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Planned Giving

Bequest Language

Each year thousands of individuals exercise their right to determine how the estate they have spent a lifetime accumulating is to be finally distributed. Unfortunately, an alarming percentage of Americans leave this distribution up to intestacy statutes. After investing a lifetime in building an estate it seems prudent to execute a valid will and carefully considered estate plan. A will allows an opportunity to:

  1. Name a guardian for any minor children.
  2. Stipulate in detail who is to receive which property, including distributions to family members.
  3. Name who or what institution is to carry out this distribution and see that the deceased's wishes are followed.
  4. Say when the distribution of the property is to take place.
  5. Take action to avoid unnecessary shrinkage of the estate to taxes.
  6. Make a gift to philanthropic organizations.

Charitable bequests are the most common form of planned gifts received by the Foundation. Although such bequests do not provide income tax benefits during the donor's lifetime, they do allow donors the opportunity to make substantial contributions without irrevocably committing assets while living that might be needed for personal security. Charitable bequests to the Foundation may vary in form. The following are some examples.

Specific Bequest - this type designates specific dollar amount or specific property for the Foundation.
"I hereby devise and bequeath $10,000 to the Missouri Western State University Foundation, Inc., 4525 Downs Drive, St. Joseph, Missouri 64507, to be used for its general uses and purposes."

Residuary Bequest - this form of bequests may be used to leave the Foundation all or part of the donor's estate that remains after all other obligations of the estate are satisfied.
"I hereby devise and bequeath the residue of my estate to the Missouri Western State University Foundation, Inc., 4525 Downs Drive, St. Joseph, Missouri 64507, to be used for its general uses and purposes."

Contingent Bequest - this type allows the donor to make a bequest to the Foundation only if other specified events take place prior to the donor's death.
"Should Sally J. Donor predecease me, I hereby devise and bequeath the residue of my estate to the Missouri Western State University Foundation, Inc., 4525 Downs Drive, St. Joseph, Missouri 64507, for its general uses and purposes."

Restricted Bequest - Any of the three types of bequests listed above may be restricted to specific purpose. This allows the donor to restrict the bequest to be used for specific purpose other than the unrestricted "general tax exempt purposes" in the previous examples.
"I hereby devise and bequeath $100,000 to the Missouri Western State University Foundation, Inc., 4525 Downs Drive, St. Joseph, Missouri 64507. This bequest is to be held as a permanent endowment and administered in accordance with state law and the endowment policies of the Board of Directors of the Missouri Western State University Foundation. The endowment is to be used to support a scholarship for students who are majoring in Nursing and demonstrating a need for financial assistance. Should the Board of Directors of the Missouri Western State University Foundation determine that it becomes not feasible or prudent to use the endowment for the purposes stated herein, the endowment may be used for such tax exempt purposes of the Missouri Western State University Foundation as the Board of Directors directs."

Tax Benefits
The Missouri Western State University Foundation is a qualified charitable organization and bequests to the Foundation are eligible for a federal estate tax charitable deduction.

Keep in Mind
The donor should consult with her/his estate planning and financial advisors as to the exact consequences of a charitable bequest on her/his overall estate plan.

Policies of the Missouri Western State University Foundation
Related Specifically to Charitable Bequests

  1. Unacceptable Restrictions - Should a donor make a restricted bequest to the Foundation and the terms of the restriction be deemed unacceptable by the Foundation's board of directors, the Foundation shall contact the representative of the estate and explain why the restrictions are unacceptable and request to have the restrictions altered or eliminated. If such action cannot be taken, the Foundation will, by necessity, decline the bequest.
  2. Advance Notification - The Foundation encourages donors to notify officials of the Foundation when they have named the Foundation in their will to receive a bequest and of the details of any restrictions. This is an attempt to avoid any problems such as unacceptable restrictions and to allow the Foundation to take the bequest into consideration should deliberations take place that might be influenced by such knowledge.
  3. Donor Recognition - Any donor, who notifies the Foundation that she/he has included a bequest for the Foundation in her/his will, shall be recognized as a member of the Foundation's planned giving society, the Clock Tower Society, unless the donor requests that she/he not be so recognized.
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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Missouri Western State University a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Missouri Western State University, a nonprofit corporation currently located at 4525 Downs Drive, Saint Joseph, Missouri 64507, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Missouri Western State University or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Missouri Western State University as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Missouri Western State University as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Missouri Western State University where you agree to make a gift to Missouri Western State University and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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