Texas Methodist Foundation's Language for Gifts by Will or Living Trust
Types of Gifts by Will or Living Trust
There are a number of ways you can make a gift to Texas Methodist Foundation.
Percentage Gift. Another kind of specific gift involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Texas Methodist Foundation.
Residual Gift. A residual gift is made from the balance of an estate after the will or trust has given away each of the specific gifts. A common residual gift 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 Texas Methodist Foundation.
Contingent Gift. A contingent gift is made to charity only if the purpose of the primary gift cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the gift language could provide that if the relative is not alive at the time of your death, the vacation home will go to Texas Methodist Foundation.
A gift by will or living trust is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a gift be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Gifts 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 gift, you should speak with your estate planning attorney. Your attorney can help you include a gift to Texas Methodist Foundation in your estate plan. We have provided some basic gift language to assist you and your attorney.
1. Specific Gift
If you are considering making an outright gift to Texas Methodist Foundation, we recommend the following language:
I give _________ and No/100 dollars ($DOLLARS) to Texas Methodist Foundation, Austin, TX, for Texas Methodist Foundation's general use and purpose.
Gift of Specific Personal Property
I give DESCRIPTION OF PROPERTY to Texas Methodist Foundation, Austin, TX, for Texas Methodist Foundation's general use and purpose.
Gift of Specific Real Estate
I give all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Texas Methodist Foundation, Austin, TX, for Texas Methodist Foundation's general use and purpose.
If you are considering making a gift of a percentage of your estate to Texas Methodist Foundation, we recommend the following language
If you are considering a gift but would like to ensure that your gift 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 gift, we recommend that your attorney include the following provision to give Texas Methodist Foundation flexibility should it no longer be possible for our Texas Methodist Foundation to use your gift as you originally intended:
Please contact us if you have any questions about how to make a gift to Texas Methodist Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a gift to us.
If you have included a gift for Texas Methodist Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.