Planned Gifts - No Loss of Control
Description | FAQ | Testimonials
A charitable bequest enables you to keep control of your
assets during your lifetime and make a gift to the university at
your death. You will be entitled to an estate tax deduction for
the fair market value of the assets bequeathed to UF. To ensure
compliance with your wishes, help obtain state matching funds and
receive important recognition, it is important to document your
estate commitment with the foundation.
Sample wording of a typical bequest for the University of Florida:
"I give and devise to the University of Florida Foundation, Inc. (Foundation), located in Gainesville, Florida, my entire residuary estate [or _____ percent of my residuary estate, or ____ dollars, or a specific item] to endow* the Donor X Fellowship. Income from the fund shall be used to support fellowship awards to graduate students at the University of Florida. It is my specific wish that the Foundation apply for matching funds that may be available as a result of this gift."
*Gifts of less than $20,000 will be used for current, non endowed purposes
Bequests Frequently Asked Questions and Answers
“Meaningful” Time at UF Prompts Couple to Give Back
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| Leonard & Rachel Adams |
Like many of our alumni and friends, Dr. Leonard Adams and his wife Rachel, of Baton Rouge, Louisiana, have a strong desire to support the University of Florida. Like some of the examples outlined in this issue of our Legacies newsletter, the Adamses have chosen to support the University of Florida through their estate plan. Specifically, the Adamses have very generously made arrangements through their will and a series of trusts to support graduate fellowships in UF’s Department of Electrical and Computer Engineering.
Dr. Adams had a long and illustrious career as chairman of the Department of Electrical Engineering at Louisiana State University. Prior to that he was on the faculty at Clemson and earned a master’s degree at Oklahoma A&M. However, it was the pursuit of a Ph.D. in Electrical Engineering at the University of Florida that cemented his close ties to this great university.
According to Dr. Adams, “Our time at the University of Florida was meaningful to us in many ways. We really enjoyed living in Flavet II (see photo on page 4) along with a host of other young married students. Our two little sons had more playmates than one can imagine, and the young wives were able to shed frustrations on each other. Without generous financial assistance provided by the Electrical Engineering Department at the University of Florida, it would not have been possible for me to study there. Another, and perhaps most significant, contribution to my appreciation of the university was made by Professor E.E. Muschlitz, who guided me to a reasonably acceptable conclusion of a most challenging dissertation topic. We hope our legacy will, at some future time, assist other deserving candidates to achieve productive careers.”
Through careful planning, the Adamses have realized that they can accomplish many of their goals by working closely with their legal advisers and setting up the proper distribution of their estate. Bequests can help reduce the size of one’s taxable estate, provide resources and income to heirs, and at the same time take care of one’s charitable goals. There are many other Gators out there, just like the Adamses, who appreciate and value the time they spent at the University of Florida. Many wish to express their appreciation in a tangible form, like naming the University of Florida as beneficiary of their will or revocable living trust.
We hope this issue of Legacies will give you some ideas to consider. Additionally, our able staff is ready and willing to help you and your estate planning team achieve your objectives, particularly as they may relate to the University of Florida.
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