Perhaps you have cash that you'd eventually like to give to the University of Missouri, but aren't necessarily ready to part with it today. After all, you never know when you might need it. Consider the possibilities that a gift of cash in your will or trust can bring.
The following is an illustration of how this type of donation works:
Greg was no stranger to philanthropy. Each year he faithfully donated to the University of Missouri and wanted to continue his support after his lifetime. To formalize his wishes, he consulted with a local estate planning attorney, who drafted a will and revocable living trust. A specific cash bequest was included in the trust.
Greg passed away several years later. He left a specific cash bequest of $1 million to the University of Missouri in his trust. At the time of Greg's death, his estate was subject to a federal estate tax rate of 35 percent. Greg's estate was able to take advantage of the unlimited estate tax charitable deduction and saved $350,000 in federal estate taxes..
- Greg extended the pattern of giving he had established while he was alive.
- Greg's favorite charity, the University of Missouri, received $1 million.
- Greg's estate took advantage of the unlimited charitable deduction.
- Greg's estate saved $350,000 in federal estate taxes.
We Can Help
To learn more about supporting the University of Missouri in the future through a cash gift in your will or trust, contact The Office of Gift Planning and Endowments at 1-800-970-9977 or (573) 882-0272 or email@example.com.
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The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.