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University of Louisiana at Lafayette's Bequest Language
A bequest is an excellent way to create a lasting legacy at the University of Louisiana at Lafayette Foundation, for the benefit of the University. One significant benefit of bequest gifts is that it allows you to continue to remain in control of your assets you will leave to charity during your life.
There are a number of ways you can make a bequest to University of Louisiana at Lafayette via the Foundation.
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 help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give University of Louisiana at Lafayette flexibility should it no longer be possible for our University of Louisiana at Lafayette to use your gift as you originally intended:
“If, in the judgment of the Board of Directors of University of Louisiana at Lafayette, it shall become impossible for University of Louisiana at Lafayette to use this bequest to accomplish the specific purposes of this bequest, University of Louisiana at Lafayette may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.”
Additional sample bequest language is available below.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to University of Louisiana at Lafayette in your estate plan. We have provided some basic bequest language to assist you and your attorney.
Please contact us if you have any questions about how to make a bequest to University of Louisiana at Lafayette or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for University of Louisiana at Lafayette in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
Types of Bequests
There are a number of ways you can make a bequest to University of Louisiana at Lafayette via the Foundation.
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 Louisiana at Lafayette 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 Louisiana at Lafayette Foundation.
Residual Bequest. A residual bequest is made by leaving all or a remaining balance of an estate after the will or trust has given away each of the specific bequests. For example, you can state in your will or trust you leave the rest, residue, and remainder of your estate to the University of Louisiana at Lafayette Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the initial beneficiaries cannot or do not choose to receive the bequest. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the University of Louisiana at Lafayette 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 Louisiana at Lafayette Foundation.
Residual Bequest. A residual bequest is made by leaving all or a remaining balance of an estate after the will or trust has given away each of the specific bequests. For example, you can state in your will or trust you leave the rest, residue, and remainder of your estate to the University of Louisiana at Lafayette Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the initial beneficiaries cannot or do not choose to receive the bequest. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the University of Louisiana at Lafayette Foundation.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a 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.
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 help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give University of Louisiana at Lafayette flexibility should it no longer be possible for our University of Louisiana at Lafayette to use your gift as you originally intended:
“If, in the judgment of the Board of Directors of University of Louisiana at Lafayette, it shall become impossible for University of Louisiana at Lafayette to use this bequest to accomplish the specific purposes of this bequest, University of Louisiana at Lafayette may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.”
Additional sample bequest language is available below.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to University of Louisiana at Lafayette in your estate plan. We have provided some basic bequest language to assist you and your attorney.
Unrestricted Bequest
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) or _____ percentage of my estate to University of Louisiana at Lafayette Foundation, a nonprofit organization located at P.O. Box 44290, Lafayette, LA, 70504, Federal Tax ID #72-6023836, for University of Louisiana at Lafayette's general use and purpose.
Specific Bequest
Note: if making a bequest for a specific purpose, please contact the Office of Development so that we may suggest language that would ensure the university is able to use your gift for your intended purpose.
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) or _____ percentage of my estate to University of Louisiana at Lafayette Foundation, a nonprofit organization located at P.O. Box 44290, Lafayette, LA, 70504, Federal Tax ID #72-6023836, to be used for (state purpose).
Bequest to an Endowment Fund
Endowment fund gifts established with the Foundation are designed to benefit the University forever. To create an endowment, an Endowed Fund Agreement is required to ensure the gift is used for the designated purpose. If you have not yet established a Fund, please contact the Office of Development for more information.
Residual Bequest
I hereby give, devise and bequeath to University of Louisiana at Lafayette Foundation, a nonprofit organization located at P.O. Box 44290, Lafayette, LA, 70504, Federal Tax ID #72-6023836, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for University of Louisiana at Lafayette's general use and purpose.
Contingent Bequest
If (primary beneficiary's name) does not survive me, then I hereby give, devise and bequeath to University of Louisiana at Lafayette Foundation, a nonprofit organization located at P.O. Box 44290, Lafayette, LA, 70504, Federal Tax ID #72-6023836, Description of Bequest to be used for University of Louisiana at Lafayette's general use and purpose.
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) or _____ percentage of my estate to University of Louisiana at Lafayette Foundation, a nonprofit organization located at P.O. Box 44290, Lafayette, LA, 70504, Federal Tax ID #72-6023836, for University of Louisiana at Lafayette's general use and purpose.
Specific Bequest
Note: if making a bequest for a specific purpose, please contact the Office of Development so that we may suggest language that would ensure the university is able to use your gift for your intended purpose.
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) or _____ percentage of my estate to University of Louisiana at Lafayette Foundation, a nonprofit organization located at P.O. Box 44290, Lafayette, LA, 70504, Federal Tax ID #72-6023836, to be used for (state purpose).
Bequest to an Endowment Fund
Endowment fund gifts established with the Foundation are designed to benefit the University forever. To create an endowment, an Endowed Fund Agreement is required to ensure the gift is used for the designated purpose. If you have not yet established a Fund, please contact the Office of Development for more information.
Residual Bequest
I hereby give, devise and bequeath to University of Louisiana at Lafayette Foundation, a nonprofit organization located at P.O. Box 44290, Lafayette, LA, 70504, Federal Tax ID #72-6023836, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for University of Louisiana at Lafayette's general use and purpose.
Contingent Bequest
If (primary beneficiary's name) does not survive me, then I hereby give, devise and bequeath to University of Louisiana at Lafayette Foundation, a nonprofit organization located at P.O. Box 44290, Lafayette, LA, 70504, Federal Tax ID #72-6023836, Description of Bequest to be used for University of Louisiana at Lafayette's general use and purpose.
Contact Us
Please contact us if you have any questions about how to make a bequest to University of Louisiana at Lafayette or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for University of Louisiana at Lafayette in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
Let us know
Already included University of Louisiana at Lafayette in your estate plan? Please let us know.