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What are the benefits of making a bequest?
- It’s a relatively easy way to make a charitable gift while retaining control over your assets during your lifetime.
- You may lessen the burden of estate taxes on your heirs.
- You leave a lasting legacy at the University of Miami and make a difference in the lives of others.
How can I learn more?
How do I make a bequest?
A bequest is one of the easiest charitable gifts to make. With the help of an advisor, you can include language in your will or trust specifying a gift be made to the University of Miami as part of your overall estate plan.
Types of Bequests
There are a number of ways you can make a bequest to the University of Miami.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you can leave your personal residence or vacation home, or you can make a specific bequest of say, $10,000 to UM.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to the University. For example, you can leave 10% of your estate to the University of Miami.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you can leave 30% of the residue of your estate to the University of Miami.
Contingent Bequest. A contingent bequest is made to the University only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the University of Miami.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time up until the point of your incapacity.
You can choose to designate that a bequest to the University of Miami be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as you intended.
Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
What are my options?
A bequest can be made in several ways:
- You can gift a specific dollar amount or asset
- You can gift a percentage of your estate
- You can gift from the balance or residue of your estate
- You can make a beneficiary designation of certain assets
How do I get started?
