BEQUESTS
One of the easiest ways to make a gift to Placer Land Trust is through a bequest. Bequest provisions in a will and/or a revocable living trust allow the donor to control the distribution of his or her estate and to preserve as much of the estate as possible through judicious use of tax-saving opportunities.
Bequests can be used to ensure that the donor's annual charitable contributions to Placer Land Trust programs continue; to place conservation easements on land; or to make a special gift that will enhance the Trust's ability to achieve its mission in the future. Bequests come in several types (detailed below): Specific Bequests, Specific Bequests of a Conservation or Agricultural Easement, Residuary Bequests, Contingent Bequests, and Revocable Living Trusts.
It is essential that anyone considering his or her estate plan seek the advice of a competent attorney and/or estate tax expert before executing a will or living trust. Consultation with your trusted advisors, including attorneys, appraisers, estate planners and tax professionals, is essential. Placer Land Trust can provide sample language for specific, residuary and remainder bequests, but we cannot advise you professionally.
If you own real estate or other assets of uncertain value, that property should be appraised in order to assess the potential tax liability the estate will face. Many heirs have experienced unnecessary litigation expenses or unnecessarily high taxes because a donor failed to do adequate estate planning. Estate plans should be reviewed regularly so that changes in estate and tax laws or changes in a family's circumstances can be adequately taken into account.
If your bequest to Placer Land Trust involves real estate, it is very important to meet with our staff while the will is still in preparation. If you intend to bequeath a conservation easement, we need to determine whether the easement bequest conforms to board policy, and discuss what the restrictions will be. Placer Land Trust will then draft the easement for you and your attorney to review. If your intention is to leave land to the Trust outright, it is important for us to understand your desires for the future conservation and use of the property. The more information we have about the land and your goals, the better the chances are that your expectations can be fulfilled.
SPECIFIC BEQUESTS
A specific bequest is an outright gift of money, stocks or bonds, land, tangible personal property or other assets. Suggested bequest wording is:
I give, devise, and bequeath to Placer Land Trust, a California nonprofit public benefit corporation with offices in Auburn, California, the sum of $____________ (or describe any real or personal property), to be used for its general purposes.
In the case of a bequest of land that has conservation value, the owner is urged to talk with Placer Land Trust before the will is signed. This will ensure that the owner's wishes will guide the Trust's discussions about the future conservation and disposition of the property.
SPECIFIC BEQUESTS OF A
CONSERVATION OR AGRICULTURAL EASEMENT
Some donors have used specific bequests to place conservation easements on land at their deaths. However, it is important that a donor consult with Placer Land Trust, prior to signing the will, to assure that the donor's conservation goals can, in fact, be met. There are important technical details in drafting conservation restrictions that must be included in order to fulfill the IRS deductibility requirements, and donors should be aware of the Trust's stewardship endowment policy for the management and enforcement of the easement. The suggested wording for bequests of conservation or agricultural easements is:
In the event I do not make such a conveyance [describe the intended conservation or agricultural easement here] during my lifetime, I hereby bequeath unto Placer Land Trust, a California nonprofit public benefit corporation with offices in Auburn, California, the development rights and conservation easements in certain real property described as follows: [the Legal Description of Protected Property should be attached]. The development rights and conservation easements to be conveyed shall be substantially in the form set forth in the Grant of Development Rights and Conservation Easements attached to this will as Exhibit [number exhibit here], and incorporated herein by reference as if fully set forth.
I further bequeath to Placer Land Trust, the sum of $(________) as a stewardship endowment for the purpose of monitoring and enforcing the conservation easement on the property conveyed pursuant to the preceding paragraph.
RESIDUARY BEQUESTS
In a residuary bequest, the donor leaves all or a part of the balance of the estate to a beneficiary after all of the specific bequests have been satisfied. The suggested wording for a residuary bequest is:
I give, devise, and bequeath to Placer Land Trust, a California nonprofit public benefit corporation with offices in Auburn, California, all [or ____%] of the rest, residue and remainder of my estate, to be used for its general purposes.
CONTINGENT BEQUESTS
A contingent bequest provides for the disposition of the estate if one or more of the named beneficiaries fails to survive the donor. It can be used in conjunction with a specific bequest or a residuary bequest.
If any of the above-named beneficiaries should predecease me, I hereby bequeath his or her share to Placer Land Trust, a California nonprofit public benefit corporation with offices in Auburn, California, to be used for its general purposes.
REVOCABLE LIVING BEQUESTS
Some donors prefer to plan the distribution of their estates through revocable living trusts. Like wills, living trusts can be changed while the donor is still alive, and retain for the donor complete lifetime control over his/her assets. However, living trusts have several advantages over wills. If the Living Trust is properly funded, the trustee can distribute much or all of the donor's estate without the expense or delay of probate. If the donor owns real estate that requires management, such as a farm, the trustee can make management decisions should the donor become incapacitated, thereby avoiding the complexities of a guardianship. Although living trusts are simple to establish, they may in some cases be more time-consuming to set up than a will, but the beneficiaries of the estate will realize significant cost savings in the end. Because the donor usually reserves the right to revoke or modify a living trust, the donor may not realize any immediate income tax benefits. However, if properly drafted, a living trust can, like a will, save estate taxes at one's death.
For more information about bequests, contact trusted estate planning and tax professionals. If you would like to name Placer Land Trust in your will, we encourage you to contact us at (530) 887-9222 or info@placerlandtrust.org so that we may be aware of your generosity.
 Placer Land Trust 11521 Blocker Drive, Suite 100 Auburn, CA 95603 (530) 887-9222 info@placerlandtrust.org |