The University of Arkansas - Fort Smith Foundation's Bequest Language
One way for you to support The University of Arkansas - Fort Smith Foundation's mission is to leave us a bequest. A bequest is a gift made to charity in your will or trust. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that by making a bequest you are able to leave a lasting legacy.
There are a number of ways you can make a bequest to The University of Arkansas - Fort Smith Foundation. You can leave what is called a 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 your home or $10,000 to The University of Arkansas - Fort Smith Foundation. 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 The University of Arkansas - Fort Smith Foundation.
Another kind of bequest is called a residual bequest. A residual bequest is a bequest that 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 of 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 The University of Arkansas - Fort Smith Foundation.
There are no limitations on bequest gifts. Bequests may be made for a general or specific purpose. All 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.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to The University of Arkansas - Fort Smith Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Outright Bequest
If you are considering making an outright bequest to The University of Arkansas - Fort Smith Foundation, we recommend the following language:
I hereby, give, devise and bequeath $DOLLARS to The University of Arkansas - Fort Smith Foundation, a non-profit organization located at 5210 Grand Avenue, Fort Smith, AR, 72913, Federal Tax ID #23-7408227, for The University of Arkansas - Fort Smith Foundation's general use and purpose.
I hereby, give, devise and bequeath DESCRIPTION OF PROPERTY to The University of Arkansas - Fort Smith Foundation, a non-profit organization located at 5210 Grand Avenue, Fort Smith, AR, 72913, Federal Tax ID #23-7408227, for The University of Arkansas - Fort Smith Foundation's general use and purposes.
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to University of Arkansas - Fort Smith Foundation, a not-for-profit corporation organized under the Laws of the State of Arkansas and having its principal office at 5210 Grand Avenue, Fort Smith, AR, 72913, Federal Tax ID #23-7408227.
I hereby, give, devise and bequeath PERCENTAGE OF YOUR ESTATE to The University of Arkansas - Fort Smith Foundation, a non-profit organization located at 5210 Grand Avenue, Fort Smith, AR, 72913, Federal Tax ID #23-7408227, for The University of Arkansas - Fort Smith Foundation's general use and purpose.
2. Restricted Bequest
If you've ever considered giving to the university and would like more information on creating an endowment or making a bequest through your will, we will be happy to assist you. Please contact Anne Thomas, Director of Planned Giving at 479-788-7033, or via email at [email protected].
If at any time, the Board of Directors of the Donee, in consultation with the Donor (while living) and the Chancellor, The University of Arkansas - Fort Smith Foundation determines that the purpose for which this Fund was established no longer exists, this Agreement shall be amended to utilize this Fund for such alternate purpose as the Donee, the Donor (if living) and the University shall mutually agree upon. This Fund shall at all times retain its identity.
Please contact us if you have any questions about how to make a bequest to The University of Arkansas - Fort Smith Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
Types of Bequests
There are a number of ways you can make a bequest to The University of Arkansas - Fort Smith Foundation. You can leave what is called a 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 your home or $10,000 to The University of Arkansas - Fort Smith Foundation. 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 The University of Arkansas - Fort Smith Foundation.
Another kind of bequest is called a residual bequest. A residual bequest is a bequest that 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 of 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 The University of Arkansas - Fort Smith Foundation.
Bequest Benefits
There are no limitations on bequest gifts. Bequests may be made for a general or specific purpose. All 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.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to The University of Arkansas - Fort Smith Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Outright Bequest
If you are considering making an outright bequest to The University of Arkansas - Fort Smith Foundation, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby, give, devise and bequeath $DOLLARS to The University of Arkansas - Fort Smith Foundation, a non-profit organization located at 5210 Grand Avenue, Fort Smith, AR, 72913, Federal Tax ID #23-7408227, for The University of Arkansas - Fort Smith Foundation's general use and purpose.
Bequest of Specific Personal Property
I hereby, give, devise and bequeath DESCRIPTION OF PROPERTY to The University of Arkansas - Fort Smith Foundation, a non-profit organization located at 5210 Grand Avenue, Fort Smith, AR, 72913, Federal Tax ID #23-7408227, for The University of Arkansas - Fort Smith Foundation's general use and purposes.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to University of Arkansas - Fort Smith Foundation, a not-for-profit corporation organized under the Laws of the State of Arkansas and having its principal office at 5210 Grand Avenue, Fort Smith, AR, 72913, Federal Tax ID #23-7408227.
Bequest of Percentage of an Estate
I hereby, give, devise and bequeath PERCENTAGE OF YOUR ESTATE to The University of Arkansas - Fort Smith Foundation, a non-profit organization located at 5210 Grand Avenue, Fort Smith, AR, 72913, Federal Tax ID #23-7408227, for The University of Arkansas - Fort Smith Foundation's general use and purpose.
2. Restricted Bequest
If you've ever considered giving to the university and would like more information on creating an endowment or making a bequest through your will, we will be happy to assist you. Please contact Anne Thomas, Director of Planned Giving at 479-788-7033, or via email at [email protected].
If at any time, the Board of Directors of the Donee, in consultation with the Donor (while living) and the Chancellor, The University of Arkansas - Fort Smith Foundation determines that the purpose for which this Fund was established no longer exists, this Agreement shall be amended to utilize this Fund for such alternate purpose as the Donee, the Donor (if living) and the University shall mutually agree upon. This Fund shall at all times retain its identity.
Contact Us
Please contact us if you have any questions about how to make a bequest to The University of Arkansas - Fort Smith Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
