Including the Foundation in your will or trust for a specific dollar amount, a percentage of your estate, or another provision will support The Endowment Project Foundation for years to come. Unrestricted bequests are greatly appreciated as they allow the Foundation to use funds to fulfill the greatest need at the time.

Sample Language for Your Will

The following are examples of language that you can use to name the Foundation as a beneficiary of your assets by bequest or codicil to a will. Please share this with your attorney, who can adapt it to suit your needs. The Foundation’s tax ID number is 92-4023942.

Simple Bequest in a Will

I hereby give, devise, and bequeath to The Endowment Project Education Foundation., Richmond, Virginia, ___ percent of my net residuary estate (or the sum of $_____/the rest and residue of my estate after payment of the foregoing bequests). This is an unrestricted gift and may be used to further the objects and purposes of The Endowment Project Education Foundation.

Suggested Form of Codicil to a Will

I, (donors name), a resident of _____, declare this to be a codicil to the Last Will executed by me on _______, 20___, this codicil being as follows: I hereby give, devise and bequeath to The Endowment Project Foundation____ percent of my net residuary estate (or the sum of $___/the rest and residue of my estate after payment of the foregoing bequests).

This is an unrestricted gift and may be used to further the objects and purposes of The Endowment Project Education Foundation. Except insofar as said Will is expressly or by necessary implication changed by this codicil, I do hereby ratify, republish, and reaffirm my said will and each and every part thereof.

Gift Restrictions

Should you wish to restrict your gift, we ask that you add the following text to your will to ensure we will be able to honor your intent given future priorities:

“If at some future time it is no longer practical to use the income or principal of this bequest for the purposes intended, The Endowment Project Education Foundation may use the income or principal for whatever it deems necessary and most closely in accord with the intent described herein.”

Retirement accounts such as IRAs, 401(k) and 403(b) plans can be subject to double taxation – ordinary income tax and estate tax – for your heirs. Retirement plan assets left to the Foundation will transfer tax-free. In planning your estate, consider leaving your retirement plan assets to the Foundation, and leaving more favorably taxed assets to your loved ones.

If you are at least 70 ½ years of age, you can make current gifts (up to $100,000 per year) to the Foundation directly from your qualified retirement plan as part of your annual requirement minimum distribution thereby avoiding income tax on amounts distributed as gifts. Charitable gifts from your retirement plan do not qualify for a charitable deduction.

You can leverage your resources while providing an extraordinary legacy gift to the Foundation through life insurance. You can donate your existing paid-up policy by making the Foundation the owner and receive an income tax deduction for the value of the policy. If you prefer, you can maintain ownership of your policy but name the Foundation as beneficiary. This way you maintain the flexibility to change beneficiaries if your situation changes.

A Donor Advised Fund (DAF) is a charitable giving program that allows you to combine the most favorable tax benefits with the flexibility to support your favorite causes. Establish a DAF with a community foundation or financial services company and you can make annual gifts to the Foundation through this fund. DAFs also facilitate legacy planning as you may also specify the Foundation as a principal beneficiary of the donor advised fund when it terminates.