Foundation.jpgA planned gift allows you to make a difference in the lives of future generations.  It is easy to arrange, will not alter your current lifestyle in any way, and can easily be modified to address your changing needs.  Below are various options and basic descriptors to add Biddeford Education Foundation as a beneficiary:

Residual Gift Language
A residual bequest comes to us after your estate expenses and specific bequests are paid:

I give and devise Biddeford Education Foundation (Tax ID #22-3233401), located in Biddeford, Maine, call (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).

Specific Gift Language
Naming Biddeford Education Foundation as a beneficiary of a specific amount from your estate is easy:

I give and devise Biddeford Education Foundation (Tax ID #22-3233401), located in Biddeford, Maine, the sum of $_________ (or asset) to be used for its general support (or for the support of a specific fund or program). 

Contingent Gift Language
Biddeford Education Foundation can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:

If (insert name) is not living at the time of my demise, I give and devise Biddeford Education Foundation (Tax ID #22-3233401), located in Biddeford, Maine, the sum of $_________ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).

Retirement Plan Beneficiary Language
You may name Biddeford Education Foundation (Tax ID #22-3233401) as a beneficiary of your IRA or other qualified retirement benefits.  Donors should consult with their tax advisor regarding the tax benefits of such gifts.

Naming Biddeford Education Foundation as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings.  It can be costly to pass such assets on to heirs because of heavy tax consequences.  By naming BEF as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor’s death the plan passes to support BEF free of both estate and income taxes.

Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees.  Simply request a change-of-beneficiary from your plan administrator.  When you have finished, please return the form to your plan administrator and notify Biddeford Education Foundation so we can ensure you are properly thanked.

Customized Language
If you or your attorney would like Biddeford Education Foundation to provide you with customized beneficiary language that is specific to your goal and interest, please contact Foundation President Karen Chasse at 207-391-6885 or kchasse@biddefordschools.me.