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Bequest Language

You can make your Bequest in Several Ways:
A bequest can deliver a specific dollar amount or asset to the Holocaust Museum Houston (HMH) or it can give us a percentage or specific dollar amount of the balance remaining in your estate after taxes and specific bequests have been paid. It can also be payable if an individual beneficiary is not able to inherit. Unless a bequest is directed to a specific program or purpose, we will apply it to our general resources or use it for the need most pressing at the time it is received. Because of the flexibility it affords, we prefer non-directed bequests. If, however, you are considering a bequest for a specific purpose, we ask that you consult us so that we may discuss this with you further, and work out any details that need to be addressed. Below, we have provided examples of language you might consider for the 3 most common bequest-types, you may include this language in your will or other testamentary document when making a bequest to HMH:

1. Specific Bequest
a. "I bequeath the sum of $___ ($XXX) [or ...'all shares of (IBM) stock I own at the time of my death...]to the Holocaust Museum Houston, a non-profit corporation located at 5401 Caroline Street Houston TX 77004"
2. Residuary Bequest
a. "I bequeath XX percent (XX%) of the residue of my estate to the Holocaust Museum Houston, a non-profit corporation located at 5401 Caroline Street Houston TX 77004"
3. Contingent Bequest
a. "I bequeath [the sum of XX dollars ($XXX) or XX percent (XX%)] of the residue of my estate to John Doe, provided, however, if John Doe does not survive me, this gift instead shall be paid to the Holocaust Museum Houston, a non-profit corporation located at 5401 Caroline Street Houston TX 77004"

Please Contact your Tax Advisor
The information above is not offered as legal or tax advice. We urge you to consult with your own tad advisor and/or attorney, accountant, or financial planner to make certain that any gift you may wish to make fits well into your overall financial and estate planning. All such information is presented solely for educational purposes and is not a solicitation or an offer.

IRS Circular 230 Disclaimer: Under applicable Treasury regulations, this advice is not intended or written to be used, and cannot be used, for the purpose of avoiding any penalties. If you would like an opinion upon which you can rely to avoid penalties, please contact your attorney or tax advisor.

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A charitable bequest is one or two sentences in your will or living trust that leave to Holocaust Museum Houston a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to Holocaust Museum Houston [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to HMH or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to HMH as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to HMH as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and HMH where you agree to make a gift to HMH and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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