A will is a written document that ensures that your plans for your estate will be carried out when you pass away. With the help of your attorney and a gift planning officer, you can include language in your will or trust specifying the gifts (bequests) that you would like to leave to family, friends or Salt Lake Community College Foundation. A charitable bequest is one of the easiest and most flexible ways that you can support our students and make a lasting impact.
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate your bequest for general use or for a specific purpose, giving you 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.
The method used to make a bequest will depend on the kind of gift you choose to leave to Salt Lake Community College Foundation. Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil (supplement) to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and return it to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to Salt Lake Community College Foundation. The full value of this gift will be transferred tax-free and your estate may receive an estate tax charitable deduction.
There are a number of ways you can make a bequest to Salt Lake Community College Foundation.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Salt Lake Community College Foundation in your estate plan. Below are samples of bequest language that may prove useful to you. These are examples only, and should be used with the advice and assistance of your attorney.
Specific Bequest
If you are considering making an outright bequest or of a percentage of your estate for unrestricted purposes to Salt Lake Community College Foundation, we recommend the following language:
Bequest of a Specific Dollar Amount or Percentage
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Salt Lake Community College Foundation, a nonprofit organization located at 4600 S. Redwood Rd., Salt Lake City, UT, 84123, Federal Tax ID #94-2886220, for Salt Lake Community College Foundation's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Salt Lake Community College Foundation, a nonprofit organization located at 4600 S. Redwood Rd., Salt Lake City, UT, 84123, Federal Tax ID #94-2886220, for Salt Lake Community College Foundation's general use and purpose.
