percentage of the interest earned on the gift, to be reviewed by the Board of Trustees annually, shall be used for (name of program or purpose) or (the unrestricted purposes) of Palm Healthcare Foundation.

The preceding clauses are recommendations only and should be reviewed with your advisors.