This is one the most common legacy gifts to support Spur Local. Benefits to you:
- It is not payable until death, so it does not affect your assets or cash flow during your lifetime
- It is revocable—you can change the provisions in your will or trust at any time
- It may help minimize estate tax or avoid tax burden for heirs
- It qualifies you for Harman Leadership Circle membership
- It helps further the work and mission of Spur Local
There are several ways to control how your bequest is distributed:
- Specific bequest—Name a specific dollar amount or named asset
- It is revocable—you can change the provisions in your will or trust at any time
- Contingent Bequest—A contingent bequest is fulfilled only if certain conditions are met.
- Residuary Bequest—Leaving all or a percentage of what is left in your estate after specific bequests, debts, expenses and taxes have been fulfilled.
How it works:
- Schedule a meeting with your attorney to review your options and determine the best estate plan vehicle for you based on your personal circumstances and goals
- Your attorney will prepare the document including your charitable intentions and using Spur Local’s official language
If you have already written a will or trust, it can be amended by your attorney by writing a codicil to include a new bequest, like a bequest to Spur Local, while reaffirming the other terms in your will. Similarly, an attorney can prepare an amendment to a revocable trust.
If you wish to name Spur Local in your will, please use our official name and address:
Spur Local, Inc.
Attention: Development
80 M Street SE
Suite 100
Washington, DC 20003
You may choose to designate Spur Local as the beneficiary of a variety of assets including insurance policies, retirement plans (IRAs, 403(b)s/commercial annuities/pensions) and financial accounts (bank accounts/CDs/savings bonds). Because many of these assets may be subject to income and estate taxes when left to heirs, leaving them to Spur Local can be a simple, smart and tax efficient way to make your legacy gift.
Benefits to you include:
- Continue to take withdrawals through life
- Change beneficiaries at any time, if your circumstances change
- Avoid both income and estate taxes on the residue left in your retirement account
- Qualify for Harman Leadership Circle membership
- Help further the work and mission of Spur Local
How it works:
- Using Spur Local's official name and address, name Spur Local, formerly the Catalogue for Philanthropy, as beneficiary on the account. Contact the financial institution and complete the necessary beneficiary designation form.
- After your lifetime, the financial institution will contact Spur Local and the gift will be distributed according to your instructions as completed on the beneficiary designation form. Assets pass to Spur Local, tax-free.
If you wish to name us as a beneficiary, please use our official name and address:
Spur Local, Inc.
Attention: Development
80 M Street SE
Suite 100
Washington, DC 20003
Consider naming Spur Local as a primary beneficiary of your life insurance policy or as a contingent beneficiary should your other beneficiaries not survive you.
Benefits to you include:
- Make a significant gift from income instead of from capital assets
- Change beneficiaries at any time, if your circumstances change
- Claim an income tax deduction
- Remove an asset from your potential gross taxable estate
- Qualify for Harman Leadership Circle membership
- Help further the work and mission of Spur Local
How it works:
- Using Spur Local’s official name and address, name Spur Local, formerly the Catalogue for Philanthropy, as a beneficiary of a policy. Contact the insurance company and complete the necessary beneficiary designation form.
- After your lifetime, the insurance company will contact Spur Local and the gift will be distributed according to your instructions as completed on the beneficiary designation form. Assets pass to Spur Local, free of federal estate tax.
If you wish to name us as a beneficiary, please use our official name and address:
Spur Local, Inc.
Attention: Development
80 M Street SE
Suite 100
Washington, DC 20003
