Gifts by Will or Bequest

The most common form of Planned Gift is a simple bequest through a will. A bequest allows you to give in ways you may not be able to during your lifetime. Bequests can take various forms:

• A specific bequest directs that Barry University receive specific assets.
• A general bequest directs that Barry University receive a percentage (2%, 5%, 10% etc.) of the estate or a specified dollar amount.
• A residual bequest is used to give Barry University all or a portion of whatever remains after all debts, taxes, expenses, and all other bequests have been paid.
• A contingent bequest takes effect only if the primary intention cannot be met. This can ensure that property will pass to Barry University rather than unintended beneficiaries, such as the government.

While all of the above forms of outright bequests can be used to provide for unrestricted support of Barry's mission, any of them may be designated for a specific purpose at Barry University.

Because of the estate-tax charitable deduction, a bequest in any of these forms can significantly reduce the tax burden of your estate.

Bequests

Before you make your will and/or other estate plans, consider the following:

• Make a list of the people you want to include in your plans -- family, friends, or charitable interests.
• List the property you wish to distribute -- include securities, real estate, life insurance, retirement plans, and personal property.
• Consider ways to match the people or institutions with the property.
• Where appropriate, list any professionals you may need to consult -- attorney, banker, accountant, tax advisor, financial planner, investment advisor, or representative of a charitable interest.

Bequests of cash, securities, real property or other assets to the University entitle your estate to a charitable deduction that can reduce or eliminate estate tax liability.

The language of a bequest is important but it need not be complex. Clearly indicate that your bequest is intended for Barry University. Possible phrasing:

Please consult Cheryl Lawko, Director of Development for Major and Planned Gifts at 305-899-3070 (toll-free: 1-800-756-6000, ext. 3030) or e-mail clawko@mail.barry.edu regarding specific wording for your bequest.