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Bequest Language

Sample Bequest Clauses

The provisions in your Will for making a gift to the College of DuPage Foundation will depend upon the type of gift and your unique circumstances. We hope these specimen provisions will be helpful to your attorney.

Although it is possible to designate a specific purpose for your gift by Will, the needs of the Foundation do change from time to time. Thus, if a specific purpose is stated, it is preferable to authorize the Board of Directors of the Foundation to use the gift for other purposes if the Board determines that the designated use is no longer appropriate.

UNRESTRICTED GENERAL LEGACY
"I bequeath to the College of DuPage Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the Village of Glen Ellyn in said State, the sum of _____________ ($ ) Dollars for its general purposes."

GIFT FOR SPECIFIC PURPOSES
"I bequeath to the College of DuPage Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the Village of Glen Ellyn in said State, the sum of _____________ ($ ) Dollars to be used for _________________________________. If in the opinion of the Foundation's Board of Directors the purpose of the Foundation would be better served by using the income or principal, or both, for the Foundation's general purposes, the income or principal, or both, may so be used."

Where the Donor wishes to clearly delineate the uses to which the charitable bequest should be put, a separate Fund Agreement outlining the Donor's wishes can be executed and signed by an officer of the Foundation. This Agreement could be referenced as follows:

"I bequeath to the College of DuPage Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the Village of Glen Ellyn in said State, the sum of _____________ ($) Dollars to be used for the purposes as set forth in the ________ Fund Agreement as executed by me and the College of DuPage Foundation and which is incorporated herein by reference."

SPECIFIC LEGACY
"I bequeath my art collection consisting of paintings and sculptures to the College of DuPage Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the Village of Glen Ellyn in said State, for its general purposes."

GIFT OF RESIDUARY ESTATE
"I give, devise and bequeath the residue of the property owned by me at my death, real and personal, of whatever nature and wherever situated, to the College DuPage Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the Village of Glen Ellyn in said State, for its general purposes."

CONTINGENT GIFT OF RESIDUARY ESTATE
"I give, devise and bequeath the residue of the property owned by me at my death, real and personal, of whatever nature and wherever situated, to my wife/husband, __________________, if she/he survives me. If my wife/husband does not survive me, I devise and bequeath my residuary estate to the College of DuPage Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the Village of Glen Ellyn in said State, for its general purposes."

AMOUNT OF GIFT DEPENDENT ON SIZE OF ESTATE
"I bequeath the sum of _______________ ($ ) Dollars or _____% of my adjusted gross estate as finally determined for federal estate tax purposes, whichever is the lesser, to the College of DuPage Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the Village of Glen Ellyn in said State."

DIRECTION OF GIFT BE FREE OF TAXES
"I direct that no estate or inheritance taxes be paid from the share of any property devised or bequeathed to the College of DuPage Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the Village of Glen Ellyn in said State."

PROVISION PROVIDING FOR PAYMENT OF PLEDGE AS A DEBT
"I direct my executor to pay, as a debt of my estate, to the College of DuPage Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the Village of Glen Ellyn in said State, any balance which is due or will become due under the terms of any pledges made by me during my lifetime.

PROVISION PROVIDING FOR PAYMENT OF A PLEDGE AS A BEQUEST
"On ______________________ I made a revocable pledge (not binding on my estate) to the College of DuPage Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the Village of Glen Ellyn in said State of $_________. I give the College of DuPage Foundation $________ minus the amounts of any charitable gifts I may have made to the College of DuPage Foundation from (date of revocable pledge) to the date of my death."

The donor should keep records which will enable his/her executor to ascertain the amount of any outright gifts made to the charity from the date of the pledge to the date of his/her death.

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A charitable bequest is one or two sentences in your will or living trust that leave to the College of DuPage Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to the College of DuPage Foundation [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the Foundation where you agree to make a gift to the Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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