What Will Your Legacy Be?
A Gift in Your Will, Trust or Other Beneficiary Designation
Your attorney can help you design an estate plan that protects your family, preserves your property and benefits The Colonial Williamsburg Foundation. This information should be helpful whether it is your intention to include the Foundation as a beneficiary in your will or living trust or as a beneficiary of your life insurance policy, bank account, brokerage account or retirement account.
Useful Information for making an estate gift to The Colonial Williamsburg Foundation.
The Colonial Williamsburg Foundation
301 First Street, Williamsburg, Virginia 23187-1776
FEDERAL TAX IDENTIFICATION NUMBER:
Sample Gift Language
(for review by your attorney)
You may wish to provide an unrestricted gift for The Colonial Williamsburg Foundation. Our general policy is to invest unrestricted bequests in the Foundation’s general endowment fund, where the annual earnings will perpetually support our mission – to feed the human spirit by sharing America’s enduring story.
Whether you intend to leave The Colonial Williamsburg Foundation a specific dollar amount, a specific property, or a percentage of your residuary estate, your attorney will draft language to accomplish your intended bequest under applicable state law. For unrestricted bequests, consider language such as the following:
Sample Bequest Language For Unrestricted General Purposes
“I give to The Colonial Williamsburg Foundation, Tax ID # 54-0505888, a not-for-profit, Virginia corporation located in Williamsburg, Virginia, the sum of $____________ [or property described herein] [or ____ percent (____%) of the rest and residue of my estate] to be used by the Foundation for its general purposes.”
You may wish to restrict your gift to The Colonial Williamsburg Foundation by designating your bequest to a permanent endowment fund(s) that has been established by the Foundation to support a specific core area(s) of Colonial Williamsburg. Contact the Planned Giving Office to confirm the correct name and designation for a Foundation permanent endowment fund(s) such as those mentioned above.
Alternatively, if you would like to restrict your bequest to a particular area or program, create a new restricted or named endowment fund, or restrict your bequest in any other way or for any other purpose, contact the Planned Giving Office to discuss or review your intentions to ensure that your wishes may be fulfilled as stated.
Sample Bequest Language for a Restricted Purpose(s)
“I give to The Colonial Williamsburg Foundation, Tax ID # 54-0505888, a not-for-profit, Virginia corporation located in Williamsburg, Virginia, the sum of $____________ [or property described herein] [or ____ percent (____%)] of the rest and residue of my estate] to be used for (see Restricted Gifts above).
For a copy of our Bequest Information paper contact the Planned Giving Office by email at firstname.lastname@example.org or call us at (888) 293-1776.
Life Income Gifts
If you would like to make a significant gift to support Colonial Williamsburg during your life time—but feel you need the income your investments provide--you may want to consider a life income gift to The Colonial Williamsburg Foundation.
Depending on the life income plan you choose, your contribution of as little as $5,000 may provide the following benefits:
- Income payments for your life or, if desired, for the life of one or two other beneficiaries.
- A current charitable income tax deduction.
- Avoidance of capital gains tax.
- An increased rate of return on highly appreciated, low yielding investments.
- Professional investment management and diversification.
- Exclusion of the gift amount from your estate.
- Make a significant gift to support the future of The Colonial Williamsburg Foundation.
What better way to provide for Colonial Williamsburg's future and your own?
- Charitable Gift Annuities
- The Pooled Income Fund
- Charitable Remainder Trusts
Charitable Lead Trusts
In contrast to “life income” gifts that provide you with a current payment stream and The Colonial Williamsburg Foundation with a future remainder interest, a charitable lead trust (CLT) provides a current payment stream to the Foundation to meet current program or other needs. At the end of the trust term, the trust remainder will be returned to you or to other beneficiaries you designate.
You may significantly reduce gift or estate tax, be eligible for a current income tax deduction, and you will be able to witness, during your lifetime, the tangible impact your dollars are making on your designated area at Colonial Williamsburg.
Retained Life Estate
For many individuals, their personal residence represents one of their most substantial assets. A gift of the remainder interest in your personal residence that qualifies you for a charitable income tax deduction is an excellent method of making a gift benefiting both you and The Colonial Williamsburg Foundation without affecting your current lifestyle.
A retained life estate is a gift plan defined by federal tax law that allows you to donate your home or farm to The Colonial Williamsburg Foundation while retaining the right to use it for the rest of your life.
As the creator of a retained life estate, you irrevocably deed to The Colonial Williamsburg Foundation your home or farm, but retain the right to use it for the rest of your life, a term of years, or a combination of the two. You may also use a vacation home to create this kind of gift.
While you retain the right to use your property, you continue to be responsible for all routine expenses - maintenance fees, insurance, property taxes, repairs, etc. If you later decide to vacate your property, you may rent all or part of the property to someone else or sell the property in cooperation with The Colonial Williamsburg Foundation.
When your retained life estate ends, The Colonial Williamsburg Foundation can then use your property or the proceeds from the sale of your property for the purpose you designate.
W.A.R Goodwin Society
Friends who make a life income gift, bequest or other non-contingent gift for The Colonial Williamsburg Foundation in their estate plan and document that gift with the Foundation are invited to become a member of the W.A.R. Goodwin Society.
Benefits of membership include:
For a Personal Representative, Executor or Trustee
Settling the estate of a family member, friend, colleague or client can be a challenging task. If you are responsible for administering a bequest or other estate gift to benefit The Colonial Williamsburg Foundation, please contact Kamie Berry, Estate and Planned Gift Administrator, in the Planned Giving Office. Kamie can provide whatever information or assistance you may need to ensure that our donor’s intentions are honored.
To send correspondence or documents, see below:
Kamie M. Berry, J.D.
CWF Planned Giving Office
P.O. Box 1776
Williamsburg, VA 23187-1776
Kamie M. Berry, J.D.
CWF Planned Giving Office
301 First Street
Williamsburg, VA 23185