One way for you to support MISSOURI BAPTIST UNIVERSITY's mission is to leave us a bequest. A bequest is a gift made to charity in your will or trust. 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 by making a bequest you are able to leave a lasting legacy.
Types of Bequests
There are a number of ways you can make a bequest to MISSOURI BAPTIST UNIVERSITY. You can leave what is called a 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 MISSOURI BAPTIST UNIVERSITY. 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 MISSOURI BAPTIST UNIVERSITY.
Another kind of bequest is called a residual bequest. A residual bequest is a bequest that 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 of 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 MISSOURI BAPTIST UNIVERSITY.
There are no limitations on bequest gifts. Bequests may be made for a general or specific purpose. All 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.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to MISSOURI BAPTIST UNIVERSITY in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Outright Bequest
If you are considering making an outright bequest to MISSOURI BAPTIST UNIVERSITY, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby, give, devise and bequeath $DOLLARS to MISSOURI BAPTIST UNIVERSITY, a non-profit Missouri Baptist University located at One College Park Drive, St. Louis, MO 63141, Federal Tax ID #43-0817015, for MISSOURI BAPTIST UNIVERSITY's general use and purpose.
Bequest of Specific Personal Property
I hereby, give, devise and bequeath DESCRIPTION OF PROPERTY to MISSOURI BAPTIST UNIVERSITY, a non-profit Missouri Baptist University located at One College Park Drive, St. Louis, MO 63141, Federal Tax ID #43-0817015, for MISSOURI BAPTIST UNIVERSITY's general use and purposes.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to MISSOURI BAPTIST UNIVERSITY, a non-profit Missouri Baptist University located at One College Park Drive, St. Louis, MO 63141, Federal Tax ID #43-0817015, for MISSOURI BAPTIST UNIVERSITY's general use and purposes.
2. Restricted Bequest
If you are considering a bequest but would like to ensure that your bequest will be used only 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 that will ensure your charitable objectives can be met. We will also work with you and your attorney to craft language to accomplish your objectives.
In cases where donors are making a restricted bequest, we recommend that your attorney include the following provision to give MISSOURI BAPTIST UNIVERSITY flexibility should it no longer be possible for our Missouri Baptist University to use your gift as you originally intended:
If, in the judgment of the Board of Directors of MISSOURI BAPTIST UNIVERSITY, it shall become impossible for MISSOURI BAPTIST UNIVERSITY to use this bequest to accomplish the specific purposes of this bequest, MISSOURI BAPTIST UNIVERSITY 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 MISSOURI BAPTIST UNIVERSITY or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.