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Sample Language and Forms

How to craft an estate gift for The University of Texas at Austin

Your will or living trust is a legal document that should be drafted or amended with the help of an attorney. The UT Austin Gift and Estate Planning staff welcome the opportunity to work with you and your attorney to craft a gift strategy that will fit your situation and achieve your desired impact at The University of Texas at Austin. Various types of bequests can benefit your favorite University program, department, or college. Alternatively, you may choose to provide a bequest for undesignated support. Such gifts, directed to the University's area of greatest need, have an impact that is truly campus-wide. Establishing an endowment through an estate gift ensures that your gift will continue to make a difference for generations to come. The University holds these funds permanently and uses investment income to support the programs or purposes you select. Once you determine which area of UT Austin you wish to support through deferred giving, please make sure that all correspondence, legal documents, and distributions use the full legal corporate title: Board of Regents of The University of Texas System for the benefit of The University of Texas at Austin. The tax ID number is 30-0710145. This is important because all deferred gifts to The University of Texas at Austin are accepted, processed, and administered through the UT System's Office of Development and Gift Planning Services.

Suggested language for an estate gift

Please refer to the following examples as you work with your legal counsel to create an estate gift that accomplishes your philanthropic goals.

Beneficiary designation gifts

The simplest way to leave the balance of a retirement account and/or life insurance policy to The University of Texas at Austin after your lifetime is to name the University as the beneficiary of the account. You must complete the beneficiary designation form provided by your plan administrator. Never make a beneficiary change, however, before discussing your wishes with your professional adviser. This is a revocable designation, which can be changed at any time. When The University of Texas at Austin or any other charitable organization is named as the beneficiary of an IRA or other pension assets, at the death of the IRA or pension plan participant, both income taxes and estate taxes are avoided, and the full amount of the remaining assets are distributed to the designated organization(s) for the purpose you designate. Once you have completed the necessary paperwork with your plan administrator, please complete and mail the Estate Intention Letter to inform us of your plans and qualify for membership in the Texas Leadership Society.

Sample estate intention letters

To document your estate gift, please sign and return the following intention letter to our office. Estate Gift Intention Letter

For more information

Our Gift and Estate Planning team will be pleased to work with you and your attorney to craft the language for an estate gift that fits your needs and interests.

Phone: 512-475-9632
Toll-free: 866-4UTEXAS (866-488-3927)
Fax: 512-471-3439
E-mail: giftplan@austin.utexas.edu

The University of Texas at Austin
Office of Gift and Estate Planning
P.O. Box 7458 Austin, TX 78713
Tax ID: 30-0710145

eBrochure Request Form

Please provide the following information to view the brochure.

A charitable bequest is one or two sentences in your will or living trust that leave to The University of Texas at Austin a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to The University of Texas at Austin, a nonprofit corporation currently located at P.O. Box 7458 Austin, TX 78713 , or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the university or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the university as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the university as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the university where you agree to make a gift to the university and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.