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Gift Planning

Bequest Language

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Types of Bequests

Outright Bequest
You may make an outright bequest to Haverford of cash, securities, real estate, or other property. You may designate a specific dollar amount or, as a hedge against inflation and changing economic conditions, a fixed percentage of your estate.

Residuary Bequest
This type of bequest takes into consideration changing family and financial circumstances. Once your other beneficiaries have received designated portions of your estate through outright bequests, you may stipulate that Haverford will receive the remainder. In this way, you provide first for your family and also for your extended family at Haverford.

Contingent Bequest
By making a contingent bequest, you stipulate that Haverford will receive a portion of your estate if one or more of your named beneficiaries fails to survive you.

Testamentary Trust
You can establish a testamentary charitable trust through your will. After your death, the trust uses all or a portion of your estate to provide income payments to one or more beneficiaries that you name. Upon the death of the surviving beneficiaries, the principal passes to Haverford.

Forms of Bequests

The full legal name for Haverford College is “the Corporation of Haverford College.” The Tax ID is #23-6002304. When you are ready to include Haverford in your will, the College recommends that you consult your attorney for the specific form of bequest that is appropriate for you. Here are some samples:

Unrestricted General Bequest
“I bequeath to the Corporation of Haverford College, Haverford, Pennsylvania, the sum of ($__________dollars) or (_____percent of the residue and remainder of my estate) for its general purposes.”

Bequest for a Specific Purpose
“I bequeath to the Corporation of Haverford College, Haverford, Pennsylvania, the sum of ($ __________dollars) or (_____percent of the residue and remainder of my estate) for the following purpose: (state the purpose). If at any time it is impossible or impractical to carry out the above purpose, the Board of Managers may designate another appropriate purpose.”

Contingent Bequest
“If any of the above named beneficiaries should predecease me, then I bequeath to the Corporation of Haverford College, Haverford, Pennsylvania, all the property, real or personal, which said beneficiary or beneficiaries would have received if they had survived me.”

 

A charitable bequest is one or two sentences in your will or living trust that leave to Haverford College 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 Haverford College, a nonprofit corporation currently located at 370 Lancaster Avenue, Haverford, PA 19041, 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 Haverford 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 Haverford 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 Haverford 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 Haverford where you agree to make a gift to Haverford 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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