About

Do you want to help ensure the future viability and strength of the fluid power industry?
. . . then please consider

Planned giving

Including a bequest in your estate plan can complement your financial goals while supporting the goals of the NFPA Education and Technology Foundation. It is an easy way to make a significant gift to the Foundation without affecting your assets during your lifetime.

How does it work?

You can provide for a future gift to the NFPA Education and Technology Foundation by including a bequest in your will or revocable trust.
When the time comes, your designated bequest will be distributed to the NFPA Education and Technology Foundation for the purpose(s) you specify by your Personal Representative or Trustee.

What are the benefits?

Your assets remain in your control during your lifetime.
You can modify your bequest if your family or personal circumstances change.
The designated amount will not be subject to estate tax in your estate, possibly reducing estate taxes that may be owed at your death.

What should I consider when making a bequest?

How your gift will be used: You may choose to designate a particular program as beneficiary of your gift, or you may allow your gift to be used at the discretion of the Foundation. The unrestricted gifts provide the Foundation with the flexibility to meet its greatest needs at the time your bequest is realized.
What form your gift should take: You may choose to designate a specific sum or asset, or you may choose to leave a certain percentage of your estate to the Foundation.
Priority of your gift: You can decide whether the NFPA Education and Technology Foundation will benefit outright through your will or revocable trust, or only after other conditions are met, such as the prior satisfaction of bequests to heirs and other loved ones.
Do you want your gift to be long lasting? You have the option of “endowing” your gift to provide lasting financial resources. Provision of an endowed gift permits the Foundation to provide long lasting support of our programs and projects.

Frequently asked questions:

Will my gift be tax deductible?
Under present tax law, bequests to organizations that are recognized as tax exempt under Section 501(c)(3) of the Internal Revenue Code are excluded from an individual’s federal taxable estate. The NFPA Education and Technology Foundation has been recognized as tax exempt since its inception.

What if I've already written my will or trust?
You can amend a will or trust to make a gift without rewriting the entire document. Simply contact your attorney to prepare a codicil to your Will or an Amendment to your revocable trust. The codicil or amendment can add a new provision providing a bequest to add the NFPA Education and Technology Foundation while reaffirming the remaining original terms.

It’s simple—Sample bequest language

A general bequest: “I give the sum of __________ dollars ($______.00) to the NFPA Education and Technology Foundation of Milwaukee, Wisconsin to be used for its general purposes.”

A residuary bequest: “I give _______ percent (__%) of the residue of my estate to the NFPA Education and Technology Foundation of Milwaukee, Wisconsin to be used for its general purposes.”

Gift for restricted purpose: “I give ______________ to the NFPA Education and Technology Foundation of Milwaukee, Wisconsin to be used in support of the following purpose(s)_____________________.

Examples of purposes which could be included are:

A research project of the Foundation’s choosing
Teaching initiatives/resource development
The NFPA Fluid Power Challenge

If it becomes inappropriate or impossible to accomplish the purpose of the gift as described herein, then the NFPA Education and Technology Foundation may designate this bequest to be used for the benefit of a substantially similar purpose.”

If you intend to restrict your gift to a specific purpose other than one set forth above, we recommend that you ask the NFPA Education and Technology Foundation to review your intended purpose to be certain that your wishes can be appropriately followed.

Are there other easy ways for me to provide for a benefit to the NFPA Education and Technology Foundation?

Designation of Foundation as a Life Insurance Beneficiary. Life insurance provides a relatively inexpensive way to ensure financial support for spouses or other dependents. When an existing policy is no longer needed to satisfy its original purpose (e.g., the children are grown, the spouse is well provided for), the policy can be an ideal asset to fund a charitable gift larger than anything you might be able to fund during your lifetime.

Life insurance proceeds resulting from policies that you own are a taxable portion of your estate when you die, unless you designate your spouse or a charity as your beneficiary. By designating the NFPA Education and Technology Foundation as the beneficiary of your life insurance policy, the insurance proceeds will be removed from your taxable estate at your death, and you will be assured that 100% of the designated amount will be applied in furtherance of the Foundation’s general mission or for the specified purposes you designate.
Designation of Foundation as a Retirement Plan or IRA Beneficiary. Assets remaining in an individual’s retirement account at death may be subject to both income and estate taxes. Even if your estate is not large enough to trigger imposition of estate tax, withdrawals of proceeds from qualified retirement plans or traditional IRA’s by individuals will constitute taxable income regardless of your relationship to the individual beneficiary. These taxes will not apply if you designate a qualified charity such as the NFPA Education and Technology Foundation as the beneficiary of your retirement account. In order to designate the Foundation as a beneficiary of your retirement account, request a beneficiary designation form from your plan administrator or custodian and designate the “NFPA Education and Technology Foundation” as your beneficiary. Because any designation of your retirement plan for the NFPA Education and Technology Foundation should complement your overall estate plan, we recommend that you consult with your professional advisers as part of the process. Please note that your spouse may have to consent to your designation if you are married.

This information contained on this website is not intended to be legal or tax advice. Please contact your attorney if you are considering using any of the planned giving techniques discussed above.

For more information about Planned Giving, contact Sue Chase at 414-778-3376 or schase@nfpa.com.