About Bequests
A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to The University of North Carolina at Chapel Hill Foundation that will make a lasting impact. With the help of an attorney and a gift planning officer, you can include language in your will or trust specifying a gift to be made to family, friends or The University of North Carolina at Chapel Hill Foundation as part of your estate plan, or you can make a bequest using a beneficiary designation form. 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 gifts by bequest
- 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 it works
The method used to make a bequest will depend on the kind of gift you choose to leave to The University of North Carolina at Chapel Hill 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 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 The University of North Carolina at Chapel Hill Foundation. 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 The University of North Carolina at Chapel Hill Foundation.
Specific Bequest.
A specific bequest involves making a gift of a specific asset such as real estate, artwork, other property or a gift of a specific dollar amount. For example, you may wish to leave a painting or $50,000 to The University of North Carolina at Chapel Hill Foundation.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 The University of North Carolina at Chapel Hill Foundation.
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 The University of North Carolina at Chapel Hill Foundation.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 North Carolina at Chapel Hill 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 The University of North Carolina
at Chapel Hill Foundation, we recommend the following language:
Bequest of a Specific Dollar Amount or Percentage
I give to The University of North Carolina at Chapel Hill Foundation, Inc.
in Chapel Hill, North Carolina the sum of $, or percent of my
estate, to be used to enhance the programs at the University as determined
by the Chancellor and the Foundation Board.
Bequest of Specific Personal Property
I give to The University of North Carolina at Chapel Hill Foundation, Inc.
in Chapel Hill, North Carolina, tax identification number 59-1711424, the
following property, to be used to enhance the programs at the University
as determined by the Chancellor and the Foundation Board.
Residual Bequest
I give to The University of North Carolina at Chapel Hill Foundation, Inc.
in Chapel Hill, North Carolina, tax identification number 59-1711424, all
of the remainder of my estate, to be used to enhance the programs at the
University as determined by the Chancellor and the Foundation Board.
We ask that all bequests to The University of North Carolina at Chapel Hill Foundation, and any of Carolina's affiliated foundations, also include the following language:
If, in the opinion of the Board of Trustees of the Foundation, all or part of my gift cannot appropriately be used in the manner herein described, the Board may use the gift for other purposes as nearly aligned to my original intent as the Board deems appropriate under the circumstances.
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to identify ways to give and meet your charitable objectives, and work with your attorney to craft the appropriate language. If you are interested in supporting one of Carolina's affiliated foundations, it is important that your will or trust document indicate the appropriate Foundation you wish to support. Please see the below chart of official foundation names and federal tax identification numbers.
I give to the (name of university-related foundation or The University of North Carolina at Chapel Hill Foundation, Inc.) in Chapel Hill, North Carolina, tax identification number 59-1711424, the sum of $, or percent of my estate, or the following property, or all of the remainder of my estate, to be used to enhance the University's programs and research in (describe area to benefit).
Is a gift of a bequest a viable option for you? The Office of Gift Planning can help you think through the issues & your planning options. Please contact us for a free, confidential discussion. We would be happy to assist you and answer your questions.
If you have been so generous as to include a bequest to The University of North Carolina at Chapel Hill as part of your estate plan, please take the time to let us know. We would like to recognize you and your family for your generosity.
|
Entity |
Tax ID No. |
For the benefit of... |
|---|---|---|
|
The University of North Carolina at Chapel Hill |
56-6001393 |
any UNC school, unit or department |
|
The University of North Carolina at Chapel Hill Foundation, Inc. |
59-1711424 |
any UNC school, unit, department or affiliated foundation |
|
The University of North Carolina at Chapel Hill Arts and Sciences Foundation, Inc. |
56-1150509 |
College of Arts and Sciences |
|
The UNC Eshelman School of Pharmacy Foundation |
56-6037918 |
Eshelman School of Pharmacy |
|
The University of North Carolina at Chapel Hill School of Public Health Foundation, Inc. |
56-1717285 |
Gillings School of Global Public Health |
|
The Kenan-Flagler Business School Foundation, Inc. |
56-0771850 |
Kenan-Flagler Business School |
|
The Morehead-Cain Scholarship Foundation |
56-2462593 |
Morehead-Cain Scholarship Program |
|
The North Carolina Botanical Garden Foundation, Inc. |
56-6076622 |
North Carolina Botanical Garden |
|
The Educational Foundation, Inc. |
56-6058412 |
Rams Club |
|
The Dental Foundation of North Carolina, Inc. |
56-6304130 |
School of Dentistry |
|
The School of Government Foundation, Inc. |
56-1966429 |
School of Government |
|
The UNC Hussman School of Journalism and Media |
56-6034739 |
School of Media and Journalism |
|
The U.N.C. Law Foundation, Inc. |
56-0934173 |
School of Law |
|
UNC Health Foundation, Inc. |
56-6057494 |
School of Medicine, Lineberger Comprehensive Cancer Center, UNC Children's |
