A will is a written document that ensures your plans 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 you would like to leave to family, friends or Salt Lake Community College. A charitable bequest, such as a gift to support SLCC, is one of the easiest and most flexible ways that you can support our work 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 be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as 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.
Benefits of Making a Gift in Your Will
- You may receive an estate tax charitable deduction
- You could reduce the burden of taxes on your family
- You will leave a lasting legacy to charity
How Leaving a Gift in Your Will Works
The method used to make a bequest will depend on the kind of gift you choose to leave to Salt Lake Community College. 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 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 then send it back 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. The full value of this gift will be transferred tax-free and your estate may receive an estate tax charitable deduction.
Types of Bequests
There are a number of ways you can make a bequest to Salt Lake Community College.
- 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 may wish to leave a painting or $50,000 to Salt Lake Community College.
- Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Salt Lake Community College.
- Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Salt Lake Community College.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Salt Lake Community College in your estate plan. Below are samples of bequest language that may prove useful to you. These are examples only, and should be used with the advice and assistance of your attorney.
If you are considering making an outright bequest or of a percentage of your estate for unrestricted purposes to Salt Lake Community College, we recommend the following language:
Bequest of a Specific Dollar Amount or Percentage
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Salt Lake Community College, a nonprofit organization located at 4600 S. Redwood Rd., Salt Lake City, UT, 84123, Federal Tax ID #94-2886220, for Salt Lake Community College's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Salt Lake Community College, a nonprofit organization located at 4600 S. Redwood Rd., Salt Lake City, UT, 84123, Federal Tax ID #94-2886220, for Salt Lake Community College's general use and purpose.