Frostburg State University Foundation's Bequest Language
An excellent way for you to support Frostburg State University Foundation's mission is to leave us a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.
There are a number of ways you can make a bequest to Frostburg State University Foundation.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Frostburg State University Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Frostburg State University Foundation, we recommend the following language:
Specific amount for unrestricted purposes:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, the sum of $_______ in cash or in-kind (or _____ shares of ____stock) to be used at the discretion of the Board of Directors of Frostburg State University Foundation, Inc. for the general purposes of Frostburg State University.
Specific amount for restricted purposes:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, the sum of $_______ in cash or in-kind (or _____ shares of _____stock) to be used for _______________ at Frostburg State University.
If changed circumstances should at some future time make it impractical to continue using the income from the Fund for the purpose designated, then the Frostburg State University Foundation Board of Directors may re-designate the purpose to adhere as closely as possible to my original intent.
Specific personal property/real estate:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, DESCRIPTION OF PERSONAL PROPERTY/REAL ESTATE as an unrestricted gift to be used at the discretion of the Board of Directors of Frostburg State University Foundation, Inc. for the general purposes of Frostburg State University.
Specific personal property/real estate for restricted purposes:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, DESCRIPTION OF PERSONAL PROPERTY/REAL ESTATE to be used for ______________ at Frostburg State University.
If changed circumstances should at some future time make it impractical to continue using the income from the Fund for the purpose designated, then the Frostburg State University Foundation Board of Directors may re-designate the purpose to adhere as closely as possible to my original intent.
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to Frostburg State University Foundation, we recommend the following language:
Percentage of estate for unrestricted purposes:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, _____ percent (%) of my estate as an unrestricted gift to be used at the discretion of the Board of Directors of Frostburg State University Foundation for the general purposes of Frostburg State University, located in Frostburg, Maryland.
Percentage of estate for restricted purposes with an endowment provision:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, _____ percent (%) of my estate to the ________(NAMED FUND). The principal of this Fund shall be invested as part of Frostburg State University Foundation's permanent endowment and in accordance with its policies. The income there from is to be used by Frostburg State University Foundation, located in Frostburg, Maryland, for___________. Contributions may be added to the Fund at any time.
If changed circumstances should at some future time make it impractical to continue using the income from the Fund for the purpose designated, then the Frostburg State University Foundation Board of Directors may re-designate the purpose for which the Fund's income may be distributed, provided that the amended terms shall adhere as closely as possible to my original intent.
3. Residual Bequest
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for ____________________________.
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, DESCRIPTION to be used for ____________________________.
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Frostburg State University Foundation flexibility should it no longer be possible for our Frostburg State University Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Frostburg State University Foundation, it shall become impossible for Frostburg State University Foundation to use this bequest to accomplish the specific purposes of this bequest, Frostburg State University Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Please contact us if you have any questions about how to make a bequest to Frostburg State University Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us. We want to be sure we can honor your wishes, so please don't hesitate to reach out!
If you have included a bequest for Frostburg State University Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift!
Types of Bequests
There are a number of ways you can make a bequest to Frostburg State University Foundation.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Frostburg State University Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Frostburg State University Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Frostburg State University Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Frostburg State University Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Frostburg State University Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Frostburg State University Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Frostburg State University Foundation.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Frostburg State University Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Frostburg State University Foundation, we recommend the following language:
Specific amount for unrestricted purposes:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, the sum of $_______ in cash or in-kind (or _____ shares of ____stock) to be used at the discretion of the Board of Directors of Frostburg State University Foundation, Inc. for the general purposes of Frostburg State University.
Specific amount for restricted purposes:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, the sum of $_______ in cash or in-kind (or _____ shares of _____stock) to be used for _______________ at Frostburg State University.
If changed circumstances should at some future time make it impractical to continue using the income from the Fund for the purpose designated, then the Frostburg State University Foundation Board of Directors may re-designate the purpose to adhere as closely as possible to my original intent.
Specific personal property/real estate:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, DESCRIPTION OF PERSONAL PROPERTY/REAL ESTATE as an unrestricted gift to be used at the discretion of the Board of Directors of Frostburg State University Foundation, Inc. for the general purposes of Frostburg State University.
Specific personal property/real estate for restricted purposes:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, DESCRIPTION OF PERSONAL PROPERTY/REAL ESTATE to be used for ______________ at Frostburg State University.
If changed circumstances should at some future time make it impractical to continue using the income from the Fund for the purpose designated, then the Frostburg State University Foundation Board of Directors may re-designate the purpose to adhere as closely as possible to my original intent.
If you are considering making a bequest of a percentage of your estate to Frostburg State University Foundation, we recommend the following language:
Percentage of estate for unrestricted purposes:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, _____ percent (%) of my estate as an unrestricted gift to be used at the discretion of the Board of Directors of Frostburg State University Foundation for the general purposes of Frostburg State University, located in Frostburg, Maryland.
Percentage of estate for restricted purposes with an endowment provision:
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, _____ percent (%) of my estate to the ________(NAMED FUND). The principal of this Fund shall be invested as part of Frostburg State University Foundation's permanent endowment and in accordance with its policies. The income there from is to be used by Frostburg State University Foundation, located in Frostburg, Maryland, for___________. Contributions may be added to the Fund at any time.
If changed circumstances should at some future time make it impractical to continue using the income from the Fund for the purpose designated, then the Frostburg State University Foundation Board of Directors may re-designate the purpose for which the Fund's income may be distributed, provided that the amended terms shall adhere as closely as possible to my original intent.
I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for ____________________________.
If (primary beneficiary) does not survive me, then I give, devise, and bequeath to Frostburg State University Foundation, Inc., a not-for-profit organization located in Frostburg, Maryland, DESCRIPTION to be used for ____________________________.
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Frostburg State University Foundation flexibility should it no longer be possible for our Frostburg State University Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Frostburg State University Foundation, it shall become impossible for Frostburg State University Foundation to use this bequest to accomplish the specific purposes of this bequest, Frostburg State University Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please contact us if you have any questions about how to make a bequest to Frostburg State University Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us. We want to be sure we can honor your wishes, so please don't hesitate to reach out!
If you have included a bequest for Frostburg State University Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift!