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Bequests

A specific or residual bequest is where, as a statement in your will, you leave a cash donation, securities, real estate or other property such as a work of art to Ongiara (College or Foundation). This bequest may be identified as a specific amount or asset, as a percentage of your estate, or as the residual sum after all debts, taxes, expenses and other bequests have been paid.  A contingent bequest takes effect only upon the occurrence of some other event(s). For example, you could choose to make Ongiara the contingent beneficiary in the event that an individual named in your will is not alive at the time of your death.

Whatever form your bequest takes, it may be designated for unrestricted use or restricted (specific) use by Ongiara (College or Foundation).  A bequest to Ongiara is very easy to put in place, can be modified at any time, and allows you to retain full use of the gifted property during your lifetime. In addition, the charitable receipt Ongiara issues to your estate may result in a tax credit on your terminal income tax return (Canada), and significantly reduce estate taxes for your heirs (US).