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Estate planning is important regardless of
the size of your estate. It will help you
achieve your philanthropic objectives,
preserve assets so they will be used
according to your wishes, and provide
security for your loved ones.
Your will is the
cornerstone of your estate planning
efforts-your most important legal document.
With a little planning, you can ensure that
your desires will be fulfilled. Charitable
bequests can take various forms:
Specific
bequest - designates Carolina Day
School to receive a specific piece of
property.
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Example: "I bequeath to
Carolina Day School of Asheville,
North Carolina, all of my shares in
XYZ Mutual Fund to support
excellence in education."
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General
bequest - designates Carolina Day
School to receive a specified dollar
amount.
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Example: "I bequeath to
Carolina Day School of Asheville,
North Carolina, the sum of $50,000
to support excellence in
education."
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Residual
bequest - designates all or a
portion of whatever remains after all
debts, taxes, expenses, and other bequests
have been paid.
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Example: "I bequeath to
Carolina Day School of Asheville,
North Carolina, fifty percent (50%)
of the rest, residue and remainder
of my estate, to support excellence
in education."
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Contingent
bequest - takes effect only if the
primary intention cannot be met. This
ensures that property will pass to Carolina
Day School rather than unintended
beneficiaries-including the
government.
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Example: "If (NAME OF
PRIMARY BENEFICIARY) does not
survive me, then I bequeath to
Carolina Day School of Asheville,
North Carolina, all the rest,
residue and remainder of my estate
to support excellence in
education."
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If you have
remembered Carolina Day School in your
will, trust retirement plan, or life
insurance policy, please let us know. By
doing so, you will qualify for membership
in our Bell Ringers Society, a recognition
society of friends who have remembered
Carolina Day School in their estate
plans.
You should consult
with your attorney, who can assist you in
drafting your will provision based on your
specific needs and desires.
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