Bequests and Estates
Since the early days of the Parker family, bequests have been a popular way to support the university. A bequest is a transfer of cash, securities, or other property through a will or a living trust. A bequest to Parker can be made for a specific amount, for a percentage of your estate, or even for all or a portion of what is left after you have made specific bequests to your family and others.
There are many reasons to make a bequest. You may want to support Parker and its programs in the future, just as you may be doing during your lifetime. Giving by bequest costs nothing now, yet it may give you a great deal of satisfaction to know that your future gift will live on. Bequests are very personal gifts, too. You may change your bequest at any time, and, if you wish, you may make your plans anonymously.
Making a Bequest
To make a gift to Parker from your estate, you must sign a new will or living trust instrument, add a codicil to your present will, or make an amendment to your present trust instrument. To ensure that your exact intentions can be carried out by Parker, we encourage you to discuss your plans with our staff in the Parker University Office of Advancement and get their help in drafting the language that accomplish your charitable goals. Then you may provide your estate planning attorney with the new language to use in updating your documents.
Bequests to Parker can include cash, securities, real estate, other property, a percentage of the residue of your estate, or all the residue of your estate.
Tax and Other Advantages of Making a Bequest
Federal Estate Tax Savings
An outright gift to Parker University from your estate—whatever the amount, and whether it is for immediate use or for endowment—is entirely free from federal estate taxes. This means the university is able to use the full amount of the bequest, whereas if it were left to an individual, a significant amount (up to 45% in 2009) might go to federal estate taxes.
Other Advantages of Bequests
With bequests over $100,000, you may create a separate fund named for yourself or in the name of someone you wish to honor. Named funds remain visible in the Parker community because of the people and activities they support. This visibility also encourages others to give.
Choosing How Your Bequest Will Be Used
You have several options when making gifts by bequest. Here are a few for your consideration.
- Unrestricted bequests: The use of your gift is left to the discretion of the university. Such bequests are extremely valuable, as they allow the university to flexibly and imaginatively meet the future needs of the university.
- Sample text for unrestricted bequests: I hereby give ______________ to the board of trustees at Parker University (hereinafter, “the board”), an educational institution. This gift shall be fully expendable at the discretion of the board, and it shall be used to further the objects and purposes of Parker University.
- Restricted bequests: Support ongoing specific university needs such as undergraduate scholarships, graduate fellowships, faculty support, and library funds. Restricted bequests can also be used to build and maintain facilities or to underwrite research. Because each restricted bequest is unique, Parker encourages donors considering this type of gift to speak with a member of the planned giving staff.
- Sample text for restricted bequests: I hereby give ______________ to the board of trustees at Parker University (hereinafter, “the board”), an educational institution. This gift shall be fully expendable at the discretion of the board, and it shall be used to ….. (fill in your purpose, such as “provide financial aid to students in the Doctor of Chiropractic Program”).
- Endowed funds: Provide income every year in perpetuity to carry out the designated purpose of the gift, with the goal of preserving the real value of the gift over time through a “total return” investment philosophy.
- Sample text for endowed fund bequests: I hereby give ______________ to the board of trustees at Parker University (hereinafter, “the board”), an educational institution. The property comprising this gift may, for investment purposes, be merged with any of the investment assets of Parker University, but the gift shall be entered in the university’s books and records as the _____________ Fund. The board shall use the endowment payout from the fund to… (fill in your purpose, such as “provide financial aid to students in the Doctor of Chiropractic Program.”)
For more detailed information about bequests, please contact:
Office of Advancement
2540 Walnut Hill Road
Dallas, TX 75229