Bequests by will to the church are exempt from federal and most state inheritance taxes. With a gift by will, your total estate value is reduced by the amount of your planned gift, reducing your overall estate tax.
By your will (which you may change by a codicil) or your revocable trust (which you may change by an amendment), you can make Christ Church Cathedral the beneficiary of cash, securities, and/or other property. You may designate by a specific amount or a percentage of your estate, or you may make the Cathedral a residual beneficiary of your will or trust; that is, a recipient of some part of the balance after payment of specific bequests, expenses, and taxes.
Below is sample language for your consideration. Your legal counsel can help you to refine the bequest language to suit your specific wishes for Christ Church Cathedral.
Specific Amount for General Purposes
“I give, advise, and bequeath to Christ Church Cathedral in the City of Nashville, Tennessee, the sum of $_____ to be used for the general objectives and purposes of said Cathedral.”
Percentage Amount for General Purposes
“I give, advise, and bequeath to Christ Church Cathedral in the City of Nashville, Tennessee, _____% of the rest, residue, and remainder of my estate, to be used for the general objectives and purposes of said Cathedral.”
If you do decide to include the Cathedral in your will, we would find it very helpful to have a copy of that portion of your will for our records.