Gifts By Bequests
Creating a Lasting Legacy
Think of the words “Last Will and Testament.” Your will (or living trust) is a final statement
of what you have held to be important during your lifetime. Where you direct your lifetime of earnings and savings via your will says a great deal about you – what you have held dear, what has touched you and enriched your life, and what you want to preserve for future generations.
As someone who recognizes the importance of providing generous support to St. Thomas University, we invite you to find a place in your final arrangements for St. Thomas University alongside your family, friends, and other loved ones.
There are many advantages to bequest gifts:
- Easy to Arrange. If you have not yet prepared a will, you should do so for a number of
good reasons. It is simple for your attorney to incorporate gift language as a part of the drafting process, using the sample language we provide. If you already have a will, your attorney can draft
an amendment to your will for a minimal charge. A gift can likewise be easily incorporated into a revocable living trust. - Retain full ownership and use of your assets throughout your life. Perhaps you want to make a gift to support St. Thomas University but are not in a position to draw upon resources you may need in the years ahead. A bequest allows you to make a gift while preserving your financial security.
- Flexible. A gift is not set in stone and can be changed if your life circumstances change.
- Possibly reduce taxes payable by your estate. A bequest to STU results in a dollar-for-dollar estate tax charitable deduction.
Several types of bequests are possible:
- General, for a certain dollar amount — “the sum of $25,000”
- Specific, a particular asset — “1,000 shares of XYZ stock”
- Residual, once other assets have been distributed — “fifty percent of the rest, residue, and remainder of my estate”
- Contingent, only under certain conditions — “in the event my spouse does not survive me”
In addition, your bequest can be used where the need is greatest or you can support a particular program.
Next steps to take if the benefits of making a bequest appeal to you:
Review our suggested bequest language to determine what kind of bequest might be right for you. A bequest could be as simple as:
“I give to St. Thomas University Inc., a Florida nonprofit corporation having a principal place of business at 16401 NW 37 Ave. Miami Gardens, FL 33054, Federal Tax ID #59-0949880, ____percent of my total estate (or $_____, or other property) to be used as St. Thomas University Inc. deems appropriate.”
Discuss your situation with your attorney. He or she can help you determine whether to make a bequest through a will, through an amendment (“codicil”) to your existing will, or perhaps as a distribution from a living trust.
Once you have arranged a gift, please let us know. We would be honored to know of your plans. We would very much appreciate the opportunity to thank you and to make sure your wishes are appropriately fulfilled.
Please let us know if we can help
Vice President of Philanthropy
Phone: (305) 628-6796
rhoffman@stu.edu
16401NW 37th Avenue
Miami, FL 33054
This information is not intended as legal, accounting or other professional advice. For assistance in charitable planning, consult an attorney for legal advice or obtain the services of another qualified professional.
Tax ID # 59 – 094 9880
