|
Bequests
 Another way to make a deferred gift to Williams College is to include the College in your will or name the College as a beneficiary of a revocable trust, retirement plan, or life insurance policy. Ephraim Williams' generous bequest founded this great institution, and the generosity of many donors who followed Eph's example has allowed theCollege to flourish through the years. Each individual legacy contributes to the school's financial strength and ability to meet the needs of its students, faculty, and educational programs. The continuation of this tradition of remembrance will ensure Williams College’s financial strength and academic excellence for many generations to come. If you have not already done so, please consider putting Williams College in your will, or naming Williams as a beneficiary of a revocable trust, retirement plan, or life insurance policy.
Types of Bequests
You can give almost any kind of asset to Williams College through your will, including cash, securities, an interest in real estate (such as a residence), and tangible personal property (such as works of art or antiques). When gifting non-traditional assets such as real estate or works of art, we strongly encourage you to discuss your gift with the College during your lifetime, to ensure that your wishes and objectives can be fulfilled. You can also donate funds from an IRA, Keogh, tax-sheltered annuity, qualified pension or profit-sharing plan, or funds from a life insurance policy at death. When making such a gift, you must be certain to designate Williams as a beneficiary with your plan/policy administrator.
In addition to the variety of assets that can be used to make a bequest, there are also a variety of ways to structure your bequest. These options include the following:
- Residual Bequest: Williams is given all or a percentage of the remainder of an estate after specific amounts bequeathed to other beneficiaries are distributed and estate-related expenses are paid.
- Specific Bequest: Williams receives a specified dollar amount or specified assets, such as securities, real estate, or tangible personal property.
- Contingent Bequest: Provides for Williams upon the occurrence of some event. For example, if a primary beneficiary does not survive the donor.
- Testamentary Trusts: You establish a trust through your will, trust beneficiaries receive income for life or a term of years, and, at the end of the trust term, Williams receives the remainder.
You may also combine these different types of bequests. For example, you can leave a specific bequest to the College as well as provide for a residual bequest.
It is important that you specify the purpose of your bequest (i.e., restricted endowment, unrestricted, etc.) if you have a preference for how the funds are used. Moreover, if you are placing further restrictions on a bequest (i.e., to endow a professorship in a particular subject, designating a particular use for donated property, etc.), we urge you to discuss such restrictions with the College to ensure that your wishes can be fulfilled.
Tax Benefits
A 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, where the assets are often subject to a high federal estate tax, the savings may be more than half the value of the bequest.
How to Make a Bequest
A bequest to Williams College can be made by creating a new will, adding a codicil to your existing will, or naming Williams College as a beneficiary of a revocable trust, retirement plan, or life insurance policy.
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.
For an Unrestricted Bequest
"I hereby give and bequeath to the PRESIDENT AND TRUSTEES OF WILLIAMS COLLEGE, a corporation organized and existing under the laws of the Commonwealth of Massachusetts, _____ dollars ($___) [or ____ percent (___%) or all of the rest, residue, and remainder of my estate] to be applied to the general uses and purposes of said institution."
For a Restricted Bequest
"I hereby give and bequeath to the PRESIDENT AND TRUSTEES OF WILLIAMS COLLEGE, a corporation organized and existing under the laws of the Commonwealth of Massachusetts, _____ dollars ($___) [or ____ percent (___%) or all of the rest, residue, and remainder of my estate], the income and/or a reasonable portion of the principal to be used for the following purpose: ________. In the event that conditions in the future should no longer require the use of this fund for the purpose specified above, the fund can be expended for any use that is within the corporate purposes of the College as the PRESIDENT AND TRUSTEES OF WILLIAMS COLLEGE may direct, so long as any commemorative aspect of this fund remains intact."
In the case of a restricted bequest, we strongly urge you to inform the College of these restrictions as soon as possible so that we can work with you to ensure that your intentions can be fulfilled.
For further information, please call Rachel Moore at (413) 597-3538, email the Williams College Office of Gift Planning, or complete the personal illustration form so that we can assist you.
Appreciated Securities
Bequests
Pooled Income Funds
Charitable Gift Annuities
Charitable Remainder Trusts
Charitable Lead Trusts
Real Estate
Gifts of Other Assets
How to give other assets, such as: Retirement Plans, Charitable Bargain Sales, Closely-Held Stock, Partnership Interests, Tangible Personal Property, and Life Insurance.
|
