Leave A Legacy

1. Bequest

A Bequest is a distribution from your estate to Serra Center specified in your Last Will and Testament. Your estate is the sum of all your assets, including property you own, the cash in your bank account, your retirement accounts, insurance policies and other items that make up your net worth.

 There are four main types of bequests that can benefit the individuals served by Serra Center:

• Unrestricted bequest is made by designating a dollar amount, a specific asset or a percentage of your estate to Serra Center for its general purposes.

• Specific bequest is made when the money or property that is bequeathed to Serra Center is identified for a designated purpose.

• Residuary bequest is a gift of whatever is left of your estate after you have provided for others. Its use at Serra Center can be unrestricted or specific.

• Contingency bequest is a gift given in the event that your primary beneficiaries do not survive you. This can also be for unrestricted or specific uses.

2. Charitable Gift Annuity

A charitable gift annuity provides you, the donor, or your designated annuitant, with investment income during your lifetime. To set up a charitable gift annuity, you put an irrevocable gift into the annuity. The annuity pays a fixed amount of money each year for the lifetime of one or two individuals. The payout rate depends on the number of annuitants and their ages. After the annuitant’s lifetime, the remainder is transferred to Serra Center for general or designated purposes. You, the donor, receive a tax benefit in the year that you make the charitable gift annuity, as well as on the payments you receive.

3. Charitable Trust Remainder 

A charitable remainder trust allows you to irrevocably transfer cash or property to a trustee and receive income from the trust for life or a specified term of years. At the end of the trust, the remainder is distributed to Serra Center and any other non-profit organization named as charitable beneficiary. There are two main types of Charitable Remainder Trusts: Charitable Remainder Annuity Trust and Charitable Remainder Unitrust.