Bequests by Will or Living Trust

University of Arizona College of Agriculture and Life Sciences

c2010 College of Agriculture and Life Sciences Development and Alumni Relations

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Development & Alumni
P.O. Box 210036
Tucson, Arizona
85721-0036
520 621-7190 alumni@ag.arizona.edu

The search for significance and desire to plan for the future leads many to ponder their legacy. What kind of legacy will you leave? A bequest is perhaps the easiest and most tangible way to have a lasting impact on the people and organizations that mean the most to you. A bequest to the College may also be an effective way to make a gift to charity and lessen the burden of taxes on your family and estate.

A will or living trust is a very personal matter and should be prepared with an attorney. The following language is an example of how a bequest may be worded: "I give, devise and bequeath to The University of Arizona Foundation, an Arizona nonprofit corporation, located in Tucson, Arizona, ______ percent of my estate (or $______ or other personal or real property appropriately described) for the benefit of the College of Agriculture and Life Sciences to be used for (specified use or unrestricted).

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The University of Arizona Foundation is a "qualified charitable organization" and meets the standards and requirements of Internal Revenue Code Section 501(c)(3). Under this provision, all contributions are deductible for federal income tax purposes (subject to statutory limitations) and for federal estate and gift tax purposes. Gifts of cash (or your election to deduct only the cost basis of an appreciated asset) may be deducted up to 50 percent of adjusted gross income (AGI) in a year. Gifts of appreciated real or personal property may be deducted up to 30 percent AGI. Excess deductions may be carried over for up to five (5) additional years.

CALS Campus Agricultural Center

Any gift to the College may be designated in memory or honor of a friend or loved one.