The Open Hearth engages in life changing work every
day, but we can't do it alone. We rely heavily upon
caring donors to help us pay the bills and plan for the
future. Will you remember The Open Hearth in your
long term philanthropic plans? A bequest through your
will is one way to make a significant impact upon our
agency, the men we serve, and the Greater Hartford
community. The following information will be helpful as
you consider naming The Open Hearth in your will.
A will assures you that your property will be distributed
as you want it to be. If you die without a valid will, state
law will distribute your assets in a manner that may
ignore your wishes and those of your beneficiaries. A will
is a legal document that should be drafted by an attorney.
It is revocable, and not in effect until your death.
A bequest is a way to direct all of a portion of your assets to specific individuals or agencies of your choice. This is a provision within a will that can be changed at any time. A bequest is a means to save significant estate tax and direct your funds to your areas of interest. Bequests are fully deductible from the taxable part of your estate. Estate taxes range from 37% to 55% of an estate's value.
Specific Bequest: This is the simplest form of giving whereby you can leave a specific dollar amount or particular property to The Open Hearth. Specific bequests can be cash, equipment, securities, stock and real estate:
"I give, devise and bequeath the sum of $_____________ to The Open Hearth, a not-for-profit corporation with principal offices located in Hartford, Connecticut, to be utilized for the benefit of the programs of the charity."
Proportional Bequest: If you do not want to specify the exact size of your intended gift, a proportional bequest is often a preferred way of giving in a will. This kind of bequest is often selected when the size of the estate is difficult to estimate:
"I give, devise and bequeath _______% of my estate (or _______% of the residue of my estate) to The Open Hearth, a not-for-profit corporation with principal offices located in Hartford, Connecticut, to be utilized for the benefit of the programs of the charity."
Contingent Bequest: A good choice if you want to leave a specified portion or your entire estate to the charity only under specific circumstances. Such circumstances might be the deaths of named beneficiaries before or at the same time as your death:
"In the event that ___________________________ predeceases me, I give, devise and bequeath the sum of $____________ (or, alternatively, ______% of the residue of my estate) to The Open Hearth, a not-for-profit corporation with principal offices located in Hartford, Connecticut, to be utilized for the benefit of the programs of the charity."
If you are interested in joining the mission of The Open Hearth by remembering our agency in your will, or if you have already included us in your will, please contact The Open Hearth Development Department at (860) 525-3447, or via email.
The Open Hearth holds membership in the Connecticut Council on Philanthropy, Association of Fundraising Professionals, and the Planned Giving Design Center. For more information on bequests, please visit the Leave A Legacy Connecticut website.
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