Bequests are a deferred commitment made through your will or trust. This is the simplest type of planned gift to make and one of the easiest to implement. A gift of this type allows you to make future provisions for Berry students while maintaining the financial flexibility to meet current obligations. An estate tax charitable deduction may also result.
Sample bequest language:
1. Specific bequest.
Berry College is named to receive a fixed amount of money or a designated property, a collection, a home, or parcel of land from the donor's estate.
"I give, devise and bequeath to Berry College, Mount Berry, Georgia, 30149, the sum of $10,000 to be used by the Board of Trustees to carry out its corporate objectives and purposes."
"I give, devise and bequeath to Berry College, Mount Berry, Georgia, 30149, the sum of $100,000 to be used to establish an endowed scholarship."
2. Percentage bequest.
Distribution of assets can be arranged on a percentage basis. The bequests then remain in the same proportion to each other, despite fluctuations in the value of the estate. This is an especially important concept in times of stock market volatility.
"I give, devise and bequeath to Berry College, Mount Berry, Georgia, 30149, 20% of my estate to be used by the Board of Trustees in carrying out its corporate objectives and purposes."
3. Residuary bequest.
Whatever property remains in one's estate after specific bequests have been fulfilled is known as the residue. Anyone can leave the residue of his or her estate to Berry College. Those who name Berry for a specific amount of money or a designated property can also leave all or part of the residue of their estate after other bequests have been satisfied.
"All the residue of my estate, including real and personal property, I give, devise and bequeath to Berry College, Mount Berry, Georgia, 30149, to be used for its general purposes"
4. Contingent bequest.
A contingent bequest is usually received only when heirs predecease the testator or when another stated condition occurs.
"If any of the above-name beneficiaries should predecease me, I hereby bequeath his/her share of my estate to Berry College, Mount Berry, Georgia, 30149, to be used for its general purposes."
BENEFICIARY INFORMATION FOR WILLS AND TRUSTS
Corporate Name: Berry College, Inc.
Tax Status: Berry College is a tax exempt organization under Code 501(C)3 of the Internal Revenue Service.
Tax ID: 58-05661331
LIFE INCOME GIFTS
Charitable Gift Annuity:
In exchange for a gift, Berry agrees by contract to pay a fixed amount each year to one or two beneficiaries (the annuitants) for life.
BENEFITS OF A CHARITABLE GIFT ANNUITY:
- Receive guaranteed fixed payments for life
- Receive a charitable income tax deduction
- Receive income payments that may be partially tax-free
- Further the charitable work of Berry College with your gift
Charitable Remainder Trust:
A transfer of cash or property to a trust that makes payments for your lifetime or a set number of years and then passes what remains to Berry. This is a good option for those wishing to sell appreciated property producing little or no income without paying capital gains tax.
OTHER TYPES OF GIFTS
A simple way for donors of all ages to make a gift of transformational size. One recent donor found that it would take 83 years of annual gifts to equal the eventual impact of the $50,000 life insurance policy she purchased listing Berry as the beneficiary. Transferring ownership of the policy to the college provides the added benefit of claiming your annual premium payment as a charitable deduction.
Gifts from retirement accounts:
Though not a planned gift in the traditional sense, this is a popular form of giving for donors 70.5 and above that allows you to "rollover" up to $100,000 directly from your IRA to Berry without claiming the transferred assets as income. As an added benefit, rollover gifts can also qualify as your required minimum distribution.
Life Estate Reserved:A transfer of personal property (residence or farm) that allows you to retain use of the property during your lifetime and receive a current income tax deduction.
Charitable Lead Trust:
If you are looking for a way to pass on some of your assets to your family while reducing or eliminating gift or estate taxes, a charitable lead trust is an excellent option. Benefits of a charitable lead trust include:
- Receive a gift or estate tax charitable deduction
- Pass inheritance on to family at a reduced or zero cost
- Establish a vehicle from which you can make annual gifts to charity
Learn more about planned giving today
Contact Helen Lansing (20G), Senior Planned Gifts Officer
Mount Berry, GA 30149-0069