Make a Charitable Bequest

Ways you can define the amount of your bequest

  • A gift of a particular amount of money (e.g., $25,000).
  • A gift of a specific item or items (e.g.1,000 shares of ABC Corporation).
  • A gift that will be made from the remainder of your estate once all other bequests, debts, and taxes have been paid (e.g., you give 25% of the rest, residue, and remainder of your estate). Often called a “residuary bequest,” this approach assures that your family will be taken care of before your estate makes a bequest to the Education Foundation.

Sample bequest language

It is very important that your bequest be accurately and clearly described so that your wishes can be fulfilled as you intended. Here is sample language for a bequest of a specific amount to guide you and your attorney:

“I hereby give, devise, and bequeath _______________________________________ (a dollar amount; or a number of shares of stock; or all or a percentage of the rest, residue, and remainder of my estate) to the Educational Foundation of the Kennebunks and Arundel of Kennebunk in the State of Maine for its general use and purposes.”

BEQUEST ALTERNATIVES:

In addition to adding bequest language to your will or living trust, here are a few other simple ways for you to make a gift to us after you are gone:

  • Make the Education Foundation a designated beneficiary of a retirement plan.
  • Instruct your bank to “pay on death” to the Education Foundation some or all of a specific bank account.
  • Instruct your brokerage firm to “transfer on death” to the Education Foundation some or all of a specific brokerage account.

 

The Education Foundation of the Kennebunks and Arundel tax identification number is 20-5050593.

 

BENEFITS INCLUDE:

  • Your estate will qualify for a federal estate tax deduction when it fulfills your bequest. Your estate may save estate taxes as a result, depending on the size of your estate and estate tax rules at the time your estate is settled.
  • You will keep control over your bequest assets should you need them during your lifetime.
  • You may be able to make a gift to the Education Foundation that may be larger than any gift you could make during your lifetime.
    • You can ensure that your annual support will continue after you are gone by endowing your giving. To determine the size of a bequest you will need to leave, multiply your annual gift by 25. This ensures that with a 4% spending rate from our endowment, your gift will continue to provide support for our students in perpetuity.

For more information, please contact Debbie Dutton at Debbie.Dutton@unh.edu or 207-967-0303.