Resources and Tools for Professional Advisors

Bequest Language for Donors and Professional Advisors

Bequest Language | Community Foundation of Sarasota County

I gift, devise and bequest $_______________ (or a percentage of my estate or the rest, residue and remainder of my assets) to the Community Foundation of Sarasota County, Inc., a 501 (c)(3) tax exempt corporation organized and existing under the laws of the State of Florida and having an office in Sarasota, Florida, to establish and fund the [Name of Charitable Fund].

The Trustee shall distribute $______________ (or a percentage of the trust assets or the rest, residue and remainder of the trust assets) to the Community Foundation of Sarasota County, Inc., a 501 (c)(3) tax exempt corporation organized and existing under the laws of the State of Florida and having an office in Sarasota, Florida, to establish and fund the [Name of Charitable Fund].

Charitable Vehicles: Certain Donor Advised Fund Benefits Not Available to Private Foundations

Selecting the appropriate charitable vehicle for your client is as important as choosing the charitable causes they wish to support. Private foundations are popular among affluent donors and are powerful philanthropic vehicles; however, they have administrative burdens that can be costly and time consuming to maintain. Before you advise your client to establish a private foundation, please have them consider a donor advised fund which has certain benefits not available for private foundations, as outlined in the document below.

Converting a Private Foundation to a Donor Advised Fund

Family members and a board of trustees who manage private foundations may determine the administrative costs and time spent on compliance with private foundation’s rules have become too burdensome to continue with the status of a private foundation.  The steps to dissolve a private foundation and convert to a donor advised fund are outlined in the document below.