Planned Giving
The Greater Houston Community Foundation is dedicated to helping donors create lasting legacies and meaningful impact by supporting philanthropy in a variety of ways - including custom solutions for even their most complex needs.
The Greater Houston Community Foundation's Bequest Language
An excellent way for you to support your mission is to leave us a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.
There are a number of ways you can make a bequest to the Greater Houston Community Foundation.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the Greater Houston Community Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
Please contact us if you have any questions about how to make a bequest to the Greater Houston Community Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for the Greater Houston Community Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
Types of Bequests
There are a number of ways you can make a bequest to the Greater Houston Community Foundation.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to the Greater Houston Community Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to the Greater Houston Community Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to the Greater Houston Community Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the Greater Houston Community Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to the Greater Houston Community Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to the Greater Houston Community Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the Greater Houston Community Foundation.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time.
You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended.
Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the Greater Houston Community Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
For an Unrestricted Fund
I give, devise, and bequeath to the Greater Houston Community Foundation, a Texas nonprofit corporation (the "Foundation"), the following assets: [Insert specific assets, dollar amount, percentage, or residuary]
This gift will create an unrestricted fund (the "Fund") for charitable purposes in accordance with the Bylaws of the Foundation. The Fund shall be named the [Name] Fund.
Annual distributions from the Fund as determined by the Foundation's spending rule in effect at that time shall be made subject to the approval of the Foundation's Governing Board.
The provisions of this section directing distributions from the Fund to be made as determined by the Foundation's spending rule shall apply, irrespective of the provisions of any state's Uniform Management of Institutional Funds Act or Uniform Prudent Management of Institutional Funds Act, as currently in force or as hereinafter enacted, superseded, or amended.
For a Field of Interest or Designated Fund
I give, devise, and bequeath to the Greater Houston Community Foundation, a Texas nonprofit corporation (the "Foundation"), the following assets: [Insert specific assets, dollar amount, percentage, or residuary]
This gift will create a permanent fund (the "Fund") for charitable purposes in accordance with the Bylaws of the Foundation. The Fund shall be named the [Name] Fund.
Annual distributions from the Fund, as determined by the Foundation's spending rule in effect at that time, shall be paid to or for the support of [Name of designated organization or particular field of interest] with the understanding that the Bylaws of the Foundation give its Governing Board variance power "whenever the Governing Board decides that circumstances are such or have so changed since a condition was imposed by a donor that literal compliance with the condition is unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the metropolitan area of Houston, Texas." In all respects the Fund shall be managed in accordance with the charitable purposes of the Foundation and all activities of the fund shall be subject to the approval of the Foundation's Governing Board.
The provisions of this section directing distributions from the Fund to be made as determined by the Foundation's spending rule shall apply, irrespective of the provisions of any state's Uniform Management of Institutional Funds Act or Uniform Prudent Management of Institutional Funds Act, as currently in force or as hereinafter enacted, superseded, or amended.
For a Donor Advised Fund
I give, devise, and bequeath to the Greater Houston Community Foundation, a Texas nonprofit corporation (the "Foundation"), the following assets: [Insert specific assets, dollar amount, percentage, or residuary] to create a donor advised fund (the "Fund"). The Fund shall be known as the [Name] Fund.
In connection with the establishment of a donor advised fund with the Foundation, I do hereby acknowledge the following:
I designate the following individual as current advisor authorized to make grant recommendations: [Name of advisor and advisor's contact information]
[For funds with multiple advisors:] I appoint the following individual as Primary Advisor for the Fund: [Name of advisor and advisor's contact information]. The Foundation may accept grant recommendations from the Primary Advisor and will assume that this individual duly represents the other advisors to the Fund.
I give, devise, and bequeath to the Greater Houston Community Foundation, a Texas nonprofit corporation (the "Foundation"), the following assets: [Insert specific assets, dollar amount, percentage, or residuary]
This gift will create an unrestricted fund (the "Fund") for charitable purposes in accordance with the Bylaws of the Foundation. The Fund shall be named the [Name] Fund.
Annual distributions from the Fund as determined by the Foundation's spending rule in effect at that time shall be made subject to the approval of the Foundation's Governing Board.
The provisions of this section directing distributions from the Fund to be made as determined by the Foundation's spending rule shall apply, irrespective of the provisions of any state's Uniform Management of Institutional Funds Act or Uniform Prudent Management of Institutional Funds Act, as currently in force or as hereinafter enacted, superseded, or amended.
For a Field of Interest or Designated Fund
I give, devise, and bequeath to the Greater Houston Community Foundation, a Texas nonprofit corporation (the "Foundation"), the following assets: [Insert specific assets, dollar amount, percentage, or residuary]
This gift will create a permanent fund (the "Fund") for charitable purposes in accordance with the Bylaws of the Foundation. The Fund shall be named the [Name] Fund.
Annual distributions from the Fund, as determined by the Foundation's spending rule in effect at that time, shall be paid to or for the support of [Name of designated organization or particular field of interest] with the understanding that the Bylaws of the Foundation give its Governing Board variance power "whenever the Governing Board decides that circumstances are such or have so changed since a condition was imposed by a donor that literal compliance with the condition is unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the metropolitan area of Houston, Texas." In all respects the Fund shall be managed in accordance with the charitable purposes of the Foundation and all activities of the fund shall be subject to the approval of the Foundation's Governing Board.
The provisions of this section directing distributions from the Fund to be made as determined by the Foundation's spending rule shall apply, irrespective of the provisions of any state's Uniform Management of Institutional Funds Act or Uniform Prudent Management of Institutional Funds Act, as currently in force or as hereinafter enacted, superseded, or amended.
For a Donor Advised Fund
I give, devise, and bequeath to the Greater Houston Community Foundation, a Texas nonprofit corporation (the "Foundation"), the following assets: [Insert specific assets, dollar amount, percentage, or residuary] to create a donor advised fund (the "Fund"). The Fund shall be known as the [Name] Fund.
In connection with the establishment of a donor advised fund with the Foundation, I do hereby acknowledge the following:
- That I have received, read, and understand the Donor Advised Fund Agreement promulgated by the Foundation.
- That I understand that the United States Department of the Treasury ("Treasury Department") has adopted regulations that prescribe how the Foundation should handle recommendations for grants to charitable organizations from advisors. While the Foundation welcomes an advisor's grant recommendation as long as the grantee organization is recognized as a public charity or governmental entity by the Internal Revenue Service, in keeping with the Treasury Department's regulations, the Foundation retains the right to approve or disapprove of grant recommendations based on an independent investigation of each charitable organization.
- Distributions from the Fund shall be used and disposed of for charitable purposes under and in accordance with the provisions of the Certificate of Formation establishing the Foundation and subject to the approval of the Foundation's Governing Board.
[For funds with multiple advisors:] I appoint the following individual as Primary Advisor for the Fund: [Name of advisor and advisor's contact information]. The Foundation may accept grant recommendations from the Primary Advisor and will assume that this individual duly represents the other advisors to the Fund.
Contact Us
Please contact us if you have any questions about how to make a bequest to the Greater Houston Community Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for the Greater Houston Community Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.