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Bequest Language

The FEIN for the Georgia State University Foundation, Inc. is 58-6033185.

Thank you for considering Georgia State University Foundation in your estate planning. We encourage you to share the following suggested bequest language with your attorney as you prepare or revise your will. If you wish to fund or create an endowment for a specific program, please contact the Office of Gift Planning.

Unrestricted Bequest
"I give and bequeath to Georgia State University Foundation, Inc., in Atlanta, Georgia, the sum of xxx dollars. This gift shall be used to further the educational mission of Georgia State University in such a manner as the Board of Trustees of the Foundation may direct."

You might choose to replace "the sum of xxx dollars" with one of the following:
• "xx percent of my adjusted gross estate"
• "all the rest, residue and remainder of my estate"
• "xx percent of my residuary estate"

Bequest Designated for Endowment
"I give and bequeath to Georgia State University Foundation, Inc., in Atlanta, Georgia, the sum of xxx dollars to create an endowed fund to be named xxx, which shall be invested as the Board of Trustees of the Foundation may deem best. Distributions from the endowed fund shall be made each year in accordance with the spending policies of the Foundation and shall be used for scholarships (or faculty compensation, or the study of the sciences, or another broad priority) at Georgia State University. The fund, for purposes of investment, may be commingled with other funds of Georgia State University Foundation, but the reporting on the activity of the fund shall remain separate."

If you are interested in endowing a chair, scholarship (minimum: $25,000), or other named fund, please contact Wendell Clark (see below) for criteria including gift minimums.

Again, you might choose to replace "the sum of xxx dollars" with one of the following:
• "xx percent of my adjusted gross estate"
• "all the rest, residue and remainder of my estate"
• "xx percent of my residuary estate"

Codicil to Last Will and Testament
If your estate planning documents are up to date, you can simply draft a short codicil or amendment to the existing documents, using this or similar language:

"I, __________, hereby amend my Last Will and Testament, executed on the 10th day of November in the year 2002. I direct that all provisions of that Will remain in effect but in addition direct that Georgia State University Foundation, Inc., in Atlanta, Georgia, shall receive the sum of xxx dollars to be used to further the educational mission of the Foundation in such a manner as the Board of Trustees of the Foundation may direct."

Savings Clause
We recommend that restriction on gifts be stated in broad and flexible terms, since the Foundation's specific needs may change over time. If your bequest is restricted for a particular purpose, we ask that you incorporate a "savings clause," which might read as follows:

"If at the time this bequest is received by Georgia State University Foundation, Inc., or any time thereafter, the Board of Trustees of the Foundation determine that all or any part of the bequest can no longer be utilized to best advantage for the institutional purpose designated herein, then all or any part of the bequest may be used for such other institutional purpose which, in the sole discretion of the Board of Trustees, shall most closely carry out my intention."

Wendell Clark can consult with you and your advisors about particular language for wills or trusts.

For more information and ideas, contact:
Wendell Clark
Senior Director of Gift Planning and Major Gifts
Georgia State University
P. O. Box 3984
Atlanta GA 30302-3984
404-413-3425
404-413-3417 fax
giftplanning@gsu.edu

 

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A charitable bequest is one or two sentences in your will or living trust that leave to Georgia State University 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, [name], of [city, state, ZIP], give, devise and bequeath to Georgia State University [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 the Foundation 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 gift 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 receive an immediate federal income tax charitable deduction. 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 the Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 the Foundation 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 the Foundation where you agree to make a gift to the Foundation 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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