Your will is a legal document, and it should be drafted or amended by an attorney. The UI Center for Advancement Planned Giving staff are available to work with you and your attorney to draft a bequest that will fit your situation, satisfy your personal goals, and meet the University's needs.
Bequests can benefit your favorite university program, department, or college. Alternately, you may choose to provide a bequest for undesignated support. Such gifts, directed to the university's areas of greatest need, have benefits that are truly campus-wide.Whatever area of the UI you wish to support through deferred giving, it's essential that all correspondence, legal documents, and distributions use the full legal corporate title: the State University of Iowa Foundation. This reflects the fact that the Foundation has been designated by the university as its preferred channel for private support. We will always honor your wishes regarding donor recognition and contact by the University of Iowa. We'd love to serve and thank you by including you in our mailings and listing you in our honor rolls, but if you wish, we'll restrict our contact with you to as little as you are comfortable with. It is important to us that your generosity is being appropriately recognized.
I give to the State University of Iowa Foundation, an Iowa nonprofit corporation of Iowa City, Iowa,
(Choose one of the following:)
1. the sum of $ ______________
2. all of my interest in the following described property: ____________
3. ____ percent or all of the residue of my estate,(Choose one of the following:)
1. to be used as the board of directors of the Foundation
2. to be used for the benefit of __________________.
(name of college, department or program)
3. to be used for the purpose of _________________ .
(for example: student financial aid, research, faculty
development, other purpose).
4. to be used in accordance with the terms of a signed
Statement of Gift Intent, as then in existence at the
time of my death.
If in future years, the above stated purpose is no longer necessary, practical, or possible, the board of directors of the University of Iowa shall use its discretion to designate this gift for a related purpose that best promotes and supports education and research at the University of Iowa.
We encourage you to share this suggested language with your attorney and recommend that you visit with your advisor(s) regarding the best asset(s) to use for your charitable bequests.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
A charitable bequest is one or two sentences in your will or living trust that leave to the University of Iowa 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 give to the University of Iowa, a nonprofit corporation currently located at Iowa City, Iowa, or its successor thereto, ______________* [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 UI 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 UI Foundation as a lump sum.
You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 UI 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 UI Foundation where you agree to make a gift to the UI 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.