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Bequest Language

The provision in your will or revocable living trust for making a gift to the UMBC Foundation will depend on your own unique circumstances and charitable objectives. We hope these specimen provisions - whether used individually or in combination - will be helpful to you and your attorney.

Unrestricted general legacy
"I give to the UMBC Foundation, with an office at 1000 Hilltop Circle Baltimore, MD 21250, an amount equal to _______ per cent (____%) of my adjusted gross estate as finally determined for federal estate tax purposes, or the sum of _____________ Dollars ($_________), whichever is the larger for the benefit of the [Name specific college or program or fund]."

Amount of gift dependent on size of the estate
"I give the sum of _________________ Dollars ($_________) or _______ per cent (_____%) of my adjusted gross estate as finally determined for federal estate tax purposes, whichever is the lesser, to the UMBC Foundation, with an office at 1000 Hilltop Circle Baltimore, MD 21250, for the benefit of the [Name specific college or program or fund]."

Gift for a specific purpose (see footnote * )
"I give to the UMBC Foundation, with an office at 1000 Hilltop Circle Baltimore, MD 21250, __________ Dollars ($______), and this amount shall be for the benefit of the [Name specific college or program or fund]. This gift is to be administered under the terms of a Memorandum of Understanding on file with the Foundation and the University."

Specific legacy
"I give my [art] collection consisting of [paintings] to the UMBC Foundation."

Gift of residuary estate
"I give the residue of the property owned by me at my death, real and personal and wherever situate, to the UMBC Foundation, with an office at 1000 Hilltop Circle Baltimore, MD 21250, for the benefit of the [Name specific college or program or fund]."

Contingent gift of residuary estate
"I give the residue of the property owned by me at my death, real and personal and wherever situate, to my [husband] ___________________ if [he] survives me. If [he] does not survive me, I give my residuary estate to the UMBC Foundation, with an office at 1000 Hilltop Circle Baltimore, MD 21250, for the benefit of the [Name specific college or program or fund]."

Provision providing for payment of prior commitments
"I direct my personal representative to pay, as a debt of my estate, to the UMBC Foundation with an office at 1000 Hilltop Circle Baltimore, MD 21250, any balance which is due or which will become due under the terms of any pledge or promises made by me during my lifetime."

Direction that the gift be free of taxes
"I direct that no estate or inheritance taxes be paid from the share of any property given to the UMBC Foundation, with an office at 1000 Hilltop Circle Baltimore, MD 21250."

Provision providing life payments for a survivor, then paying the residue to the University
[The University of Maryland Baltimore County would be pleased to discuss such a provision with you and your attorney.]

Other information
The legal name to use for a beneficiary designation in a will, trust, life insurance, retirement plan, or other account is the UMBC Foundation. It is a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code (EIN 52-1125663) that maintains a charitable registration (#2589) with the State of Maryland. UMBC Foundation is a registered trade name of The University of Maryland Foundation, Inc. Please contact Kim Robinson at 410-455-3700 if you need additional information.

* Although it is possible to designate a specific purpose for a gift by will, the needs of the University do change from time to time. Thus, if a specific purpose for the gift is stated, it is preferable to authorize the Board of Directors of the UMBC Foundation or the Regents of the University System of Maryland to use the gift for other purposes if the designated use is no longer appropriate.

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A charitable bequest is one or two sentences in your will or living trust that leave to University of Maryland Baltimore County a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to University of Maryland Baltimore County, a nonprofit corporation currently located at 1000 Hilltop Circle Baltimore, MD 21250, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the UMBC Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the UMBC Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the UMBC Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the UMBC Foundation where you agree to make a gift to the UMBC Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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