Leaving a gift for Scottish Rite Charities in your will (also known as a bequest) is an easy way to ensure that your charitable legacy has an impact. By leaving a gift in your will, you retain full control of your property and assets throughout your entire life, and you have the flexibility to change the terms of your gift in case your life circumstances change simply by updating your will.
To make a bequest, you simply need to include language in your will that directs the portion of your estate or assets you wish to give to us. Your options are remarkably flexible, as you can designate:
A fixed amount (such as $10,000)
- A specific asset (such as held securities, or owned real estate)
- A percentage of your total estate (such as 20% of your total estate)
- The remainder of your estate after you have provided for your other beneficiaries
Below you will find some sample language that you can bring to your financial/legal advisor when considering a planned gift:
General bequest
I give and bequeath to the Scottish Rite Benevolent Foundation the sum of $________________ for the use and benefit of the Scottish Rite Grand Almoner’s Fund, the Children’s Dyslexia Centers, the Scottish Rite Masonic Museum & Library, and/or the Leon M. Abbott Scholarship.
Bequest of Residue
I give, bequeath, and devise all of the rest, residue, and remainder of my estate, whether real or personal, and wherever situated, of which I may die possessed, to the Scottish Rite Benevolent Foundation, a corporation, for the use and benefit of the Scottish Rite Grand Almoner’s Fund, the Children’s Dyslexia Centers, Inc., the Scottish Rite Masonic Museum & Library, and/or the Leon M. Abbott Scholarship fund owned, operated, and maintained by said corporation.
Bequest to a Specific Dyslexia Center
I give and bequeath to the Scottish Rite Benevolent Foundation, a corporation, for the use and benefit of its (named) Children’s Dyslexia Center, Inc.
-IRA Rollover
If you have a traditional Individual Retirement Account (IRA) and are 70 ½ years old or older, you can make a gift to Scottish Rite Charities directly from your IRA and take advantage of potential tax benefits in return.
Once you turn 70 ½, the IRS requires you to take a required minimum distribution (RMD) from your IRA, whether you need that income or not. If you do not take your RMD, you are penalized up to 50% of the amount of that RMD; if you do take the distribution, you pay your normal income tax rates on it. However, the IRS allows you to have your IRA pay your RMD, or any amount up to $100,000 to a qualifying charities and you pay no penalties or income taxes on the gift.
A direct rollover from an IRA is an exceptionally flexible way to help support our charities:
You can make a charitable rollover gift from an IRA that you have already designated the MMCF as the beneficiary of. Your rollover gift ensures that you maximize your legacy of giving by avoiding taxes or penalties. Although a charitable rollover must come from a traditional IRA, you may be able to convert assets from a pension, profit sharing, or other retirement plan into an IRA to realize the charitable and tax benefits available. You will want to discuss this with your plan administrator, financial advisor or attorney. You may divide your charitable rollovers among any qualifying charitable organizations, as long as the total charitable rollover for the year does not exceed $100,000. If your spouse also has an IRA and is 70 ½ years old or older, he or she can also make a charitable rollover of up to $100,000 from their IRA.
-Charitable Gift Annuities
Too often, donors fear they must choose between helping our philanthropic mission and their financial security. One way to have the best of both worlds is by setting up a charitable gift annuity, which will help support Scottish Rite Charities and provide you with income for life.
A charitable gift annuity is an agreement between you and Scottish Rite Charities. We agree to pay you fixed payments for your life (and/or the life of your chosen beneficiary), which is based on the size of your gift and your age at the time of your gift.
Needing only a modest contribution, a charitable gift annuity can be funded with cash or marketable securities. You qualify for an immediate income tax deduction for the gift (subject to certain limitations).
If you are 60 or younger, don’t need payments immediately, or are in a highly compensated position where you regularly max out your retirement contributions, you may want to consider a deferred gift annuity. This type of annuity lets you make a contribution now, but receive payments at a time you specify, such as upon retirement.