General Information

The following  is basic information about making a bequest or gift by will to the NASW Foundation. Careful planning under tax laws designed to encourage philanthropy makes possible a significant contribution to the future of the NASW Foundation and a perpetual recognition of a donor’s support. We address here the ways in which gifts can be made by will to benefit the NASW Foundation.  The suggestions, however, are not all inclusive.  Where tax benefits are mentioned, these relate only to Federal tax laws, but the laws of many states often make possible additional savings.  Since individual circumstances control the most advantageous arrangement for each person, planning must be done in consultation with legal and other advisors.

Saving Clause

Real Estate

Real estate may be left to the NASW Foundation.  But because the laws of various states differ, it is important that the applicable state laws be considered by an attorney.

Investment Of Funds

The NASW Foundation, in accord with sound investment practices, may commingle its investments, allocating to individual funds a proper, fractional interest in the returns of the combined portfolio.  Though not essential, it is highly desirable from NASW Foundation’s standpoint to include a sentence in gift statements which might read as follows: 

“The principal of this gift may be commingled with other funds of the NASW Foundation for investment.”

Gift Of Securities

In making gifts of securities by will, special care should be taken to account for possible stock splits, changes in corporate name, mergers, or even a sale by the donor of specified securities.  By careful wording, the donor and his legal advisor can avoid the failure of a gift through operation of such contingencies.

Codicil

Changes in an existing will can be easily accomplished by an additional sentence or paragraph in an amendment known as a codicil.  Such changes must, however, be completed with the same formality as the will itself.  The forms suggested above may be used in either a will or a codicil.

Will Review And Revisions

As family, residence, or other circumstances change, it is always advisable to review and revise a will to reflect new situations.  Many people undertake such a review on an annual basis.  Review and revision ensure that estate plans will be properly carried out.  

Life Income Funds (Charitable Remainder Trusts)

A will is basic to any well-planned estate.  There are, however, other ways in which a donor may make what amounts to a bequest, through a gift during a lifetime.  A carefully planned program of giving involving a combination of current gifts, gifts to Life Income Funds, and gifts by will can result in a more rewarding and substantial contribution than might otherwise be possible.

A Life Income Fund is an arrangement whereby a gift is made to the NASW Foundation in trust, either by will or during one’s lifetime, with the provision that income is to be paid to the donor or other persons for life.  A variety of arrangements is possible, and plans can be made to suit individual situations.  A Life Income Fund can be established through a single gift or entirely by will; additions to an existing Fund (other than an annuity trust) may be made during lifetime or by will.

Legal Advice

A will should always be drawn by, or with the advice of, a lawyer.  Suggestions in this piece do not diminish the need for legal counsel. The NASW Foundation has been indebted to, and dependent upon, the generosity of members and friends who have aided in building its private resources.  Each gift, which augments permanent resources, becomes a perpetual tribute to its giver and provides a means of sharing in lasting achievements.  A gift to the NASW Foundation will help advance the social work profession and represent a noble expression of devotion to the enduring public good.