Cabrini Mission Foundation – “Good Things to Know”
Giving Through Your Will
Every year we receive bequests from the estates of deceased friends. These gifts make a tremendous difference and we count on such gifts as we move into the future.
When you revise or create your will for the first time, we hope you will include the Cabrini Mission Foundation. Your estate gift will help us serve the next generation.
Types of Bequests
As you consider an estate gift to the Cabrini Mission Foundation, it may be useful to know some of the bequest options you have. For example, you can make your bequest as an unrestricted gift. This permits the Cabrini Mission Foundation to use your bequest where it is needed most.
A second type of bequest is designated or restricted to a specific purpose. For example, a gift may be earmarked for a program you feel keenly about or for capital improvements. You could even designate a bequest to establish an endowment.
A third kind would be a combination of the first two. That is, part of the bequest might be used as the board sees fit and the restricted part for the predetermined purpose.
Methods for Making Bequests
Once you’ve decided on the kind of bequest, you must determine how the bequest will be identified. You have at least three options.
First, you can specify a specific amount or item. For example, you could bequeath a vacation home to the Cabrini Mission Foundation or certain securities or a set amount of money.
Second, you can name the Cabrini Mission Foundation to receive a percentage of the residue of your estate — the amount that is left after the bills and specific bequests have been made.
Finally, you could name the Cabrini Mission Foundation as a contingent beneficiary to receive that part of your estate that would have passed to another person had he or she been living. For example, a will can indicate that everything is to go to your spouse unless your spouse predeceases you — in which case the assets, or part of them, could be assigned to the Cabrini Mission Foundation.
As you think through your estate giving plans, you may want to talk with our David Valinsky, our planned giving specialist. He has worked with many people concerning their bequest plans and can explain the giving options you have. He will also tell you whether the Cabrini Mission Foundation will have trouble honoring any restricted bequest you may envision.
In addition, David will supply you with the correct legal name and address of the Cabrini Mission Foundation as well as suggested wording for the various bequest types and methods mentioned above.
All of this will assist your attorney when you meet with him or her to discuss and finalize your will.
As you proceed with your estate plans, we strongly encourage you to inform us about any bequest decisions affecting the Cabrini Mission Foundation. This will help ensure that we can honor any restrictions you have placed in your bequest. It also helps our long-range planning efforts if we know where future resources are being directed. Best of all, it gives us the opportunity to thank and honor you in advance, and to include you in our Mother Cabrini Legacy Society.
Please use the response form below. For additional information please contact Nick Vendikos, at the Cabrini Mission Foundation (212-228-8608).
(Please complete and return this reply form.)
Dear Friends at Cabrini Mission Foundation:
___ Please contact me about a personal visit or other assistance.
___ I have already provided a bequest for Cabrini Mission Foundation in my will.
___ Please send me information about the Mother Cabrini Legacy Society.
City:________ State:______ Zip:____________ Phone:__________________
Mail this form to: Cabrini Mission Foundation, 222 East 19th Street, New York, New York 10003.
Or email at: NVendikos@CabriniFnd.org