How to phrase a bequest to Congregation Agudas Achim’s Endowment Fund
Thank you for considering a bequest to our Congregation. In order to sustain our momentum and grow even more vibrant as a center for Austin Jewish Life, we require a vision that goes beyond yearly dues and annual fundraising campaigns and draws from a robust long-term endowment.
Adopting this model for generations to come is what we need for our beloved Jewish home. Gifts like yours are critical in ensuring our congregation and our sacred space remain not only for our current community but for the generations that will join our family in future years.
The following language is for illustrative purposes only. Always consult your attorney.
The simplest form of a bequest is an outright bequest. It can take the following possible forms:
General Bequest
This specifies a fixed amount to be given to CAA. Typical wording is: “I give, devise, and bequeath $XX to the Endowment Fund of and for Congregation Agudas Achim. Should the Endowment Fund no longer be in existence then I direct that this bequest be transferred directly to the same Congregation Agudas Achim for their general uses and purposes.”
Percentage Bequest
In this case the bequest is expressed as a percentage of an estate or residuary estate. For example: “I give, devise, and bequeath XX% of my estate to the Endowment Fund of and for Congregation Agudas Achim. Should the Endowment Fund no longer be in existence then I direct that this bequest be transferred directly to the same Congregation Agudas Achim for their general uses and purposes.”
Contingent Bequest
It is also possible to name CAA as an alternate beneficiary to provide for a situation where the primary beneficiary dies before you or disclaims (declines to accept) the property. This will ensure that the estate will be distributed to beneficiaries you select rather than unintended recipients. For example: “Should none of the aforementioned beneficiaries be living or in existence then I give, devise, and bequeath that part of my estate to the Endowment Fund of and for Congregation Agudas Achim. Should the Endowment Fund no longer be in existence then I direct that this bequest be transferred directly to the same Congregation Agudas Achim for their general uses and purposes.”
Residual Bequest
It is possible to give CAA the property that remains after other specific bequests have been made. A typical residuary bequest is: “All the residue of my estate, including real and personal property, I give, devise and bequeath to the Endowment Fund of and for Congregation Agudas Achim. Should the Endowment Fund no longer be in existence then I direct that this bequest be transferred directly to the same Congregation Agudas Achim for their general uses and purposes.”
Bequests can take other forms, which can provide for families for the remainder of their days, and then pass to the CAA as well. It is also a good idea to consider leaving retirement funds (non-Roth) to CAA. Retirement funds that pass to charities are not subject to income tax as they would be when they pass to individuals. In this way you could make the most tax efficient gift to all of your beneficiaries.
For further information or questions, please contact Executive Director, Lanie Bailey at lanie.bailey@caa-austin.org