Put Soapstone in Your Will or Trust
Consider including Soapstone among your bequests.
A bequest to Soapstone can be in the form of cash, securities, real estate, etc. If you are considering a gift of appreciated real estate, consult an attorney or accountant to get advice on how best to meet your objectives. Outright bequests to Soapstone, whatever the amount, are free from federal estate tax and the inheritance taxes of most states. Tax savings can be substantial.
Testamentary gifts or bequests may take various forms. Four possible forms are:
1. An outright or specific bequest designating Soapstone to receive a stated dollar amount or a fraction of the estate.
2. A residuary bequest names Soapstone to receive all or a specified part of the estate remaining after specific legacies or bequests have been provided for.
3. A contingent bequest takes effect only in the event of the death of all primary beneficiaries under the will. The naming of Soapstone can prevent the property from going to the state for lack of heirs.
4. A testamentary trust or living trust, or a bequest reserving life income, is an arrangement where part or all of the estate may be left in trust with the income or some stated amount to be paid to the donor or to one or more of the beneficiaries. Upon the death of the donor or the surviving beneficiaries the principal or assets will be paid to Soapstone and used for the purposes you have designated.
"Single parenting has taken me away from a place of internal quiet and calm, without which it is impossible for me to write. Within four hours of being at Soapstone, I had unpacked, taken a hike, sat like a stone on the terrace looking at the creek, and my writing began to unfold."
—Christy Shepard