Sample Gift Language for your Will or Trust
A gift to MSU in your will or revocable trust proclaims your confidence that we will continue to serve our mission and make a difference in the lives of future generations. A bequest:
• is easy to arrange.
• will not alter your current lifestyle in any way.
• can be easily modified to address your changing needs.
Residual Gift Language
A residual bequest comes to us after your estate expenses and specific bequests are paid:
I give and devise to Morehead State University Foundation, Inc., located in Morehead, KY, all (or state a percentage) of the rest, residue and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).
Specific Gift Language
Naming Morehead State University as a beneficiary of a specific amount from your estate is easy:
I give and devise to Morehead State University Foundation, Inc., located in Morehead, KY, the sum of $___________ to be used for its general support (or for the support of a specific fund or program).
Contingent Gift Language
Morehead State University Foundation, Inc. or its affiliates can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:
If (insert name) is not living at the time of my demise, I give and devise to Morehead State University Foundation, Inc., located in Morehead, KY, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).
Retirement Plan Beneficiary Language
You may name Morehead State University Foundation, Inc. as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.
Naming MSU Foundation, Inc. as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming MSU Foundation, Inc. as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor's death the plan passes to support the MSU Foundation, Inc. free of both estate and income taxes.
Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change of beneficiary form from your plan administrator. When you are done, please return the form to your plan administrator and notify Morehead State University. We can also assist you with the proper language for your beneficiary designation to MSU.
If you or your attorney would like MSU to provide you with customized beneficiary language that is specific to your goal and interest, please contact us.