Wills & Bequests
A bequest to Mariners Inn through your will is a powerful expression of your commitment to helping homeless men who are seeking to be free of addiction and restoring their mental, physical, spiritual and emotional well-being.
Making a gift through your will is an excellent choice if you want to have a lasting impact on the lives of homeless men long after you are gone but wish to maintain liquidity and use of your assets during your lifetime. The full amount of your gift is deductible from your taxable estate.
A bequest can be unrestricted, enabling Mariners Inn to direct your funds where future need is greatest, or restricted to a particular program.
What Is Important for Me to Know About Bequests?
- Your bequest is private. Your gift is known only to you, your attorney and the people you choose to inform of your plans.
- You can change or revoke your bequest at any time.
- The amount that is given to Mariners Inn is not included in the estate for estate tax purposes.
- Your bequest will be professionally invested and managed by Mariners Inn to ensure that it lasts and benefits Mariners Inn or other charitable organization in perpetuity.
- Your bequest is not payable until after your lifetime, so it does not affect your assets or savings during your lifetime.
What Are My Options?
We invite you to consider including Mariners Inn in your bequest plans. When naming Mariners Inn to receive a bequest, you have a number of options to tailor your bequest to your personal circumstances:
- You can designate a specific amount.
- You can designate a percentage of your entire estate.
- You can designate a percentage of the remainder of your estate after all other bequests and distributions are satisfied.
What if I Already Have a Will?
Because circumstances change over time, you'll want to keep your will up to date. To make a change such as adding a bequest, you may need only a codicil. This document amends, rather than replaces, your existing will.
If you need to make major changes, it may be best to make a new will. A new will revokes your existing will. In either case, consult your attorney.
Example of unrestricted bequest language:
I give (insert dollar amount, property to be given, percentage of the estate, or "the remainder of my estate") to Mariners Inn, a nonprofit corporation, Taxpayer Identification Number 38-2136488, headquartered at 445 Ledyard Street, Detroit, MI 48201 for its general use and purposes.
Example of restricted bequest language:
I give (insert dollar amount, property to be given, percentage of the estate, or "the remainder of my estate") to Mariners Inn, a nonprofit corporation, Taxpayer Identification Number 38-2136488, headquartered at 445 Ledyard Street, Detroit, MI 48201 and it is to be used specifically for [insert designated program or location].
If you include Mariners Inn in your will, please let us know so that we can thank you appropriately. You will also be eligible for membership in the Lifetime Ambassadors, a group of individuals who have made significant contributions to help the men and families we serve.
Always see your estate planning attorney about making or updating your will or living trust documents to ensure that your financial goals are considered, your tax situation reviewed and your planned gift is tailored to your circumstances. Mariners Inn recommends that you consult your lawyer regarding the specific wording of any Charitable Will bequests.