BEQUESTS


A bequest is the act of giving cash or property through the provisions of a will or estate plan and can be made to an individual, institution or charity. A bequest entitles your estate to a tax credit for the final income tax return thereby helping to reduce estate tax liability.

 

There are two primary types of bequests: unrestricted and restricted.

 

An unrestricted bequest allows the Epic Opportunities Foundation to use your gift where it is needed most.

 

A restricted bequest allows you to determine where and how your gift should be used. The three most common types of restricted bequests are general, residual or contingent:

 

  • As part of a general bequest, Epic Opportunities Foundation receives a specified amount of a gift, usually in the form of a cash donation
  • As part of a residual bequest, Epic Opportunities Foundation receives all or a percentage of your remaining estate after other specific mandates have been fulfilled (e.g., 25 per cent of the remaining assets)
  • As part of a contingent bequest, Epic Opportunities Foundation receives all of or a portion of your estate, only in the event of the prior death of other specified beneficiaries