In a Bequest, a donor gives money, property or other assets to the SAG Foundation as defined in the donor’s will. These assets are available to the SAG Foundation upon the donor’s death. A Bequest offers a donor a means by which he/she can lend support to the SAG Foundation through any vehicle and in any amount he/she prefers without affecting cash flow or assets during his/her lifetime.
There are three types of bequests. In a specific bequest, the donor directs that 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 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 Foundation after beneficiaries receive their distributions and all estate debts are satisfied and taxes and expenses are paid. In a contingent bequest, the assets would be transferred to the SAG Foundation if the donor’s primary heirs predecease the donor.
In his/her will, the donor can stipulate how the assets in the bequest are to be used by the SAG Foundation. In an unrestricted bequest, the assets may be used at the SAG 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 has stipulated that the assets have been bequeathed in recognition of an individual. In an endowed bequest, the SAG Foundation is directed to maintain the principal and use only the income generated by the principal. The donor can also stipulate whether the bequest must remain anonymous or can be recognized by the SAG Foundation.