In a Bequest, a donor gives money, property or other assets to the SAG-AFTRA Foundation as defined in the donor’s will. These assets are available to the SAG-AFTRA Foundation upon the donor’s death.
How it works
A bequest offers a donor a means by which s/he can lend support to the SAG-AFTRA Foundation through any vehicle and in any amount s/he prefers without affecting cash flow or assets during her/his lifetime.
The donor can stipulate whether the bequest must remain anonymous or can be recognized by the SAG-AFTRA Foundation.
There are three types of bequests. In a specific bequest, the donor directs a predetermined sum of money; a percentage of the donor’s estate; or a particular asset (which may include stocks, bonds, real estate or tangible personal property such as jewelry or artwork) be transferred to the SAG-AFTRA Foundation. Funds from retirement plans or life insurance policies can also be used in specific bequests.
In a residual bequest, the remaining assets in the estate, or a predetermined percentage thereof, are transferred to the SAG-AFTRA Foundation after beneficiaries have received their distributions; all estate debts are satisfied; and taxes and expenses are paid.
In a contingent bequest, the assets would be transferred to the SAG-AFTRA Foundation if the donor’s primary heirs predecease the donor.
In her/his will, the donor can stipulate how the assets in the bequest are to be used by the SAG-AFTRA Foundation.
In an unrestricted bequest, the assets may be used at the SAG-AFTRA Foundation’s discretion, where the need is greatest or for general purposes. In a restricted bequest, the assets can only be used for a specific project or purpose.
In an honorary or memorial bequest, the donor stipulated the assets have been bequeathed in recognition of an individual. In an endowed bequest, the SAG-AFTRA Foundation is directed to maintain the principal and use only the income generated by the principal.
Jon-Michael Hice, Director of Grants & Gifts, 323-549-6430