Estate gifts have helped the American Law Institute remain the preeminent institution of independent law reform in the world. Including a charitable bequest in your will or revocable trust is an option we hope you will consider if you would like to make a gift of any size to the American Law Institute.
We are very grateful to everyone who remembers us with a testamentary gift.
When you make or update your estate plan, you gain the personal satisfaction that comes from knowing the estate you worked a lifetime to create will be distributed according to your specific wishes. Your family and others you care about will benefit because your intentions are clear, precise, and thoughtfully documented.
I give ___ dollars (or ___ percent of my estate) (or all of the residue of my estate) to the American Law Institute, an educational charitable corporation.
The tax identification number of the American Law Institute is: 23-1352013
Charitable Bequests and Revocable Trusts
A charitable bequest allows you to maintain control over the property or percentage you designate. (Of course, you also can make an outright charitable gift, which has more immediate tax benefits). A charitable bequest of shares of stock allows you to continue to receive dividends and participate in shareholder votes, and the securities are still yours if you should need them for other expenses. You have the flexibility to amend your plan if circumstances change.
If a revocable living trust is part of your estate plan, ALI can be added as a beneficiary. Both a will and a revocable living trust contain provisions for the eventual distribution of property. However, using a living trust also offers a great deal of flexibility and can provide privacy in the distribution of the assets because it is not a public document.
Retirement Plan or Life Insurance Designations
For many individuals, qualified retirement plans such as IRAs, 401(k)s, 403 (b)s, and Keoghs may represent a substantial percentage of their net worth. By naming the American Law Institute on the change of beneficiary form for your retirement plan, you can designate ALI to receive a percentage of the funds left in the account. Not only is this simpler than drafting a codicil to your will, it also has tax advantages. If your qualified plan assets pass to someone other than your spouse at your death, they may be subject to both income and estate taxes. When ALI or other charities are designated as the beneficiary, no income or estate taxes are due at all.
If you own a fully paid life insurance policy consider naming the ALI as the beneficiary of all or part of the proceeds. This is relatively easy to do: just as with retirement plan designations, you contact your insurance carrier and complete a change of beneficiary form for the benefit of the ALI.
Informing the Institute of Your Decision
If you decide to include ALI in your estate plans or have already done so, please notify Beth Goldstein at 215.243.1666 or email@example.com. We will maintain confidentiality if requested, but we also like to recognize and thank those who have informed us that they have included ALI in their estate planning.