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Bequest – The gift that builds our future
An easy and low cost way to make a planned gift to The University of North Carolina at Asheville Foundation, Inc is to include the UNC Asheville Foundation, Inc. in your will or revocable trust. Bequests are a major source of endowment support at the UNC Asheville Foundation, Inc.. Each individual legacy contributes to our financial strength and ability to meet the needs of our students and faculty. If you have not already done so, please consider putting the UNC Asheville Foundation, Inc. in your will or revocable trust.
Types of bequests
You can give almost any kind of asset to The University of North Carolina at Asheville Foundation, Inc through a bequest, including cash, securities, an interest in real estate (such as a residence), tangible personal property (such as works of art or antiques) or the remainder of your IRA, Keogh, tax-sheltered annuity, qualified pension or profit-sharing plan. Ask your attorney about your bequest options, such as specific bequests, residuary bequests, testamentary trusts and QTip trusts.
Tax benefits
A charitable bequest is deductible for federal estate tax purposes, and there is no limit on the amount of the estate tax charitable deduction your estate can take. In addition, bequests generally are not subject to state inheritance or estate taxes. In a large estate, the savings can be more than half the value of the bequest.
How to make a bequest
A bequest to The University of North Carolina at Asheville Foundation, Inc can be made by creating a new will, adding to your existing will, or including the UNC Asheville Foundation, Inc. in your revocable trust. If you include the UNC Asheville Foundation, Inc. in a bequest provision, please notify the Office of Gift Planningso that we may include you in The Laurel Society. Your notification will be treated confidentially.
Samples of bequest language
The following examples can be tailored to your interests. Be sure to consult your attorney for assistance in making a bequest.
- Unrestricted bequest
"I give (_______ dollars) (a specific asset) or (___percent of the rest, residue, and remainder of my estate) to The University of North Carolina at Asheville Foundation, Inc, the charitable, tax-exempt organization located in Asheville, North Carolina, for its general purposes."
- Bequest for a specific purpose
"I give (______dollars) (a specific asset) or (___percent of the rest, residue, and remainder of my estate) to The University of North Carolina at Asheville Foundation, Inc, the charitable, tax-exempt organization located in Asheville, North Carolina, to be used for the following purpose: (state the purpose).
NOTE: If you wish to restrict your bequest to a specific purpose or program at The University of North Carolina at Asheville Foundation, Inc, please contact the Office of Gift Planning in advance to make sure the language you use will accomplish your wishes and aligns with The University of North Carolina at Asheville Foundation, Inc’s needs.
- Endowment funds for restricted purposes
If your bequest will be used to establish an endowment fund for a restricted purpose, we urge you and your counsel to consider adding a “saving clause” to your bequest provision. A “saving clause” is a way to ensure the usefulness and relevance of your bequest in the future as The University of North Carolina at Asheville Foundation, Inc’s needs and circumstances change. For example: “If, in the future, it is the opinion of the Board of Trustees of The University of North Carolina at Asheville Foundation, Inc that all or part of the income of this fund cannot be usefully applied to such purpose, it may be used for any related purpose which, in the sole opinion of the Board of Trustees, will most nearly accomplish my wishes."
This information is not intended to be considered legal, tax or other professional advice. We encourage you to consult an attorney and/or professional tax advisor before making any material decisions regarding this gift option and other matters regarding charitable giving.
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For more information
E-mail us, complete the Personal Illustration form, or call us at (828) 232-2430 so that we can assist you.
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