Page 44 - Newsletter Spring 2021

Planned Giving -

Bequest Information

By Jon A. McLaughlin ’73 • Fundraising Co-Chair

As you know, all the Association’s funds are endowed with the Maine
Community Foundation. They are the experts in not only investing our
funds to get the best returns to perpetuate the work of the HHSAA, but
they also will help your personal estate planners to pick a program of Restricted Bequest. A restricted bequest is a gift made to be used
giving that works best for you. We have paraphrased this piece from for a designated purpose. For example, you may wish to make a gift
the Maine Community Foundation website. Please confer with your to the HHSAA to be added to an existing HHSAA fund such as
advisors before making any important decisions. In this issue we look at adding to Uncle Joe’s named scholarship already endowed with the
some of the important parts of a Bequest. HHSAA. The MaineCF would be happy to work with you and your
attorney to craft language to accomplish your goals.
We certainly hope that the Houlton High School Alumni
Association will be part of your estate planning. Sample Bequest Language
To make a bequest, you should speak with your attorney. Your
Bequest Language as Suggested by the Maine Community attorney can help you include a bequest to the HHSAA through
Foundation the Maine Community Foundation in your estate plan. MaineCF
would be happy to work with you and your attorney to help
Bequest Benefits you identify ways to give to meet your charitable objectives. The
A bequest is generally a revocable gift, which means it can be MaineCF has many sample Bequest Language templates and for
changed or modified at any time. You can choose to designate that other types of gifts, such as real estate or business interests, please
a bequest be used for a general or specific purpose so you have the contact MaineCF to discuss the appropriate gifting language.
peace of mind knowing that your gift will be used as intended. The Unrestricted , left to the discretion of the HHSAA Board of
Charitable bequests are exempt from federal estate taxes. If you have Directors is the most flexible language for a bequest as it means it
a taxable estate, the estate tax charitable deduction may offset or can be used for many programs such as scholarships, programs, or
eliminate estate taxes, resulting in a larger inheritance for your heirs. special projects benefitting the Houlton High School.

Types of Bequests If you are making a restricted bequest, the MaineCF recommends
There are several ways you can make a bequest to the Houlton that your attorney include the following provision to give the
HHSAA flexibility should it no longer be possible for the HHSAA
High School Alumni Association through the Maine Community to use your gift as you originally intended:
Foundation.
If, in the judgment of the Board of Directors of the HHSAA, it
Specific Bequest. A specific bequest involves making a gift of a shall become impossible for the HHSAA to use this bequest to
specific asset such as real estate, a car, other property, or a gift for accomplish the specific purposes of this bequest, the HHSAA
a specific dollar amount. For example, you may wish to leave your may use the income and principal of this gift for such purpose or
home or $10,000 to the HHSAA. purposes as the Board determines is most closely related to the
Percentage Bequest. Another kind of specific bequest involves restricted purpose of my bequest.
leaving a specific percentage of your overall estate to charity. For
example, you may wish to leave 10% of your estate to the HHSAA. Contact Us
Residual Bequest. A residual bequest is made from the balance of Please contact the Maine CF if you have any questions about how
an estate after the will or trust has given away each of the specific to make a bequest to the HHSAA or to request any additional
bequests. A common residual bequest involves leaving a percentage information that might be helpful to you and your attorney as you
of the residue of the estate to charity. For example, you may wish to consider making a bequest to us.
leave 30% of the residue of your estate to the HHSAA. If you have included a bequest for the HHSAA in your estate plan,
Contingent Bequest. A contingent bequest is made to charity only please contact us to let us know. We would like to thank you and
if the purpose of the primary bequest cannot be met. For example, recognize you for your gift.
you may wish to leave specific property, such as a vacation home, to
a relative, but the bequest language could provide that if the relative Contact Information
is not alive at the time of your death, the vacation home will go to Jennifer Richard - Director, Gift Planning
the HHSAA.
Unrestricted Bequest. An unrestricted bequest is a gift made for the Maine Community Foundation
HHSAA’s general use and purpose as determined by the Board of 245 Main Street
Directors. Ellsworth, ME 04605
Telephone: 207-761-2440

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