A bequest in your will or Revocable trust, directing a specific dollar amount, certain assets, a percentage of your estate or trust, or the remainder of your estate, may be made to Dare to Care Food Bank, through the execution of your Will or Revocable Trust, or by a Codicil or Amendment to these documents
Suggested language for a bequest could be as follows:
- For a specific bequest
“I hereby give and bequeath $ _____ or a _____ % from/of my estate to Dare to Care Food Bank, a Kentucky not-for-profit corporation, Louisville, Kentucky, for its general purposes or for a restricted gift as designated.”
- For a remainder gift
“I give and bequeath all (or _____ %) of the rest, residue and remainder of my estate to Dare to Care Food Bank, a Kentucky not-for-profit corporation, Louisville, Kentucky, for its general purposes or for a restricted gift as designated.”
- Retirement Plans
Dare to Care Food Bank may accept the proceeds as a designated beneficiary (primary or contingent) of a deferred annuity contract, IRA, defined benefit plan, 401(k) plan, profit-sharing plan or other qualified retirement account.
- Life Insurance
Dare to Care Food Bank will accept gifts of life insurance where it is named as both beneficiary and irrevocable owner of the insurance policy. The gift will be valued at its interpolated terminal reserve value or cash surrender value, upon receipt. If a donor contributes future premium payments, Dare to Care Food Bank will include the entire amount of additional premium payments as a gift, in the year it is made.
- Trusts
Dare to Care Food Bank can be named as the recipient of proceeds from a donor’s trust. Two types of trusts, which can be utilized for planned giving purposes, include a Charitable Remainder Trust and a Charitable Lead Trust.
- Charitable Remainder Trust
A charitable remainder trust is established by an irrevocable gift to a trustee, made during the donor’s lifetime or upon the donor’s death. The primary feature of a charitable remainder trust is it provides for periodic payments of a fixed percentage (not less than 5%) of the value of the trust assets to the donor and/or another person specified by the donor, for life or a specified term of years (not to exceed 20), after which the trust assets pass to Dare to Care Food Bank.
- Charitable Lead Trust
A charitable lead trust is a trust from which the income or “lead” interest is paid to Dare to Care Food Bank for a set number of years (not to exceed 20), after which the remaining trust assets pass to one or more non-charitable beneficiaries, designated by the donor.
