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Through your will or revocable living trust, you can specify that a portion of your assets come to the Academy after your lifetime. By making a bequest, you will leave a legacy for generations to come.
After your lifetime, the asset(s) will pass to NAPA and will not be included in your estate for federal tax purposes. You cannot claim an income tax charitable deduction when you make a bequest because the gift is revocable.
There are several types of bequests that allow you to designate your estate in accordance with your financial and charitable goals:
You describe exactly what you want to leave to a family member or charity. If you want to leave a specific amount or if you have a particular item (such as an antique or collector's item) you would like to leave to someone, this is the type of bequest that you would use.
This type of bequest is honored after all other bequests have been made, and all debts, expenses and taxes have been paid.
This type of bequest is fulfilled if certain conditions are met. For instance, if your primary beneficiary does not survive you, you can indicate your next choice through a contingent designation.
Make a significant contribution toward furthering the Academy.
Have the satisfaction of completing your estate plan and providing for an organization that matters to you.
Continue to enjoy and use your property.
Save on possible federal estate taxes.
If you choose to include the Academy in your estate plan, it should be named as:
Naming the Academy as a beneficiary of bank and retirement accounts and insurance policies is simple and has lasting effect. By doing so, you can ensure that NAPA receives the asset without going through probate.
After your lifetime, the asset will pass to NAPA and will be deducted from your estate for federal tax purposes. You cannot claim an income tax charitable deduction when you name the Academy as a beneficiary if the gift is revocable.
You may designate your planned gift to either the NAPA Foundation General Fund or the Endowment.
Contributions to the Foundation’s General Fund are available for use as the need arises, including in the year that they are donated.
The corpus of contributions to the Endowment is intended to be preserved indefinitely. Only a sustainable amount of the earnings on the investments that comprise the Endowment is available to be used by the Foundation each year.
If you have a more specific purpose in mind, please contact Randy Lyon, NAPA’s Chief Financial Officer and Director of Development. It is important to make sure that the Academy understands and can fulfill your specific intentions.