| What
is a bequest?
A bequest is any gift made through a will or trust.
A trust is a contract between you and your appointed
trustee, who manages and distributes assets in your
estate according to your wishes.
What
types of bequests can I make to the College?
There are two basic types of bequests: unrestricted
and restricted bequests. With an unrestricted bequest,
you allow the College to use the funds where they
are needed most. With a restricted bequest, you designate
how your contribution will be spent.
What
kinds of bequests are needed most?
Unrestricted gifts afford the College the greatest
flexibility to meet pressing needs. With unrestricted
funds, the College can respond quickly to emerging
priorities or promising opportunities.
How
can I structure my bequest?
Bequests may be structured in several ways:
-
An outright gift is a fixed dollar amount;
- A residual bequest leaves the remaining part of
your estate to UVa-Wise after gifts are distributed
to other beneficiaries;
- An endowed gift in a bequest provides perpetual
funding for a scholarship, fellowship, or professorship
at the College;
- A contingent bequest makes UVa-Wise. the beneficiary
only if your primary beneficiary(ies) has died.
Vehicles
such as charitable remainder trusts and gift annuities
may be used in a will, as long as you designate beneficiaries
who survive you. These are often called testamentary
trusts and testamentary gift annuities.
What
can I give in a bequest?
You may leave cash, securities, real estate, or other
appreciated assets. You may also choose to give a
percentage of your estate after you provide for your
heirs, or you may give all of your estate.
What
are the tax benefits of bequests?
Generally, charitable bequests lower your taxable
estate, which can reduce the amount of money you pay
in taxes. To deduct charitable donations, your executor
will need to itemize your tax return.
Why
should I make a bequest?
Many donors find that a bequest is an effective vehicle
for making major gifts to the College. A bequest allows
donors to retain control of their assets until their
death. If financial circumstances change, the donor
may change or revoke a bequest or increase the amount
of the gift.
How
to Keep a Bequest Private
Probate, or the legal process of distributing
your assets by a will, is a public process.
If you don't want anyone to know the details
of your bequest, consider making your gift through
a charitable remainder trust. That way, your
assets are directly transferred. |
How
do I make a bequest?
There are a number of Development Staff whom you can
contact, those include: Jim Knight, jak9k@uvawise.edu,
Winston Ely, rwe@uvawise.edu,
Tami Ely, tsd5p@uvawise.edu,
Valerie Lawson, vas7k@uvawise.edu,
and Annie Miller, ako6y@uvawise.edu,
as well as your estate planning attorney to make a
bequest. If you already have a will, you will
need a codicil, which is a legal amendment to your
will. When making a bequest, please use the College's
full legal name: The University of Virginia's College
at Wise. The federal Tax Identification Number for
the College is 54-1638774. To contact any of
these individuals regarding a bequest, please call
(276) 328-0129.
Why
should I tell UVa-Wise about my bequest?
Knowing about estate gifts helps the College plan
for the future and set long-range goals. Moreover,
the College would like to thank you properly and honor
you with membership in the Philanthropist
Society. |
