The provision in your will or revocable living trust for making a gift to the UMBC Foundation, Inc. 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, Inc. an amount equal to _______ percent (____%) of my residuary estate or the sum of ______ Dollars ($_____), whichever is the larger."
Gift for a specific purpose (see footnote * )
"I give to the UMBC Foundation, Inc., _____ Dollars ($______), for the benefit of the [Name specific college or program or fund]. If the gift is to support and endowed fund, add “This gift is to be administered under the terms of a Memorandum of Understanding on file with the Foundation and the University."
Gift of residuary estate for a specific purpose
"I give the rest, residue and remainder of my estate, real and personal and wherever situate, to the UMBC Foundation, Inc., for the benefit of the [Name specific college or program or fund]."
Contingent gift of residuary estate for a specific purpose
"I give the rest, residue and remainder of my estate, real and personal and wherever situate, to my [husband] [wife]____________if [he][she] survives me. If [he][she] does not survive me, I give my residuary estate to the UMBC Foundation, Inc., or 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, Inc. any balance which is due or which will become due under the terms of any written pledge or promise 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, Inc."
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.
The legal name to use for a beneficiary designation in a will, trust, life insurance, retirement plan, or other account is the UMBC Foundation, Inc. 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, Inc. 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, Inc. to use the gift for other purposes if the designated use is no longer appropriate.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.