Planned Giving and SETAC—Ensuring Our Society’s Future
Gene Mancini, E.R. Mancini & Associates
Do you have a legal, up-to-date will? We all should! A will is a personal expression of our wishes regarding the disposition of our property after death. Living without such a document constitutes a significant risk that our estates will incur unnecessary costs and expenses, probate delays, untoward tax consequences and leave our families in difficult financial circumstances. A legal will is a critically important risk management and estate planning tool which can be used to ensure the well-being of our families and heirs and to direct the timely, thoughtful and orderly distribution of our property. SETAC strongly encourages members to develop or update wills and also requests that members consider placing SETAC in the will as a charitable bequest. Such “planned giving” can help to sustain the Society in the future.
Established in 2005, the SETAC North America Endowment Fund constitutes an ideal way for members to provide a continuing legacy gift to our Society. Six senior members of the Society have already bequeathed substantial sums to the Endowment Fund and the Board of Trustees greatly appreciates and encourages these thoughtful commitments.
Planned or deferred giving is the current gift of future assets (e.g., money, stocks) through charitable bequests. SETAC-specific bequests can assist in tax-advantaged estate planning and constitute a personal commitment and legacy in support of SETAC’s goals, objectives and vision. Bequeathed funds may be expended for current Society operations or may be committed to specific SETAC programs or activities at the discretion of the donor and as indicated in the will. Bequeathed funds within the SETAC North America Endowment Fund will produce annual investment proceeds to support Society initiatives and programs.
Estate Planning Through Charitable Bequests
Bequests to SETAC may be made through simple wills in several forms, a few of which are presented here:
- Specific Bequests direct that SETAC receive a specific dollar amount after all required estate transactions are concluded (settled). I give [dollar amount or property such as stock] to the Society of Environmental Toxicology and Chemistry (SETAC), a not-for-profit organization, at Pensacola, FL, to be used to further the objectives and purposes of the Society. Such bequests may also be committed to a specific program or activity of the Society or to the SETAC North America Endowment fund.
- Percentage Bequests direct that SETAC receive a percentage of the estate assets. I give [desired percentage] of my estate to the Society of Environmental Toxicology and Chemistry (SETAC).
- Residuary Bequests instruct the executor to give to the Society a specified portion of the estate after all debts, expenses, taxes and all other bequests have been paid. All the rest, residue and remainder of my property, of every kind and nature whatsoever situated (my “residuary estate”), I give to the Society of Environmental Toxicology and Chemistry, a qualified not-for-profit organization under the United States Internal Revenue Code, Sections 170 (c) and 2055 (a), as amended, to be used for their general purposes.
- Contingent Bequests take effect only if the primary intention of the will cannot be met. This will ensure that estate assets will pass to SETAC rather than unintended beneficiaries, such as the State, Provincial or Federal government.
Preparation or Amendment of a Will
Regardless of your charitable giving goals and desires, an up-to-date will is one of the most important legacies you can leave your family and others. If you already have an up-to-date will and wish to provide for a bequest to SETAC, a simple codicil (an addition or amendment to an existing will) can be prepared without disturbing any of your existing arrangements or specifications. If you do not have an up-to-date will, it is recommended that you consider establishing one as soon as possible. SETAC members are advised to consult an experienced and knowledgeable estate attorney to ensure that applicable statutory provisions/restrictions are properly incorporated into these important legal documents. Members are especially encouraged to consider bequests to SETAC as an important personal legacy for the Society.
If you have already bequeathed a gift to SETAC in your will, please let the Society know so that we can thank you in advance for your generous intentions. If you are considering such a bequest, please contact us for any information or assistance that may be required.
Please direct any questions to:
Director of Planned Giving
SETAC North America
229 South Baylen St., 2nd Floor
Pensacola, FL 32502
850-469-1500 X 105
Chairman, SETAC North America Endowment Fund Board of Trustees
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