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Your path to this gift:
You're considering a gift made after death as part of your estate > You want to help ensure the future of UCI > Estate planning is more important to you than an immediate income tax deduction
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 When it's time to begin planning your estate, you think about the people and institutions that have played a role in your life. You have supported the University of California, Irvine during your lifetime. You believe in our mission and understand that we will continue to make a positive difference in the world far into the future.
How can you provide for our future support? By including a charitable bequest in your will or revocable trust.
A bequest is easy to arrange (see sample text below):
- It is not payable until death, so it does not affect your assets or cash flow during your lifetime.
- It is private -- your will is not filed or made public until your death, and
- it is revocable -- you can change the provisions in your will or trust at any time until death.
A bequest can deliver a specific gift to UCI ("I bequeath the sum of Ten Thousand ($10,000) Dollars"). Or, it can deliver a percentage of the balance remaining in your estate after taxes, expenses and specific bequests have been paid – what's known as the residue of your estate ("I bequeath Ten Percent of the residue of my estate"). Generally, giving a percentage of the residue allows for more flexibility in your long-term planning.
A charitable bequest or trust distribution is deductible for federal estate tax purposes, and there is no limit on the deduction your estate can claim. In addition, the gift is usually exempt from state inheritance taxes.
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You Can Make Your Bequest in Several Ways...
Specific Bequest
Your bequest can deliver a specific dollar amount, asset, or percentage of your estate:
"I give all the General Motors stock I own at the time of my death to The UCI Foundation, a California non-profit corporation located in Irvine, California."
Residual Bequest
Alternately, you can give us all or a percentage of the balance remaining in your estate after expenses, taxes, and the specific bequests have been paid:
"Of the rest, residue and remainder of my estate I give Twenty-Five (25%) Percent to The UCI Foundation, a California non-profit corporation located in Irvine, California."
Contingent Bequest
Finally, your bequest can be payable to UCI if the initial beneficiary is unable to inherit it:
"If my nephew does not survive me, is otherwise unable to inherit, or disclaims this bequest, I direct that it be paid to The UCI Foundation, a California non-profit corporation located in Irvine, California."
...And We Can Use Your Bequest in Two Ways:
Your bequest can be directed to support a specific program at UCI, or you can tell us to apply it to the need that is most pressing at the time we receive it. Since we will likely not receive your bequest until far into the future, its terms should be as general as possible -- to avoid benefiting a project that we no longer pursue or terms that will be difficult to meet. Please consult with us if you are considering a bequest for a specific purpose.
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You May Be Wondering ...
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What's the difference between
a will and a trust?
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What if I've already written my will or trust?
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A will is your instruction manual to your survivors about how you want your property distributed. It's a revocable, private document that only takes effect after your death.
A revocable trust (sometimes called a living trust) is a legal entity that holds assets during your lifetime, then transfers ownership of them -- or benefit from them -- upon your death. Unlike a will, a trust must take title to assets before it can pass them to your survivors.
There is no difference between wills and trusts in how transfers from them are taxed. In some states, however, the probate and distribution process is simpler with a revocable trust. Your advisors can guide you in choosing which vehicle will work better for you.
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You can amend a will or trust to make a gift to UCI. Your attorney can prepare the simple document, called a codicil, that adds a new bequest to us while reaffirming the other terms of your will. Similarly, he or she can prepare an amendment to your revocable trust to add UCI as a beneficiary.
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FOR MORE INFORMATION
If you are considering a bequest or revocable trust benefiting us, email us, complete the personal illustration form, or call us at 949-824-8384 so that we can assist you through every step of the process.
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