By including Harding in your will, you make a difference in students’ lives while reducing estate taxes upon your death. A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate a bequest be used for a general or specific purpose so you can have the peace of mind knowing that your gift will be used as intended. 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.
There are a number of ways you can make a bequest to Harding University:
- 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 Harding University.
- 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 Harding University.
- 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 Harding University.
- 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 Harding University.
Restricted Bequests
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 making a restricted bequest, we recommend that your attorney include the following provision to give Harding University flexibility should it no longer be possible for Harding University to use your gift as you originally intended:
If, in the judgment of the Board of Trustees, it shall become impossible for Harding University to use this bequest to accomplish the specific purposes of this bequest, Harding 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.
Contact Us
If you include Harding University in your will or estate plan, consider using the Bequest Language provided and please complete the Estate Gift Confirmation Form. Contact us if you have any questions about how to make a bequest to Harding University or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.