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Bequest Language

Foundation of the State University of New York at Binghamton, Inc.
Sample Bequest Language
 
The following is provided to assist you when including a bequest in your Will to support the mission and purpose of Binghamton University.
First, use words of gift and name the beneficiary:

"I give and bequeath to the Foundation of the State University of New York at Binghamton, Inc., Binghamton, New York...

Then, specify an amount:
1.      A specific bequest
...the sum of $ (or description of property)

A residuary bequest
. . . all the rest, residue, and remainder of my estate
A percentage bequest of residuary estate

. . . % of my residuary estate
 
Finally, designate a purpose:
1.      Unrestricted gift (area of greatest need)
. . . to be used by its Board of Directors as, in their judgment, will be of greatest benefit to the University."

A designated gift
... for the specific purpose of (describe purpose, such as scholarships, faculty development, professorship, etc.*)."

A perpetual endowment fund for scholarships, lectureships, or other specific programs*
. . . to be known as the Endowment (Memorial) Fund. The fund will be invested by the Board of Directors as it deems advisable, in accordance with the investment policy in effect from time to time, to be used in such manner as the board determines (or for a specific purpose, scholarship, etc.)"

An endowed chair or professorship*
. . . the sum of $ to endow a chair in the (school/college name) and department of to be known as the (name) chair in (field of study) . The fund may be invested by its Board of Directors as it deems advisable, in accordance with the investment policy in effect from time to time."
 
*Please contact the Foundation for assistance and additional information regarding minimum requirements to fund scholarships, chairs and other specific bequests and endowments.
 
Alumni and friends who designate a bequest by will or establish a planned gift to support Binghamton University qualify for membership in The Esther W. Couper Heritage Society, a special recognition organization to honor donors during their lifetimes.
 
For confidential assistance contact: Binghamton University Foundation Office of Gift Planning at phone: (607) 777-3844 or e-mail: sdoyle@binghamton.edu. You are encouraged to consult with legal and tax advisors when considering a gift to Binghamton University.

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Last Updated: 7/22/14

A charitable bequest is one or two sentences in your will or living trust that leave to the Binghamton University Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to the Binghamton University Foundation [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the Binghamton University Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the Binghamton University Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the Binghamton University Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the Binghamton University Foundation where you agree to make a gift to the Binghamton University Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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