Sample Gift Language for your Will or Revocable Living Trust
A gift to Skidmore in your will or revocable trust enables you to support our mission and make a difference in the lives of future generations. A bequest:
- is easy to arrange.
- will not alter your current lifestyle in any way.
- can be easily modified to address your changing needs.
Residual Gift Language
A residual bequest comes to us after your estate expenses and specific bequests are paid:
I give and devise to Skidmore College (Tax ID #14-1338562), located in Saratoga Springs, NY, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).
Specific Gift Language
Naming Skidmore College as a beneficiary of a specific amount from your estate is easy:
I give and devise to Skidmore College (Tax ID #14-1338562), located in Saratoga Springs, NY, the sum of $___________ (or asset) to be used for its general support (or for the support of a specific fund or program).
Contingent Gift Language
Skidmore College or its affiliates can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:
If (insert name) is not living at the time of my demise, I give and devise to Skidmore College (Tax ID #14-1338562), located in Saratoga Springs, NY, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).
Retirement Plan Beneficiary Language
You may name Skidmore College (Tax ID #14-1338562) as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.
Naming Skidmore as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming Skidmore as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor's death the plan passes to support Skidmore free of both estate and income taxes.
Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change-of-beneficiary form from your plan administrator. When you have finished, please return the form to your plan administrator and notify Skidmore College. We can also assist you with the proper language for your beneficiary designation to Skidmore.
Customized Language
If you or your attorney would like Skidmore to provide you with customized beneficiary language that is specific to your goal and interest, please contact us.
Need a codicil? Please click here to download.
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