Leaving a Bequest

The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.

I hereby give to the PRESIDENT AND BOARD OF TRUSTEES OF SANTA CLARA COLLEGE, (hereinafter referred to as "the Board" or "Santa Clara University"), an educational institution located in California, the following described property: __________

OR the sum of: __________

OR __________ percent (_______%) of the residue of my estate.

The Board shall use this gift: __________

Examples:
. . . where the need is greatest.
. . . at the President's discretion.
. . . to provide scholarships to worthy and needy students.
. . . for the college of Arts and Sciences.
. . . for the School of Engineering.
. . . for the Leavey School of Business.
. . . for athletics.

Tax ID number: 94-1156617

Suggested Language for a Contingent Bequest to Santa Clara University
The following language may be used if the bequest is one with no specific direction for its intended use:
“If XXXXX predeceases me, I give such property to the President and Board of Trustees of Santa Clara College.”

The following language may be used if the donor designates the gift to Santa Clara for a specific purpose:
“If XXXXX predeceases me, I give such property to the President and Board of Trustees of Santa Clara College to be used...”

Examples:
. . . where the need is greatest.
. . . at the President’s discretion.
. . . to provide scholarships to worthy and needy students.
. . . for the College of Arts and Sciences.
. . . for the School of Engineering.
. . . for the Leavey School of Business
. . . for athletic scholarships.

Suggested Language for a Bequest to Establish a Scholarship or Professorship to Santa Clara University
I hereby give to the PRESIDENT AND BOARD OF TRUSTEES OF SANTA CLARA COLLEGE, (hereinafter referred to as “the Board” or “Santa Clara University”), an educational institution located in California, the following described property: “. . . the greater of $ XXXX (the current cost of an endowed scholarship or professorship) or the minimum amount required to fund an endowed scholarship or professorship at my death.”

OR

“ . . . $ XXXX (the current cost of an endowed scholarship or professorship). If, at the time of my death, this amount is less than the minimum amount required to fund an endowed scholarship or professorship, then this amount shall instead be used for . . .”

state alternate purpose such as . . .
. . . where the need is greatest
. . . at the President’s discretion
. . . for the College of Arts and Sciences
. . . for athletics.

Suggested Language for a Bequest of Income in Respect to a Decedent (IRD) to Santa Clara University
This language is to be used whenever the intended bequest will be anything other than a specific bequest of a specific asset:
“This bequest shall be paid out of ‘income in respect to a decedent’ as that term is defined in the internal Revenue Code to the fullest extent possible. If such “income in respect to a decedent”, as valued for U. S. Estate Tax purposes, is insufficient to pay this bequest, then it shall be paid to the extent necessary out of the general assets of my estate.”

This information is intended as a general guide for the use of attorneys.

Santa Clara University
Office of Gift Planning
500 El Camino Real
Santa Clara, CA 95053-1400
408-554-2108
giftplanning@scu.edu

A charitable bequest is one or two sentences in your will or living trust that leave to Santa Clara 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 Santa Clara University, a nonprofit corporation currently located at 500 El Camino Real, Santa Clara, CA 95053-1400, 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 SCU 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 SCU 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 SCU 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 SCU where you agree to make a gift to SCU 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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