WHY?? HOW?? WHEN??

By: Ed Sheldon

Winter 2005, NEWS

Why should you include the Westie Foundation of America (WFA) in your will?

Because the WFA's "Legacy Alliance" fund is a perpetual endowment fund and our Westie breed is perpetual too. By its very nature, the "LEGACY ALLIANCE" ENDOWMENT FUND will go on after we are no longer here; assuring that your gift to the WFA will outlast all of us and the Westie breed will not outlast your gift.

All assets left to the Endowment Fund are untouched. Only the income derived from your gift will be spent on Health Research and Education.

Bequests to the Endowment Fund will be a major source of revenue to the Foundation in the future. A strong endowment will mean that in the future our Westies will be healthier as a result of the research funded by the Foundation.

By remembering the Westie Foundation in your will, you can continue to provide income for it is perpetuity. A bequest is an ideal way to ensure that this organization -- THE ONLY NATIONAL TAX EXEMPT FOUNDATION DEDICATED PRIMARILY TO ADVANCING THE HEALTH OF THE WESTIE BREED -- will continue to serve the needs of the breed into the future.

All the assets left to the Westie Foundation of America, Inc., are removed from your taxable estate, thereby reducing the estate bill your heirs must pay.

THAT'S WHY!!

Now --- HOW?

Well, there are lots of ways, but here are the most common and some "legalize" to go with it.

The transfer of property is obviously one of the primary functions of a will. Traditionally, a transfer of personal property was called a bequest, a transfer of money was called a legacy, and a transfer of real property was called a devise. These terms are now used interchangeably and all are referred to as bequests. Various types of bequests may be used in wills, e.g.

SPECIFIC BEQUEST is a gift of a specific item to a specific beneficiary. For example: "I give my grand piano to my daughter Carol." If that specific property has been disposed of before death, the bequest fails.

GENERAL BEQUEST is a gift of a stated sum of money. It will not fail, even if there is not sufficient cash to meet the bequest. For example: "I give $25,000 to my son John." If there is only $2,500 cash in the estate, other assets must be sold to meet the bequest.

CONTINGENT BEQUEST is a bequest made on condition that a certain event must occur before distribution to the beneficiary. For example: "I give $50,000 to my son Patrick, provided he enrolls in college before age 21." A contingent bequest is specific in nature and fails if the condition is not met.

RESIDUARY BEQUEST is a gift of all the "rest, residue and remainder" of the testator's estate after all other bequests, debts and taxes have been paid. One who owns property worth $500,000 may intent to give a child $50,000 by specific bequest and leave $450,000 to a spouse through a residuary bequest. If the debts, taxes and expenses were $100,000 there would only be $350,000 left for the surviving spouse.

A will assures your desires will be carried out. Please consider being an important benefactor in the future good life for the West Highland White Terrier. The Westie Breed, like the human race, will live on after all of us. Include the Westie Foundation of America in your will.

OK!! We've got the "Why" and the "How".....Let's get to the "When"......

NOW!!!

Accidents or heart attacks don't generally give us much advance notice. If you don't have a will, you should.

If any of us dies without a will, the state in which we live will decide who gets your assets.

If you already have a will, but haven't remembered the WFA, but would like to, a simple codicil can be added that will meet your needs.

If you would like more information on "The Legacy Alliance" program, please send in the self addressed, postage prepaid envelope accompanying this edition of the Newsletter and request that information.

******Please be aware that the laws pertaining to wills and estates differ from state to state. Before finalizing your gift, consult a licensed attorney experienced in the laws pertaining to estate planning******