The bequest language examples below may help you in creating your estate plan. Please feel free to provide this to your professional advisors as needed.
A bequest may be in the form of cash, securities, real estate, or other property. You can specify that the University, through the University of Memphis Foundation, is to receive a certain amount or percentage of your estate, particular assets, or the remainder of your estate after providing for heirs.
Here are some examples of various types of bequests:
- Specific bequests are used to make a gift of a specific dollar amount or specific assets.
- Residuary bequests are used to give all or a portion of the rest of your estate after payment of expenses and any specific amounts designated to other beneficiaries, such as your children.
- Contingent bequests will result in a gift to the University only in the event of the death of other beneficiaries or the fulfillment of certain conditions described in your estate plans.
The following includes several examples of suggested bequest wording to benefit the University of Memphis through the University of Memphis Foundation. Each individual situation is unique and, therefore, these examples include only some of the possible gift opportunities.
To the University of Memphis for Unrestricted Purposes: I hereby give, devise, and bequeath to the University of Memphis Foundation, a nonprofit corporation with its principal office in Memphis, Tennessee, __________ percent (%) of the rest, residue, and remainder of my estate for the unrestricted benefit of the University of Memphis .
To Support a Specific Campus, School, Department, or Program of the University of Memphis: I hereby give, devise, and bequeath to the University of Memphis Foundation, a nonprofit corporation with its principal office in Memphis, Tennessee, _________ percent ( %) of the rest, residue, and remainder of my estate to be used for the University of Memphis _____________ campus, school, department, or program.
Specific Amount For An Unrestricted Purpose: I hereby give, devise, and bequeath to the University of Memphis Foundation, a nonprofit corporation with its principal office in Memphis, Tennessee, the sum of _______ dollars ($ ) for the unrestricted benefit of the University of Memphis .
Specific Amount For a Specific Purpose: I hereby give, devise, and bequeath to the University of Memphis Foundation, a nonprofit corporation with its principal office in Memphis, Tennessee, the sum of __________ dollars ($ ) to be used for _____________________________at the University of Memphis .
It is understood and agreed that should the purpose for which this bequest is instituted cease to exist, then the University of Memphis Foundation may devote said bequest for such other uses and purposes as it determines to be in accordance with my original intent in making this gift.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
A charitable bequest is one or two sentences in your will or living trust that leave to the University of Memphis a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.
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
"I, [name], of [city, state, ZIP], give, devise and bequeath to the University of Memphis [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."
able to be changed or cancelled
A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.
cannot be changed or cancelled
tax on gifts generally paid by the person making the gift rather than the recipient
the original value of an asset, such as stock, before its appreciation or depreciation
the growth in value of an asset like stock or real estate since the original purchase
the price a willing buyer and willing seller can agree on
The person receiving the gift annuity payments.
the part of an estate left after debts, taxes and specific bequests have been paid
a written and properly witnessed legal change to a will
the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will
A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the University of Memphis or other charities. You cannot direct the gifts.
An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.
Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.
Securities, real estate, or any other property having a fair market value greater than its original purchase price.
Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.
A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.
You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.
You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the University of Memphis as a lump sum.
You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the University of Memphis as a lump sum.
A beneficiary designation clearly identifies how specific assets will be distributed after your death.
A charitable gift annuity involves a simple contract between you and the University of Memphis where you agree to make a gift to the University of Memphis and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.