Institute for Advanced Study's Bequest Language
A gift made to the Institute for Advanced Study in your will, living trust, or with a codicil is a memorable way to support IAS and leave a lasting legacy.
Types of Bequests
There are a number of ways you can make a bequest to the Institute for Advanced Study.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to the Institute.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to the Institute.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to the Institute.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the Institute.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to the Institute.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to the Institute.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the Institute.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You may
choose to designate that a bequest be used for a general or specific purpose so you know your gift will
be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the
estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for
your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the Institute for Advanced Study in your estate plan. We have provided some basic bequest language to assist you and your attorney.
"I give and bequeath to the Institute for Advanced Study — Louis Bamberger and Mrs. Felix Fuld
Foundation, a nonprofit corporation located in Princeton, NJ, the sum of _____ dollars ($_____)
[or the property described below]."
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please contact us. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give the Institute for Advanced Study flexibility should it no longer be practical for the Institute for Advanced Study to use your gift as you originally intended
If, in the judgment of the Director of the Institute for Advanced Study, it becomes impracticable for the
Institute for Advanced Study to use this bequest to accomplish the specific purposes of this bequest, the
Institute for Advanced Study may use the income and principal of this gift for such purpose or purposes
most closely related to the original intent of my bequest.
Contact Us
Please contact us if you have any questions about how to make a bequest to the Institute for Advanced Study or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for the Institute for Advanced Study in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
