Search Parishes

Ministry > McMahon Parater Foundation

blessed-sacramentA bequest made through your will is one of the easiest and most effective ways to make an estate gift while providing for the security and well-being of your loved ones.  There are several different types of bequests:

  • A specific bequest will state that a dollar amount, or percentage, of the assets in your estate will be given to the Foundation, or that a particular piece of property will be transferred to the Foundation.
  • A residuary bequest will state that all or a percentage of your estate will pass to the Foundation after specific bequests and other obligations have been met.
  • A contingent bequest will state that the Foundation will receive a portion of your estate if none of your heirs are alive at the time of your death.

The value of your bequest to the Foundation is deductible from your taxable estate, thereby reducing your estate taxes to the fullest extent permitted by law.

Sample Language for Bequests to the McMahon Parater Foundation

The following language may be useful to you and your attorney as you review ways in which you can best include the McMahon Parater Foundation, the Diocese of Richmond, or other charitable institutions in your will or revocable trust.

You should always seek the advice of a professional when planning the disposition of your estate.
For a specific amount:
“I bequeath to the McMahon Parater Foundation for Education, a Virginia non-profit corporation, the sum of _______ dollars ($_____) for its general purposes.”
For a specific piece of property:
“I bequeath to the McMahon Parater Foundation for Education, a Virginia non-profit corporation, my _________ (art collection, etc.).” (Note: Bequests of real property require special handling.)
For a percentage of your estate:
“I bequeath to the McMahon Parater Foundation for Education, a Virginia non-profit corporation, ___% of my adjusted gross estate as finally determined for federal estate tax purposes.”
For your residuary estate:
“I devise and bequeath the residue of the property owned by me at my death, real and personal and wherever situate, to the McMahon Parater Foundation for Education, a Virginia non-profit corporation.”
For more detailed information about making a legacy gift to the McMahon Parater Foundation for Education or the Catholic Diocese of Richmond, please visit http://richmonddiocese.giftplans.org