Some commonly used terms to help you understand a will, bequest or codicil:
Annuitant
One who receives annual fixed payments from an annuity.
Annuity
A fixed sum payable annually.
Appreciated securities
Stocks and/or bonds that have increased in value since they were acquired.
Beneficiary
The person named to receive the income from, or remaining assets of, a trust.
Bequest
A gift through one's will.
Capital gains tax
The tax imposed upon profits realized from the sale of financial assets that have increased in value since they were acquired.
Codicil
An addition to a will that either modifies it or revokes part of it.
Gift tax
A tax imposed on someone who gives money or property to another person without compensation.
Irrevocable gift
A gift that cannot be annulled, undone, or changed.
Mutual fund
An investment company that invests the money of its shareholders in a diverse group of securities of other corporations.
Present value
The value, in today's dollars, of assets to be received at some future time.
Principal
The initial sum invested or borrowed, or the remainder of that sum after payments have been made.
Real property
Immovable property; land, together with all the property on it that cannot be moved, together with any attached rights; often referred to as "real estate".
Retained life estate
The right to use property for life (usually a residence or a farm) after contributing the remainder interest to a charitable institution.
Retirement accounts
Qualified plans like IRAs and 401(k) accounts that permit individuals to accumulate savings tax-free for retirement.
Tangible personal property
Includes movable objects (e.g. china, books, cars, clothes, art, etc.) but does not include land, buildings, or other forms of real estate (real property-see above), or stocks, bonds, copyrights, cash, or other "intangible" personal property.
Trust property
Property held in trust by one person (trustee) for the benefit of another (beneficiary).
Variable income
Payments received on a regular basis that are subject to change, not fixed.
For more information on how these gifts might work for you, or to share your plans with us so that we may acknowledge you as a member of our legacy group, please call the Foundation for Male Studies at (917) 748-3238 or fill out our contact form.
The Foundation for Male Studies
Planned Giving Development Office
333 Mamaroneck Avenue - 444
White Plains, NY 10605
Suggested language for making an unrestricted bequest:
"I give, devise and bequeath [the sum of ____ dollars], [all (or ____ percent) of the rest, remainder and residue of my estate of every kind and description (including lapsed legacies and devises)] to The Foundation for Male Studies, a New York not-for-profit corporation, 333 Mamaroneck Avenue - 444, White Plains, NY 10605, for its general purposes."
Suggested language for designating a specific purpose:
"I give, devise and bequeath [the sum of ____ dollars], [all (or ____ percent) of the rest, remainder and residue of my estate of every kind and description (including lapsed legacies and devises)] to The Foundation for Male Studies, a New York not-for-profit corporation, 333 Mamaroneck Avenue - 444, White Plains, NY 10605. This bequest shall be used for the following purpose: [state the purpose]. This bequest may be combined with the Foundation’s other funds for investment.
Important Notes:
The most useful bequest is an unrestricted bequest for the general purposes of the Foundation. This permits the Foundation to use your gift wherever it is most needed at the time.
If at any time, in the judgment of the Trustees of The Foundation of Male Studies, it is determined that the designated use of this bequest is no longer practicable or appropriate, then the Trustees may use the bequest to further the general purposes of the Foundation, giving consideration, where possible, to my special interest as described above.
Suggested language for a contingent (to be inserted before the above language, if the Foundation is to receive a bequest only if an individual beneficiary does not survive you):
"If [name of beneficiary] does not survive me, then [insert either of the paragraphs set forth above]."
Note: This page is intended to provide you with general information not legal or tax advice about your specific situation or needs. We encourage you to consult a lawyer or accountant for advice particular to your circumstances.
The Foundation for Male Studies is a 501(c)(3) non-profit organization.
Contact Us
Foundation for Male Studies
333 Mamaroneck Avenue - Suite 444
White Plains, NY 10605
