Summa Health's Bequest Language
An excellent way to support the mission of Summa Health is to leave a bequest to the health system in your will, through a living trust or with a simple codicil. One significant benefit of making a gift by bequest is that it gives you lifetime use of the property you will leave to charity. You also leave a lasting legacy.
There are serveral ways you can make a bequest to Summa Health.
To make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Summa Health in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Summa Health, we recommend the following language:
If you are considering making a bequest of a percentage of your estate to Summa Health, we recommend the following language:
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Summa Health flexibility should it no longer be possible for the health system to use your gift as you originally intended:
Please contact us if you have any questions about making a bequest to Summa Health or to request any additional information that might be helpful to you and your attorney, accountant or another advisor.
If you have included a bequest for Summa Health in your estate plan, please contact us. We would like to thank you and recognize you for your gift. By informing us of your intentions, you may also inspire others to consider their own gift to support Summa Health.
Types of Bequests
There are serveral ways you can make a bequest to Summa Health.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift with a specific dollar amount. For example, you may wish to leave your home or $10,000 to Summa Health.
Percentage Bequest. Another specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10 percent of your estate to Summa Health.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has distributed 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 percent of your residual estate to Summa Health.
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 Summa Health.
Percentage Bequest. Another specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10 percent of your estate to Summa Health.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has distributed 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 percent of your residual estate to Summa Health.
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 Summa Health.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time.
You can designate that a bequest is 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.
Bequest Language
To make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Summa Health in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Summa Health, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Summa Foundation, a nonprofit organization located at 141 North Forge Street, Akron, OH, 44304, Federal Tax ID #34-1219001, for Summa Health's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Summa Foundation, a nonprofit organization located at 141 North Forge Street, Akron, OH, 44304, Federal Tax ID #34-1219001, for Summa Health's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Summa Foundation, a nonprofit organization located at 141 North Forge Street, Akron, OH, 44304, Federal Tax ID #34-1219001, for Summa Health's general use and purpose.
2. Percentage BequestI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Summa Foundation, a nonprofit organization located at 141 North Forge Street, Akron, OH, 44304, Federal Tax ID #34-1219001, for Summa Health's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Summa Foundation, a nonprofit organization located at 141 North Forge Street, Akron, OH, 44304, Federal Tax ID #34-1219001, for Summa Health's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Summa Foundation, a nonprofit organization located at 141 North Forge Street, Akron, OH, 44304, Federal Tax ID #34-1219001, for Summa Health's general use and purpose.
If you are considering making a bequest of a percentage of your estate to Summa Health, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Summa Health, a nonprofit organization located at 141 North Forge Street, Akron, OH, 44304, Federal Tax ID #34-1219001, for Summa Health's general use and purpose.
3. Residual Bequest
I hereby give, devise and bequeath to Summa Health, a nonprofit organization located at 141 North Forge Street, Akron, OH, 44304, Federal Tax ID #34-1219001, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Summa Health's general use and purpose.
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Summa Health, a nonprofit organization located at 141 North Forge Street, Akron, OH, 44304, Federal Tax ID #34-1219001, DESCRIPTION OF PROPERTY to be used for Summa Health's general use and purpose.
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Summa Health flexibility should it no longer be possible for the health system to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Summa Health, it shall become impossible for Summa Health to use this bequest to accomplish the specific purposes of this bequest, Summa Health may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please contact us if you have any questions about making a bequest to Summa Health or to request any additional information that might be helpful to you and your attorney, accountant or another advisor.
If you have included a bequest for Summa Health in your estate plan, please contact us. We would like to thank you and recognize you for your gift. By informing us of your intentions, you may also inspire others to consider their own gift to support Summa Health.
