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A bequest to CAMA in your will lets you pass any amount you wish to us free of estate tax. You can give cash or specific property, a dollar amount or a percentage of your estate, with restrictions or without. To make sure your will accomplishes your goals according to your wishes, we recommend that you obtain the professional counsel of an attorney who specializes in probate and estate planning. Your goal: Defer a gift until after your lifetime. How to make the gift: Name CAMA in your will (designate a specific amount, a percentage or a share of the residue). See below for more information. Your benefits: Donation is exempt from federal estate tax.
FIVE WAYS you can leave a legacy, with sample langauge to share with your attorney: "I give, devise and bequeath to the Community Arts Music Association of Santa Barbara, Inc. (CAMA), a non-profit organization located at 111 E. Yanonali Street, Santa Barbara, California 93101 ..." SPECIFIC BEQUEST. "...the sum of _____ dollars [or describe the specific property you intend to bequeath]." PERCENTAGE BEQUEST. "..._____ percent of my estate, both real and personal property of whatever kind and wheresoever located." RESIDUAL BEQUEST [once you have made all your specific bequests]. "...all (or _____%) of the rest, residue and remainder of my estate, both real and personal property of whatever kinds and wheresoever situated." CONTINGENT BEQUEST. "If any of the above-named beneficiaries should predecease me, I hereby bequeath his/her share of my estate to..." LIFE INCOME BEQUEST whereby after your death, income is paid to another individual for his/her lifetime and then CAMA receives the principal. This is often set up to provide for elderly parents, family members or friends in special circumstances.
CAMA will be glad to assist you in paying tribute to an esteemed individual or creating a meaningful legacy in your name or in memory of a loved one. For more information on naming opportunities or charitable estate planning, please call CAMA at 805-966-4324.
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