The most common type of planned giving is the bequest, by
which an individual transfers assets to FIU by his or her will.
Bequests enable individuals to make significant gifts that
they may not be able to make during their lifetime.
There are different kinds of bequests:
- a specific bequest transfers a specific sum or specific financial assets or tangible or real property to FIU.
- a residuary bequest directs that FIU will receive all or part of one's estate, generally expressed in terms of percentages
- a contingent bequest takes effect only if a preferred intention cannot be met. For example, one such bequest might be: "If my [principal beneficiary] does not survive me, then I give to Florida International University Foundation, Inc. all the rest, residue, and remainder of my estate." Such a contingency insures that one's assets will pass to charity rather than any unintended beneficiaries, including the government.
Including FIU in your will: What follows is suggested language that you can provide to an attorney in preparing or revising your will.
I hereby give, devise and bequeath [describe the nature of the bequest, such as a specific sum of money or a percentage of the residual estate] to FLORIDA INTERNATIONAL UNIVERSITY FOUNDATION, INC., of Miami, Florida, a direct support organization for the benefit of Florida International University, the sum of $_______ (or _____ percent of my residuary estate), to be used for (e.g., its general endowment purposes, to establish a named endowed scholarship, to benefit a specific school or college within FIU, or some other specific purpose). My bequest may be used to apply for any state, federal, or private matching funds for which it may qualify.
For additional information on any of these options, including free customized computer analysis of a gift plan to fit your specific circumstances, please contact:
Jeffrey G. Fischer
Executive Director
Office of Planned Giving
Office of Corporate & Foundation Relations
MARC 557
305.348.0130 phone
305.348.3337 fax
fischerj@fiu.edu
|
Bequests