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Sample Language for Your Will or Estate Plans

Tax ID# 57-6020493

A gift through your estate plan benefits The Citadel, may provide estate tax savings, and is a great way to give back to The Citadel. The gift may consist of cash, securities, IRA, real or personal property.

There are three basic types of bequest — a specific bequest; a residual bequest, which leaves the remainder of one's estate after debts, taxes, expenses and other bequests; and a contingent bequest, which provides for a contingent beneficiary if one's first-named beneficiaries do not survive. Sample will language for each type follows:


SPECIFIC BEQUEST

"I give, devise and bequeath all my right, title, and interest in and to (describe the specific property — real estate, personal property, securities, IRAs, other) to :
or "I give, devise and bequeath (insert dollar amount or percent of estate) to :

The Citadel Foundation, a not-for-profit corporation organized and existing under the laws of the State of South Carolina and having an office at Charleston, South Carolina."


RESIDUAL BEQUEST

"I give, devise and bequeath my residuary estate, which is all the rest, residue, and remainder of my property, real and personal of every kind and description and wherever located (including all legacies and devises that may for any reason fail to take effect), belonging to me at the time of my death or subject to my disposal by will, to The Citadel Foundation, a not-for -profit corporation organized and existing under the laws of the State of South Carolina and having an office at Charleston, South Carolina."


CONTINGENT BEQUEST

"If the above-named beneficiary predeceases me, then I give, devise and bequeath such amounts or property absolutely to The Citadel Foundation, a not-for-profit corporation organized and existing under the laws of the State of South Carolina and having an office at Charleston, South Carolina.

This will not qualify for membership to the Legacy Society but The Citadel Foundation wants to know about these gifts and appreciates our alumni who take the time to inform us.


ESTABLISH A TESTAMENTARY CHARITABLE ANNUITY

You may leave funds to The Citadel Foundation in order to create a Charitable Gift Annuity to care for a loved one. Sample language: "I give to The Citadel Foundation the greater sum of $_____ or ___% of my gross estate to establish a Charitable Gift Annuity for my (loved one's name) in order to provide an income for him/her during their lifetime. The remainder will go to The Citadel Foundation as a charitable gift.


IRA BENEFICIARY

The Citadel Foundation is an excellent beneficiary choice for a 401k or IRA plan. TCF does not pay income taxes as a result of the gift whereas an individual may have income taxes due because of being a named beneficiary. Please check with your IRA or 401 (k) custodian to include The Citadel in your plan.


INTENT and SUGGESTED LANGUAGE

  • The following language should be used to describe the intent of an unrestricted gift, to be used for the greatest needs of the college:
  • "Said (describe specific property, or insert dollar amount or percentage) is to be placed in The General Endowment Fund to benefit The Citadel."

  • The following language should be used to describe the specific intent of a designated bequest, to ensure that all parties involved in the bequest clearly understand the donor's intent. The donor should check with The Citadel Foundation for a current list of minimum gift amounts required to establish named endowed funds:
  • "Said (describe specific property, or insert dollar amount or percentage) is to be placed in The (insert name(s) of person(s) to be honored or memorialized) Fund to benefit The Citadel. The (insert name(s) of person(s) to be honored or memorialized) Fund is to be used in accordance with the gift instructions on file with The Citadel Foundation, 171 Moultrie Street, Charleston, South Carolina 29409-6230."


    THE BENEFIT OF WRITTEN GIFT INSTRUCTIONS

    The Citadel Foundation requests that all Legacy Gift donors fill out our Declaration of Future Intent form. Having this signed document detailing the donor's instructions and the college's acceptance of those instructions, on file with The Citadel Foundation gives the donor the flexibility of modifying the donor's purpose without the necessity of rewriting the donor's estate plan. Most donors find this provision attractive. Please note on the Declaration of Future Intent form if you wish to designate your gift for a specific purpose.


    SPECIAL RECOGNITION

    The Citadel Legacy Society recognizes alumni and friends who support The Citadel with planned gifts such as will bequests, charitable gift annuities, and other estates gifts. Through their generosity and foresight, Legacy Society donors help to secure the future of the institution through a variety of estate planning tools. The Citadel Legacy Society is open to all individuals who have included The Citadel in their estate planning. With a documented legacy gift of $25,000 and above, a donor will be formally inducted at the annual Leaders in Philanthropy weekend and annually thereafter.


    The preceding suggested language or forms for bequests are to serve as general information and should be rewritten and adapted to the donor's specific purposes and conditions by the donor's attorney.

    Estate plans should be prepared by and with the advice of an attorney to ensure that your intentions are carried out. The Office of Legacy Giving staff is available for additional information on the various methods of designating a bequest to The Citadel but cannot serve as legal counsel of give financial advice. You should rely on your attorney or advisor in all matters regarding your estate plans. The Citadel Foundation staff does not prepare estate planning documents and is not engaged in the practice of law.

    The Citadel Foundation offers illustrations regarding certain gifts like Charitable Remainder Uni-Trust or Charitable Remainder Annuity Trust and these illustrations are for your review and should be shared with your attorney and/or financial planner. These illustrations are not a substitute for legal or financial advice.


    Contact Us


    Please contact us if you have any questions about how to make a bequest to The Citadel Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.

    If you have included a bequest for The Citadel Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.

    If you are considering a bequest and would like to ensure that your bequest will be used for a specific purpose, please let us know by filling out the Intent Form.
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