You are at: Planned Giving > Learn About Bequests
You can change the lives of SLCC students by
leaving a gift by bequest in your will, living trust or estate plan. Making
a gift by bequest allows you to continue to use the property you will leave
to Salt Lake Community College during your lifetime and may lessen the burden of taxes on your family.
Perhaps most importantly, a bequest allows you to take joy in the knowledge
that you will continue to have a positive impact on
students at the college for generations. It is a wonderful legacy and a special way for
loved ones and friends to remember you.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose. 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.
Types of Bequests
There are a several ways you can make a bequest to Salt Lake Community College:
Specific Bequest. A specific bequest is a gift of a specific asset such as real estate or other property, or a gift for a specific dollar amount or percentage of your estate. For example, you may wish to leave your home, $10,000, or 10% of your estate to Salt Lake Community College.
Residual Bequest. A residual bequest is a gift 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 may wish to leave 30% of the residue of your estate to Salt Lake Community College.
Contingent Bequest. A contingent bequest is made to charity 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 Salt Lake Community College.
How can I learn more?
How do I make a bequest?
A bequest is one of the easiest gifts to make. With the help of an advisor, you can include language in your will or trust specifying a gift be made to family, friends or Salt Lake Community College as part of your estate plan.
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?
Please click here for a form to notify us of your intended bequest.
