Leaving a Legacy
Everyone, not just the wealthy, benefits from drawing
up a will. One of the ways UNF and the Coggin College
of Business receive charitable contributions is through
wills and bequests. The typical estate, or total of
all assets, is larger than one would think. Even a
small portion of the typical estate provides a meaningful
gift to higher education at UNF.
There may be advantages to planning
for charitable giving through a will. For example,
the use of one or more charitable trusts in a will
may reduce or eliminate taxes on both spouses' estates.
It's important to use the services of an attorney
educated in estate planning to make sure the will
is constructed correctly and to learn about details
such as possible limits to charitable bequests in
some states.
Another key to making sure the bequest
goes where intended is to use the correct legal name
of the charitable organization. Even a small change
in the name may prevent the bequest from getting to
its intended recipient. Here is the specific information
needed to include within your estate plans for a bequest
to UNF:
"I give,
devise, and bequeath to the University of North Florida
Foundation, Inc. (federal tax identification number
23-7167701) or its successor(s); (state: (1) dollar
amount; (2) percentage of estate value; (3) specific
item; OR (4) all the rest, residue and remainder of
my estate, both real and personal property, of whatever
kind and wherever situated which I may own at the
time of my demise. This bequest is to be used to:
(state): (1) purpose of fund; AND, (2) if fund is
to be an endowed (principal not invaded, only part
of earnings spent annually as defined by then Foundation
policy) or a non-endowed fund."
Donors who make provisions in their
estate plans for future gifts and notify UNF of their
intent in writing will be recognized as a member of
the Lamplighters Society.
To learn more about other important
considerations in planning for charitable giving through
a will, please contact David Kritzmacher, director
of Planned and Major Gifts at the University of North
Florida Foundation, (904) 620-2112 or dkritzma@unf.edu.
