A bequest is one of the simplest and most popular ways to make a gift is through a provision in your will or trust. When you leave assets to WMPG in your will, you are communicating the importance of WMPG in the present and the future. Bequests can be made in the form of a specific gift of cash or property, or as a percentage of an estate. Your tax advisor can provide information regarding any tax benefits to your estate. Bequests may include the following methods:
Specific Bequest: WMPG receives a specific dollar amount, a specific piece of property, or a stated percentage of the estate. This is one of the most popular forms of bequests.
Sample Specific Bequest Language:
“I give to WMPG Radio (WMPG-FM), part of a Maine not-for-profit corporation that is recognized as exempt from tax under Section 501(c)3 of the Internal Revenue Code, with its principal office located at 96 Falmouth St, Portland, ME 04104, the sum of $_____ to be used for its general purposes.”
Or
“I give to WMPG Radio (WMPG-FM), part of a Maine not-for-profit corporation that is recognized as exempt from tax under Section 501(c)3 of the Internal Revenue Code, with its principal office located at 96 Falmouth St, Portland, ME 04104, _____ percent of the total value of my estate to be used for its general purposes.”
Residual Bequest: WMPG will receive all or a stated percentage of an estate after distribution of specific bequests and payment of debts, taxes, and expenses.
Sample Residual Bequest Language:
“I give to WMPG Radio (WMPG-FM), part of a Maine not-for-profit corporation that is recognized as exempt from tax under Section 501(c)3 of the Internal Revenue Code, with its principal office located at 96 Falmouth St, Portland, ME 04104, [all or ____ percent] of my residuary estate to be used for its general purposes.”
Please note that WMPG operates under the 501(c)(3) of the USM Student Senate.