Making a Gift by Will or Trust
Making a gift by will or trust is easy. What follows are guidelines and suggestions for naming the UUCO to receive a gift from you through your Last Will and Testament or Family Trust. Here you will find basic information about different kinds of estate gifts, including sample language you may use in your legal documents. Most of this information may be used to make a gift through a Will, a Family Trust, a life insurance policy, or an individual retirement account.
Charitable Tax Status
UUCO is an IRS-qualified 501(c)(3) and 170(c) charitable religious organization. Copies of our tax-exempt status letters are available upon request, as is a completed IRS Form W-9 Request for Taxpayer Identification. For estate tax purposes, bequests, legacies, devises, or transfers to the Church are deductible as they accord with the provision of the Internal Revenue Code Section 2055(a) and related regulations.
Suggested Bequest Language
Please share the following suggested bequest language with your attorney to assist in drafting a will, trust or codicil that will achieve your charitable estate plans
I give all my real and personal property to the Unitarian Universalist Church of Ogden, a Utah charitable corporation located at 705 23rd Street, Ogden, UT, 84401, for its unrestricted use.
I give _____ [$ amount, description of property, or % of estate] to the Unitarian Universalist Church of Ogden, a Utah charitable corporation located at 705 23rd Street, Ogden, UT, 84401, for its unrestricted use.
I give all [or _____ %] of my remaining assets of any kind to the Unitarian Universalist Church of Ogden, a Utah charitable corporation located at 705 23rd Street, Ogden, UT, 84401, for its unrestricted use.
Sometimes a generous church member wishes to endow a specific project or purpose to assure its on-going vitality. If you wish to do so, we request that such restrictions be general enough to allow the Church Board of Trustees to adjust funding when necessary. For example, if a large amount is left for the RE program which is then not needed, but the roof of the building needs to be replaced, the endowed funding becomes a burden to the Church rather than a blessing. Therefore, we recommend the following language:
Restricted Bequest for Specific Purpose
I give _____ [$ amount, description of property, or % of estate] to the Unitarian Universalist Church of Ogden, a Utah charitable corporation located at 705 23rd Street, Ogden, UT, 84401, restricted to _____ [describe or name of program or purpose, e.g., Ministerial Fund or Building Fund]. If at any time in the judgment of the Unitarian Universalist Church of Ogden Board of Trustees it is deemed impossible or impracticable to carry out the above purpose, the Trustees shall determine a purpose as near as possible to that described above.
Should our planned giving campaign prove successful, upon the first significant contribution to an endowment, UUCO will establish a fund to provide on-going support of the Church through interest and dividend income.
Restricted Bequest to the Permanent Endowment
I give _____ [$ amount, description of property, or % of estate] to the General Endowment Fund of the Unitarian Universalist Church of Ogden, a Utah charitable corporation located at 705 23rd Street, Ogden, UT, 84401, to be invested according to the policies adopted by its Board of Trustees, income only to be used for the general purposes of the Church [or for a specific purpose].
Like other sorts of gifts, bequests can be given for general or specific purposes and uses.
A Bequest for General Purposes
This type of bequest is especially appreciated because it can be put to use where there is greatest need. A bequest made without restrictions usually is added to the permanent unrestricted endowment, providing general support that may last forever.
Give a specific asset or collection of assets in the form of cash, securities, or other property. Retirement plan benefits, IRAs, savings bonds, and other items known as “income with respect to a decedent” (IRD) are particularly tax effective gifts to charity. You may designate an amount or a percentage of the property.
Give all or a percentage of what remains of your estate after all specific bequests have been satisfied and debts and expenses have been paid. You may specify that charitable gifts be fulfilled first with IRD assets to the extent needed to reduce your tentative estate tax.
Give all or a portion of your estate in the event that a named beneficiary is not alive when you die. This type of bequest can avoid costly litigation or prevent property from reverting to the state for lack of heirs.
Testamentary Charitable Remainder Trust
A trust document is created during your lifetime, with a “pour-over” will to designate which assets are to be placed in a trust with the income paid to one or more beneficiaries for their lifetimes. Upon the death of the last income recipient, or after a term of a specified number of years, the trust terminates and assets are transferred to the UUCO, completing your gift.
Bequest of Real Estate
Sometimes church members do not have descendants or otherwise wish to give their homes to a charitable organization. If you are considering leaving your home to the Church, please consult with a qualified attorney and tax advisor. There are ways to gift an asset while you are alive to reduce costs while ensuring your right to live in the home as long as you wish.
Bequest of Valued Items
Again, please consult with a qualified attorney to arrange gifts of appreciated stock, artwork, or other valuable assets before offering these gifts to the Church.
This information does not constitute legal or financial advice. Please consult with your legal and financial advisors for specific, current information.
Questions can be directed to Dan Arnow, UUCO Treasurer firstname.lastname@example.org, or any Finance Committee member.