Your act of generosity, our longevity
With planned giving, you can provide long‑lasting support for Fresno State while enjoying financial benefits for yourself.
Fresno State's Bequest Language
Types of Bequests
There are a number of ways you can make a bequest to Fresno State via the California State University, Fresno Foundation.Bequest. A 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 the California State University, Fresno Foundation.
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 the California State University, Fresno Foundation.
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 the California State University, Fresno Foundation.
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 the California State University, Fresno Foundation
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 the California State University, Fresno Foundation. 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.
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 the California State University, Fresno Foundation.
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 the California State University, Fresno Foundation.
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 the California State University, Fresno Foundation
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 the California State University, Fresno Foundation. 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 Benefits
The best thing about making a gift to the University is that you, as the donor, get to choose what legacy you leave. By leaving a bequest, you are positively impacting our students for generations to come, while lessening the burden of taxes on your family. On top of that, you may receive estate tax savings for your charitable gift.
Bequest Language
In order to make a bequest, you should speak with your legal advisor. Your legal advisor can help you include a bequest to the California State University, Fresno Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.1. Bequest
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.
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to the California State University, Fresno Foundation, a nonprofit organization located at 4910 N. Chestnut Avenue, Fresno, CA, 93726-1852, 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 4910 N. Chestnut Avenue Fresno, CA 93726-1852, 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 4910 N. Chestnut Avenue Fresno, CA 93726-1852, Federal Tax ID #94-6003272, for Fresno State's general use and purpose.
2. Percentage BequestI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to the California State University, Fresno Foundation, a nonprofit organization located at 4910 N. Chestnut Avenue, Fresno, CA, 93726-1852, 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 4910 N. Chestnut Avenue Fresno, CA 93726-1852, 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 4910 N. Chestnut Avenue Fresno, CA 93726-1852, 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:
I hereby give, devise, and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to the California State University, Fresno Foundation, a nonprofit organization located at 4910 N. Chestnut Avenue Fresno, CA 93726-1852, Federal Tax ID #94-6003272, for Fresno State's general use and purpose.
3. Residual BequestResiduary 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.
I hereby give, devise, and bequeath to the California State University, Fresno Foundation, a nonprofit organization located at 4910 N. Chestnut Avenue Fresno, CA 93726-1852, Federal Tax ID #94-6003272, [ALL OR A PERCENTAGE] of the rest, residue and remainder of my estate to be used for Fresno State's general use and purpose.
4. Contingent BequestIf (primary beneficiary) does not survive me, then I hereby give, devise, and bequeath to the California State University, Fresno Foundation, a nonprofit organization located at 4910 N. Chestnut Avenue Fresno, CA 93726-1852, Federal Tax ID #94-6003272, [DESCRIPTION OF PROPERTY] to be used for Fresno State's general use and purpose.
YOUR LEGACY, YOUR WAY
If 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 choosing 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:
"If, in the judgment of the California State University, Fresno Foundation, it shall become impossible or impracticable for Fresno State to use this bequest to accomplish the specific purposes of this bequest, the California State University, Fresno Foundation may in its discretion either use the income and principal of this gift for any related or other appropriate education support purpose provided that the California State University, Fresno Foundation has fully reviewed my original intent for the use of my bequest."
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.
SEEK ADVICE
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:
Becky Brown
University Development
California State University, Fresno
5241 N. Maple M/A TA45
Fresno, CA 93740-8023
559.278.1877
[email protected]
