Many donors can make their most significant contribution to PRASAD through bequests made through a will or a living trust. Donors can leave bequests in the form of cash, securities, or real property and the estate is entitled to take a tax deduction for the full value of the bequest. Overall estate plans and the particular method of bequest will vary, depending upon the individual’s needs. Four of the most common types of bequest are:

A specific bequest, in which a specific dollar amount or property is designated as the bequest to PRASAD.

A residuary bequest, in which PRASAD is to receive all or part of what is left of the estate after all of the specific legacies of the will have been paid.

A contingent bequest, in which PRASAD is “second in line” and receives the bequest only if a primary beneficiary dies before the donor.

A trust remainder bequest, in which a trust is established in the will to provide income for named beneficiaries, and in which it is stipulated that, when specific conditions are met (usually the death of or attainment of a certain age by the beneficiary), all or part of the trust assets will be given to
PRASAD.

Consult with your financial planner, accountant and/or attorney to determine which categories best fit your individual and family situation.