Planned Giving Glossary

Glossary of Planned Giving Terms

– The person appointed by the court to manage one’s estate when he or she dies without leaving a will. Has the same duties as an executor.

Appreciated Assets/Appreciated Property – Assets that have a higher market value than their basis or tax purpose value. Such assets would, if sold by an individual or non-charitable organization at a price higher than their basis, potentially generate taxable capital gains.

Beneficiary – An individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan.

Bequest – A gift of property or assets to a beneficiary in a will.

Codicil – The only legal document that can change a will. Amends, rather than replaces a executed will.

Estate – The real or personal property in which a person has a right or interest.

Estate Tax (Federal and State) – A federal tax on the value of the property held by an individual at his or other death (paid by the individual’s estate, not the heirs or recipients of bequests). State inheritance tax is applied to the value of bequests passing to beneficiaries. Paid by the estate before the distributions are made.

Executor – The person named in a will to administer the estate.

Intestacy – When a person dies without a valid will, state laws determine how the individual’s estate will be divided among their heirs. If there are no heirs, the state absorbs any remaining probate assets.

Irrevocable Gift – A gift that cannot be undone or changed.

Joint Ownership – Ownership of property by two or more people, usually with the right of survivorship.

Power of Attorney – Legally appointing an individual to take charge of your financial affairs in the event of incompetency or disability.

Probate – The review of a will in court to ensure its authentic and the estate is distributed properly.

Real Property – Immovable property, land with all the property on it that can’t be moved, with any attached rights.

Retirement Accounts – Qualified plans like IRAs and 401(d) accounts that permit individuals to accumulate savings tax-free for retirement.

Secondary Beneficiary – Person named in a gift agreement to receive the life income payments should the primary beneficiary predecease him or her.

Tangible Personal Property – Movable objects such as jewelry, books, art, etc… but doesn’t include land, buildings, or other forms of real estate or stocks, bonds, copyrights, case or other “intangible” personal property.

Will – The legal declaration of a person’s wishes as to the disposition of their property, to be performed or take effect after the person’s death.

For more information about how you can make a planned gift to the Sunrise Association please contact Deborah Lom at or (516) 634-4171.