Memorial Gifts and Bequests
A gift in memory of a loved one or friend is a special tribute to those who appreciated the beauty of Long Island. Please provide the name of the person being memorialized and indicate the name and address of a family member or friend of the deceased to whom we can send an acknowledgment of your gift.
Join the Trust's Legacy Circle by making a gift to the Peconic Land Trust through a bequest in a will and/or a revocable living trust. This important step allows you to have a long-lasting impact on your community as you decide how your estate will be distributed. A charitable donation through a bequest also enables you to take advantage of tax-saving opportunities that preserve as much of your estate as possible by lowering estate taxes that must be paid by your heirs. There are several types of bequests, and you are urged to discuss your plans with an attorney or financial advisor before any decisions are made. These bequests include:
- Specific Bequest: This would be a gift of money, stocks or bonds, land, tangible personal property, or any other asset. The suggested wording for this type of bequest is:
I give, devise, and bequeath to Peconic Land Trust, Inc., a nonprofit charitable organization with its office in Southampton, New York, the sum of $__________ (or insert description of real or personal property here) to be used for its general purposes.
- Specific Bequest of a Conservation Easement: A conservation easement may be placed on land after your death. Again, we encourage you to discuss your conservation goals with Peconic Land Trust in advance to be sure that these goals can be met. Important technical details in drafting conservation restrictions must be included in order to fulfill the IRS deductibility requirements, and you should be aware of the Trust’s stewardship fund policy for the management and enforcement of the easement. The suggested language for this type of bequest is:
a) In the event I do not make such a conveyance (describe the intended conservation easement here) during my lifetime, I hereby bequeath unto the Peconic Land Trust, Inc., a publicly supported 501(c)(3) organization with offices in Southampton, New York, the development rights and conservation restrictions in certain real property described as follows: (Legal Description of Protected Property). The development rights and conservation restrictions to be conveyed shall be substantially in the form set forth in the Grant of Development Rights and Conservation Restrictions attached to this will as Exhibit B, and incorporated herein by reference as if fully set forth. b) I further bequeath to the Peconic Land Trust, Inc. the sum of $(_____) as a stewardship endowment for the purpose of monitoring and enforcing the conservation restrictions on the property conveyed pursuant to the preceding paragraph.
- Residuary Bequests: In this type of bequest, you leave all or a part of the balance of the estate to a beneficiary after all of the specific bequests have been satisfied. The suggested wording for a residuary bequest is:
I give, devise, and bequeath to the Peconic Land Trust, Inc., a nonprofit charitable organization with offices in Southampton, New York, all (or ____%) of the rest, residue and remainder of my estate, to be used for its general purposes.
- Contingent Bequests: This type of bequest provides for the disposition of the estate if one or more of your named beneficiaries fails to survive you. It can be used in conjunction with a specific bequest or a residuary bequest.
If any of the above-named beneficiaries should predecease me, I hereby bequeath his or her share to the Peconic Land Trust, Inc., a nonprofit charitable organization with offices in Southampton, New York, to be used for its general purposes.
- Always seek your own professional assistance.
- Consult with the Peconic Land Trust in advance before executing a will or living trust. We want to be certain that we understand your goals and can provide the correct technical details for easements to your advisor or attorney.
To view our Donor Bill of Rights, click here.
For more information regarding Memorial Gifts or the Trust's Legacy Circle and making a Bequest, please contact Rebecca A. Chapman.