Giving to the John and Mable Ringling Museum of Art through a will or living trust is often referred to as a “bequest.” The decision to use a will or a trust as your primary estate planning tool is one that should be made in consultation with a qualified attorney. Regardless of the specific type of document you choose, you can indicate your wishes in one of several ways. You can give the museum a specific amount of money (specific bequest), a percentage of all of the assets included in your estate at death (percentage bequest), or a portion of the residual amount that is left in the estate after all specific bequests have been satisfied (residuary bequest). In addition, you can designate the purpose for which you would like the gift to be used.
Following are some reasons why you might want to consider this type of gift:
- Estate Tax Reduction: A charitable gift made through your will or trust may reduce estate taxes assessed at your death.
- Revocability: A charitable bequest is revocable, so you may make changes to the beneficiaries of your estate throughout your lifetime.
- Flexibility: This type of gift is flexible because it can be directed to any part of the Museum. If you change your mind about the specific designation, you can simply inform us during your lifetime so that our records reflect your wishes.
- Control: When you include a charitable bequest in your estate plan, you have access to the assets during your lifetime, ensuring that the funds are there if you need them to provide for unexpected occurrences.
Below we have provided some sample language you can use when making a bequest in support of The John and Mable Ringling Museum of Art. Note: This language can be modified for a Revocable Trust designation.
I give, devise and bequeath [insert dollar amount or percent of estate] to the Florida State University Foundation, Inc., a not-for-profit corporation organized and existing under the laws of the State of Florida and having an office at Tallahassee, Florida or its successor organization. Said Foundation is the legal entity designated by The Florida State University to receive, on its behalf, charitable gifts for the support of its academic mission. It is exempt from federal income tax under Section501(c)(3) of the Internal Revenue Code (ID#59-6152180) and contributions to it are deductible under the provisions of federal income, gift and estate tax laws.
The Florida State University Foundation, Inc. is instructed to apply for and to take maximum advantage of all State of Florida matching fund programs in existenceat my death for which this gift may qualify, including programs not in effect at the time of execution of this last Will and Testament. I recognize that the Florida State University Foundation, Inc. cannot warrant State of Florida matching funds in future years.
This bequest and any associated matching funds are designated for The John and Mable Ringling Museum of Art.
Many of our donors choose to restrict their bequest commitment to a particular area or program within the Museum. Please let us know if you’d like to restrict your gift further and we can help you craft language that appropriately reflects your wishes.