Bequest

The gift that builds our future

An easy and low cost way to make a planned gift to is to include in your will or revocable trust. Bequests are a major source of endowment support at . Each individual legacy contributes to our financial strength and ability to meet the needs of our students and faculty. If you have not already done so, please consider putting in your will or revocable trust.

Types of bequests

You can give almost any kind of asset to through a bequest, including cash, securities, an interest in real estate (such as a residence), tangible personal property (such as works of art or antiques) or the remainder of your IRA, Keogh, tax-sheltered annuity, qualified pension or profit-sharing plan. Ask your attorney about your bequest options, such as specific bequests, residuary bequests, testamentary trusts and QTip trusts.

Tax benefits

A charitable bequest is deductible for federal estate tax purposes, and there is no limit on the amount of the estate tax charitable deduction your estate can take. In addition, bequests generally are not subject to state inheritance or estate taxes. In a large estate, the savings can be more than half the value of the bequest.

How to make a bequest

A bequest to can be made by creating a new will, adding to your existing will, or including in your revocable trust. If you include in a bequest provision, please notify the Office of Gift Planning

Samples of bequest language

The following examples can be tailored to your interests. Be sure to consult your attorney for assistance in making a bequest.

• Unrestricted bequest
  "I give (_______ dollars) (a specific asset) or (___percent of the rest, residue, and remainder of my estate) to , the charitable, tax-exempt organization located in , , for its general purposes."
  
  
• Bequest for a specific purpose
  "I give (______dollars) (a specific asset) or (___percent of the rest, residue, and remainder of my estate) to , the charitable, tax-exempt organization located in , , to be used for the following purpose: (state the purpose).
  
  NOTE: If you wish to restrict your bequest to a specific purpose or program at , please contact the Office of Gift Planning in advance to make sure the language you use will accomplish your wishes and aligns with ’s needs.
  
  
• Endowment funds for restricted purposes
  If your bequest will be used to establish an endowment fund for a restricted purpose, we urge you and your counsel to consider adding a “saving clause” to your bequest provision. A “saving clause” is a way to ensure the usefulness and relevance of your bequest in the future as ’s needs and circumstances change. For example: “If, in the future, it is the opinion of the Board of Trustees of that all or part of the income of this fund cannot be usefully applied to such purpose, it may be used for any related purpose which, in the sole opinion of the Board of Trustees, will most nearly accomplish my wishes."
  
  

WARNING: Consult your legal and tax advisors before making any material decisions based on this information.

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