The Chestnut Society: Simple Gifts/Big Impact
Gifts through your will, living trust, retirement plan, or life insurance policy can have a big impact on the American chestnut’s future, while having little or no impact on your current lifestyle or your family.
When you make any of these gift commitments, your assets remain in your control. Your gift comes to TACF only after your lifetime.
If your needs change, you can change your mind.
The Chestnut Society is a designation that honors those individuals who make such gift commitments. During your lifetime, the details of your gift commitment can remain private. If you decide to share the news of your commitment with TACF (and we hope you will), we can work with you to ensure the degree of privacy you want.
There may be favorable tax consequences for your estate. Some assets are taxed more favorably if left to a nonprofit organization like TACF. This will depend on your specific circumstances.
Will and Living Trusts
Gifts through wills and living trusts pass to beneficiaries through the law, which is why they are best completed with the help of a qualified estate planning attorney. Talking with your attorney and financial advisor also helps ensure that your gift to TACF is the best gift for you and your family.
TACF cannot provide legal or tax advice, but we will gladly talk with you and your advisors about our programs and ways that different gifts can benefit restoration of the American chestnut. As a first step, please contact us or share our contact information with your attorney.
If your will or living trust already exists, your attorney can add a codicil that includes your gift to TACF. The entire will or trust does not need to be revised.
If you include The American Chestnut Foundation in your will or living trust, please use the following designation:
The American Chestnut Foundation, a nonprofit corporation, organized and existing under the laws of Virginia, with principal business address of 50 N. Merrimon Avenue, Suite 115, Asheville, NC 28804-1383.
Tax identification number: 41-1483019
Date of Incorporation: October 29, 1999
The name, address, and tax identification information listed above may also be used to complete beneficiary forms for retirement plans and insurance policies.
Beneficiary Designation through a Retirement Plan or Insurance Policy
Unlike wills and living trusts, gifts through retirement plans and insurance policies pass to beneficiaries like TACF through beneficiary forms. Simply go to your plan administrator or insurance agent and request a beneficiary change form. Complete the form and return it to the administrator or agent.
You may also wish to give a copy of the completed form to your executor and/or keep a second copy with your important papers and/or other estate planning documents
Your attorney can help you explore state and federal tax laws and determine what the consequences of a gift might be for you. TACF encourages you to seek the help of a qualified estate planning attorney before making your commitment.
Maximizing Your Gift’s Impact
Restoration of the American chestnut depends on cutting-edge science, and in science, there are always course corrections. Unrestricted gifts allow TACF to make those course corrections and address the highest priorities of TACF at the time we receive the funds.
If you prefer to restrict, please contact TACF in advance so that we can ensure that your wishes can be fulfilled.