Bequest Language

Dixon Gallery and Gardens Bequest Language     A wonderful way for you to support Dixon Gallery and Gardens is to leave a bequest in your will or living trust.  Through a bequest to the Dixon you will help ensure the galleries and gardens are available for the enjoyment of many generations to come.

There are several different ways you can make a bequest to Dixon Gallery and Gardens such as:


            Specific Bequest- This type of bequest is when you have decided to contribute a particular asset such as a defined amount of money (e.g., $200,000), a vacation home or piece of property to the Dixon. 

            Percentage Bequest- This is when you decide to leave a specific percentage of your estate to the Dixon, such as 50% of your entire holdings.

Bequest Language

If you are considering making a bequest to Dixon Gallery and Gardens, we strongly urge you to consult with your attorney, accountant or other financial advisor to help you with your estate planning.  The language provided below is provided to assist you when drafting your bequest.

Bequest of a specific dollar amount:

I hereby give, devise and bequeath ____________and no/100 dollars ($ Dollars) to Dixon Gallery and Gardens, a non-profit organization located at 4339 Park Avenue, Memphis, TN. 38117,  Federal tax ID # 62-0943809, for their general use and purpose.

Bequest of Specific Personal Property:

I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Dixon Gallery and Gardens, a non-profit organization located at 4339 Park Avenue, Memphis, TN 38117, Federal Tax ID # 62-0943809, for their general use and purpose.

Percentage Bequest:

I hereby give, devise and bequeath (______%) of my total estate determined as of the date of my death to Dixon Gallery and Gardens, a non-profit organization located at 4339 Park Avenue, Memphis, TN 38117, Federal Tax ID # 62-0940943809, for their general use and purpose.

Restricted Bequests:

If you prefer to have your bequest support a specific purpose at the Dixon (the gardens, exhibitions, community education, etc.) we would appreciate having an opportunity to discuss this with you to ensure your charitable objectives can be met and benefit the museum and/or gardens.  We would appreciate having an opportunity to work with you and your attorney to craft language to make sure you can accomplish your goals.

If you are planning on making a restricted bequest, we recommend that your attorney include the following provision so Dixon Gallery and Gardens has flexibility with your generous contribution in the event it should no longer be possible to use the funds for the restricted purpose you originally intended.

If in the judgment of the Board of Trustees of the Dixon Gallery and Gardens, it shall become impossible to use this bequest to accomplish the specific purpose(s) of this bequest, the Dixon may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.

 

A charitable bequest is one or two sentences in your will or living trust that leave to Dixon Gallery and Gardens a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to Dixon Gallery and Gardens [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the Dixon or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the Dixon as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the Dixon as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the Dixon where you agree to make a gift to the Dixon and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

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eBrochure Request Form

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