Types of Planned Gifts: Will Provisions
Will Provisions can be made in the form of
Cash
Lafayette receives a specific dollar amount.
Retirement Assets
Lafayette is designated as a beneficiary of your retirement fund.
Property
Lafayette receives all, or a portion of, specified assets such as real estate, securities, or gifts-in-kind such as art work, etc.
Testamentary Trust
You provide lifetime income to your heirs through a trust, then the assets of the trust pass to Lafayette. A similar trust established for a spouse is called a Testamentary QTIP Trust.
Residual or Contingent Bequest
A Residual Bequest leaves all or a percentage of the remainder of your estate to Lafayette after the payment of
all other bequests and estate-related expenses.
A Contingent Bequest leaves Lafayette a bequest only in the event of the death of other beneficiaries.
Charitable bequests qualify for federal estate tax deductions and are generally exempt from state inheritance or estate taxes.
Example of Will Language
Unrestricted Bequest: "I give and bequeath to Lafayette College,
Easton, Pennsylvania, the sum of $_______ (or percentage of estate).
Restricted Bequest: "I give and bequeath to Lafayette College,
Easton, Pennsylvania, the sum of $_______. This gift shall be generally
known as the John N. Doe '30 Fund and it is my desire that the income
shall be used for (scholarship, library, books, equipment).
Example of Donor Codicil
TO THE LAST WILL AND TESTAMENT OF (Donor's Name) _________________________
I (full legal name), of _________,______, declare this to be a codicil
to my Will dated _____, 20____.
FIRST: I delete Item _____ (or Paragraph number ___, etc.) of my Will,
related to or regarding _______________ and substitute the following:
_______________________________________________.
SECOND: In all other respects, I confirm and republish my Will dated
_________, 20____.
______________________________________
(full legal name)
The codicil must be notarized.
Benefits of Leaving a Bequest to Lafayette
- Charitable gifts made through your Will allow significant
estate tax deductions.
- You can establish a fund in your name
(or the name of someone you wish to honor) in the College Endowment
to support a scholarship or program of your choice.
- By leaving your retirement
assets to Lafayette as a charitable gift, every penny will pass
to the College. Retirement funds left to family members are subject
to taxes as high as 85%.
- When you notify Lafayette of your bequest intention, you will
be invited to join the James Madison
Porter Society.
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