February 1, 2010
Gifts Through a Will
A bequest is a stated instruction in a will that certain monies, securities, or property be paid to a named beneficiary. A bequest through a will is the most frequent of Northwest Nazarene University’s planned gifts. Important estate-tax savings can result from this type of contribution.
Some examples of how Northwest Nazarene University can be named in a decedent’s will:
1.Outright Bequest, Unrestricted Purpose
I hereby give and bequeath to Northwest Nazarene University, an Idaho non-profit corporation (Tax I.D. #82-0200907), [insert description of gift – dollar amount, percentage of residual estate, or in-kind gift].
2. Outright Bequest, Restricted Purpose
I hereby give and bequeath to Northwest Nazarene University, an Idaho non-profit corporation (Tax I.D. #82-0200907), [insert description of gift] for the benefit of [insert name of intended recipient] to be used for [insert description of purpose].
In making this gift, it is my intention to serve Northwest Nazarene University and its students and I desire that the foregoing statement of purpose be liberally construed so that this objective may be fully accomplished. If, at any time in the judgment of the President of Northwest Nazarene University, changed circumstances substantially interfere with the beneficial realization of such purposes, then the funds may be used for such other similar purposes as the President of Northwest Nazarene University, in his/her discretion, determines to be consistent with my interest and intentions.
3. Income in Respect of Decedent
Because of the tax implications of inheriting property that is considered “income in respect of a decedent,” the following language is suggested for NNU donors with Individual Retirement Accounts, 401(k) accounts, TSA, or other qualified accounts:
I instruct that all my charitable gifts be made, to the extent possible, from property that constitutes “income in respect of a decedent” as that term is defined in Internal Revenue Code of 1954, as amended.
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