PROVIDE A LEGACY - ESTATE PLANNING GIFTS
- Provides a significant legacy to CCU that will help provide the resources necessary to allow the school to continue its service to the Kingdom.
- Reduces your estate tax burden by providing a charitable deduction equal to the value of the bequest at the time of your death.
- Ensures that your property is distributed and used as you wish.
Bequests are provisions made in your Will or Living Trusts that specifically set forth the portion or actual dollar amount that you wish transferred to a charity after death.
TYPES OF BEQUESTS:
General Bequests: This is a gift that is payable from the general assets of your estate. The usual general bequest directs that a certain sum of money be paid to CCU.
Specific Bequest: This gives a particular item of real or personal property to CCU. Example: "I direct 5,000 shares of XYZ Corporation stock be transferred to CCU."
Residuary Bequest: This provides CCU with the remainder of your estate after all of your debts, expenses, and taxes have been paid and all general and specific bequests satisfied. Example: "I direct that all (or a specific percent) of the rest, residue, and remainder of my estate be given to CCU."
Contingent Bequest: This makes CCU a beneficiary of your estate only when designated beneficiaries fail to survive you. Example: "If any of the above-named beneficiaries should predecease me or no longer exist, I direct that the share of that beneficiary be transferred to CCU."
Deferred Bequest: This provides payment or transfer to CCU at some future time. Usually, this is done when you first want to provide for the income needs of a loved one who survives you. This frequently includes the use of testamentary Charitable Remainder Trusts or the CCU Gift Annuity Program.
BEQUEST BY CODICIL: If you already have a Will and you wish to make a bequest to CCU without rewriting your entire Will, a Codicil can be drawn to accomplish this purpose. Example: "I, (your name), a resident of (your address), make the Codicil to my Last Will and Testament executed by me on (date). I hereby modify and amend my Last Will and Testament as follows: (see "Types of Bequests" for suggested language). Except as my Last Will and Testament is expressly modified or amended by this Codicil, I ratify and reaffirm my Last Will and Testament in its entirety."
Note: THIS CODICIL THEN MUST BE SIGNED BY YOU AND WITNESSED in accordance with the laws of your state.
DIRECTING YOUR BEQUEST :
Once you have determined the type of bequest you wish to make, you should consider making further provisions that indicate how you want your bequest to be used by the school. There are two categories of bequest designation:
Unrestricted Bequests: This form of bequest is intended to support the overall work of the school. Example (Broad Form): "This bequest is to be used to meet the needs of CCU as determined by its President and Board of Trustees.
Restricted Bequests: this form of bequest specifically directs the College to use the funds in a particular way or for a particular purpose. This designation can be made to any function or need of the school such as student financial aid, certain academic programs, the endowment or the physical facilities of the school.
It is recommended that you consult with Planned Giving staff if you wish to make a restricted bequest to insure that the specific purpose can be accomplished.
For More Information on Bequests to CCU,
Please contact Development at 513-244-8113 or submit our GIVING INFORMATION REQUEST FORM .
