As an expression of dedication and generosity for the UCDA Foundation, the University & College Designers Association and its members and students, many friends have pledged parts of their personal estates in support of the foundation. Because of their belief in the continued excellence of the UCDA Foundation through private financial support and the building of an endowment fund, these dedicated individuals are providing, in perpetuity, for future generations. This can be an important consideration of those whose estates might otherwise be subject to higher estate tax rates. With a gift through your will or living trust, you retain full use of your gift property during your life.
TYPES OF CHARITABLE BEQUESTS INCLUDE
The most familiar type of bequest is the general bequest, which specifies that the UCDA Foundation will receive a designated sum. For example, you might make a general bequest of $10,000. You may prefer this arrangement because it is considered a primary charge against your estate, which means it will almost certainly be fulfilled.
This is an excellent alternative to the general bequest. The percentage bequest states that the UCDA Foundation will receive a certain predetermined percentage of your estate. By making a percentage bequest of 10%, for example, you assure yourself that inflation will not reduce the true value of the bequest you intended for our benefit.
When making a specific bequest, you are directing that one particular property be transferred to the UCDA Foundation, such as a certain piece of real estate, the stock from one specific company or some other specific property. This type of bequest is ideal for individuals wishing to give particular stocks or a valuable art object.
Note: A specific bequest can be satisfied only with the property designated. If that property has been sold or otherwise removed from the estate, the UCDA Foundation would receive nothing in its place.
This bequest directs that the UCDA Foundation receive either everything remaining in your estate or a designated percentage of your estate after all necessary costs, all general bequests, and all specific bequests are satisfied. This type of bequest allows you the flexibility of making several primary bequests while still giving you the assurance that the UCDA Foundation will be a secondary beneficiary of your estate. But the residuary bequest has the drawback of uncertainty. The UCDA Foundation would receive only as much, or as little, as is left after all primary obligations are satisfied.
As the name implies, this bequest is “contingent” on some event. Usually, you might make a primary bequest for a relative, with the contingency that if that relative is not living at the time of your death, the bequest would pass to the UCDA Foundation. The contingent bequest is often used in the case of a husband or wife who stipulates that if his or her spouse or partner is not living at the time of his or her death, then the bequest specified for the spouse will pass to a contingent charitable beneficiary.
The UCDA Foundation strongly encourages those persons considering a bequest, which is to be directed to the creation of a new student scholarship or program endowment, discuss their intentions with a board member of the UCDA Foundation. It is our goal that you are assured of the maximum effective use of your bequest.
A bequest is a lasting memorial to your dedication to UCDA and the UCDA Foundation. If you have previously made plans for the association or have the intention to do so, we hope you will share that information with us at this time.