Fresno State's Bequest Language
An excellent way for you to support Fresno State's mission is to leave us a bequest in your will, living trust or with a codicil. 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 you are able to leave a lasting legacy.
Types of BequestsThere are a number of ways you can make a bequest to Fresno State.
Percentage Bequest. 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 Fresno State.
Residual Bequest. A residual bequest 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 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 Fresno State.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Fresno State.
Real Estate. Gifts of real property may be outright or part of a bequest or a charitable trust. Such gifts are subject to prior review to make sure that the property is a marketable asset. Gifts of real property should be free of mortgages or other encumbrances, or can be coupled with a life insurance policy to pay off the mortgage as part of the charitable gift.
Stocks/Securities. Other than cash, securities (stock shares, mutual fund shares, bonds) are a very popular way to fund charitable gifts to Fresno State. Publicly traded securities are usually very marketable, have a clear value, and are easily transferred. Tax laws heavily favor gifts of assets that have increased in value.
Bequest LanguageIn order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Fresno State in your estate plan. We have provided some basic bequest language to assist you and your attorney.
Bequests are legacies that come from the general value of your estate. They can come in the form of a cash gift, or even a percentage of your estate. Such a bequest allows you to leave a gift to your chosen recipient in the clearest and simplest way.
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to the California State University, Fresno Foundation, a nonprofit organization located at 5244 North Jackson Avenue, Fresno, CA, 93740-8023, Federal Tax ID #94-6003272, for Fresno State's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath [DESCRIPTION OF PROPERTY] to the California State University, Fresno Foundation, a nonprofit organization located at 5244 North Jackson Avenue, Fresno, CA, 93740-8023, Federal Tax ID #94-6003272, for Fresno State's general use and purpose.
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 the California State University, Fresno Foundation, a nonprofit organization located at 5244 North Jackson Avenue, Fresno, CA, 93740-8023, Federal Tax ID #94-6003272, for Fresno State's general use and purpose.
If you are considering making a bequest of a percentage of your estate to Fresno State, we recommend the following language:
Residuary Bequests are made when you intend to leave the residue portion of your estate to an individual or organization after all other bequests have been made, and all other expenses have been paid.
YOUR LEGACY, YOUR WAYIf you are considering a bequest but would like to ensure that your bequest will be used 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 and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are naming a specific area on campus, we recommend that your attorney include the following provision to give Fresno State flexibility should it no longer be possible for the University to use your gift as you originally intended:
HOW DO I PROPERLY LIST FRESNO STATE AS A BENEFICIARY?
All gifts to Fresno State are directed to the "California State University, Fresno Foundation, IRS # 94-6003272." The Foundation is a tax exempt 501(c)(3) nonprofit charitable organization created with the mission to accept and manage all private donations intended for the benefit of Fresno State. It is best to note our IRS Federal Identification Number as a part of your bequest to Fresno State to prevent the misdirection of your gift. Copies of our IRS exemption letter are available upon request.
Planning your estate can sometimes get complicated. Even simple estate plans can have severe tax and other legal consequences. As you review these pages, please remember that there are always exceptions to every rule. We encourage you to seek guidance from a qualified licensed professional such as an attorney or certified public accountant to be certain that your desires are fulfilled without any unwelcome surprises.
For more information, please contact:
Liz Garvin, CGPP
Director of Planned Giving
5244 North Jackson Ave., M/S KC45
Fresno, CA 93740-8023