• Charitable Remainder Trusts

    You may be concerned about the high cost of capital gains tax with the sale of an appreciated asset. Perhaps you recently sold property and are looking for a way to save on taxes this year and plan for retirement. A charitable remainder unitrust might offer the solutions you need!
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  • Donor Advised Funds

    You fund a DAF and make charitable gift recommendations during your lifetime, and your children can carry on your legacy of giving.
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  • Your Legacy

    You may be looking for a way to make a significant gift to help further our mission. A bequest is a gift made through your will or trust. It is one of the most popular and flexible ways that you can support our cause.
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  • Your Gift Matters

    When you give to Fuller Seminary, you invest in the future of men and women who advance God's work in your local community and across the globe.
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Gifts in Your Will

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.

benefits of making a bequest

  1. You may receive an estate tax charitable deduction.
  2. You could reduce the burden of taxes on your family.
  3. You will leave a lasting legacy to charity.

How it works

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.

types of bequests

There are a number of ways you can make a bequest to Fuller.

Specific Bequest

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.

Residual Bequest

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.

bequest language

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.

Specific Bequest

If you are considering making an outright bequest or of a percentage of your estate for unrestricted purposes to Fuller Theological Seminary, we recommend the following language:

Bequest of a Specific Dollar Amount or Percentage

I give Dollars ($) to Fuller Theological Seminary, a 501(c)3 nonprofit organization, Federal Tax ID# 95-1699394, to further the objectives and purposes of the Seminary.

Bequest of Specific Personal Property

I give (describe asset) to Fuller Theological Seminary, a 501(c)3 nonprofit organization, Federal Tax ID# 95-1699394, to further the objectives and purposes of the Seminary.

Residual Bequest

I give the residue (or percent of the residue) of my estate to Fuller Theological Seminary, a 501(c)3 nonprofit organization, Federal Tax ID# 95-1699394, to further the objectives and purposes of the Seminary.

We ask that all bequests to Fuller Theological Seminary, also include the following language:
If, in the opinion of the Board of Trustees of the Seminary, 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.

RESTRICTED BEQUESTS

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.

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To learn how you can make a current or legacy gift,
please contact us at 626.792.3232 or [email protected].