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A charitable bequest is one of the easiest and most flexible ways that you can make a gift to Fuller through your will. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends, and Fuller as part of your estate plan, or you can make a bequest using a beneficiary designation form.
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate your 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.
The method used to make a bequest will depend on the kind of gift you choose to leave to Fuller. Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate “beneficiary designation” or “payable on death” form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to Fuller. The full value of this gift will be transferred tax-free and your estate may receive an estate tax charitable deduction.
There are a number of ways you can make a bequest to Fuller.
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 a painting or $50,000 to Fuller.
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Fuller.
A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Fuller.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Fuller in your estate plan. Below are samples of bequest language that may prove useful to you. These are examples only, and should be used with the advice and assistance of your attorney.
If you are considering making an outright bequest or of a percentage of your estate for unrestricted purposes to The Fuller Foundation, we recommend the following language:
I give Dollars ($ ) to The Fuller Foundation, a California nonprofit corporation,135 N. Oakland Ave., Pasadena, California 91182, to further the objectives and purposes of Fuller Theological Seminary.
I give (describe asset) to The Fuller Foundation, a California nonprofit corporation, 135 N. Oakland Ave., Pasadena, California 91182, to further the objectives and purposes of Fuller Theological Seminary.
I give the residue (or percent of the residue) of my estate to The Fuller Foundation, a California nonprofit corporation, 135 N. Oakland Ave., Pasadena, California 91182, to further the objectives and purposes of Fuller Theological Seminary.
We ask that all bequests to The Fuller Foundation, also include the following language:
If, in the opinion of the Board of Trustees of the Foundation, all or part of my gift cannot appropriately be used in the manner herein described, the Board may use the gift for other purposes as nearly aligned to my original intent as the Board deems appropriate under the circumstances.
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 identify ways to give and meet your charitable objectives, and work with your attorney to craft the appropriate language.
Is a gift of a bequest a viable option for you? Our gift planning team can help you determine the best options available for you and your family. Please contact us for a free, confidential discussion. We would be happy to assist you and answer your questions.
If you have been so generous as to include a bequest to Fuller as part of your estate plan, please take the time to let us know. We would like to recognize you and your family for your generosity.
To learn how you can make a current or legacy gift to Fuller,
please contact us at 626.792.3232 or [email protected].
