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A charitable gift from your estate, also known as a bequest, is a favored method of giving that enables you to achieve your financial goals and benefit Fairfield University. No other planned gift is as simple to make or as easy to change should you ever need the assets during your lifetime.
A bequest may be right for you if:
Remembering Fairfield University in your will is a wonderful way for you to make a lasting gift. Large or small, your bequest will make an important contribution to our long-term strength and our ability to carry on with our activities. Your will is an important document that tells your life story and distributes your possessions, and we hope you will consider including a gift to Fairfield so that we can continue to have a positive impact on the next generations of those we serve.
But what if you don't have a will or living trust? You are not alone. Most Americans don’t have a will.
Without a will, the laws of your state will decide how your estate is divided. Typically, the probate court will divide your estate among your closest surviving family members according to a formula, and none of your estate can go to Fairfield University or any other charity. If you wish to have a say in how your estate is distributed, you must have a will or living trust. We encourage you to work with an experienced attorney to create a will or living trust that accomplishes your goals for your estate.
Ways you can define a charitable gift in your estate plan
There are several ways that you can define the amount of your charitable gift to Fairfield University. They are:
Ways to specify how we may use your bequest
You have several options for telling Fairfield University how we may use your bequest once we receive it. They are:
Make sure we can carry out your wishes
It is very important that your bequest be accurately and clearly described in your estate plan so that we can carry out your wishes as you intended. We are pleased to consult with you regarding the terms of your bequest to make sure that we will be able to carry out your intentions. In order to avoid any possible question that your bequest is to our organization, be sure to include our full legal name and our federal tax identification number in your bequest.
Legal name: Fairfield University
Current Address: 1073 North Benson Road, Fairfield, Connecticut 06824
Tax identification number: 06-0646623
We are happy to provide you with sample bequest language to assist you and your attorney.
You have complete flexibility to change your bequest at any time. If circumstances change in a way that makes you want to revise your gift to us, you can.
Because your bequest is revocable, you do not receive an income tax charitable deduction when you create it. Rather, your estate will receive an estate tax deduction for the full value of your bequest in the year it is made. Depending on a variety of factors, including the size of your estate and estate tax law at the time your estate is settled, this deduction may or may not save estate taxes.
In addition to adding bequest language to your will, here are a few other simple ways for you to make a bequest to us:
Please let us know if you have included Fairfield University in your estate plans. We would welcome the opportunity to thank you for your thoughtful gift and to confirm that we can carry out your wishes.
Elisha Enriquez, a widow, has been a supporter of Fairfield University for many years. Elisha is in good health now, but does not want to be a financial burden to her children should she require expensive health care in the future.
Fairfield University is one of two charities to which she has been most dedicated. She would like to make a lasting gift to each of them in memory of her husband. After discussing her options with her estate planning advisor, she decides to create a residuary bequest in her will for each of her two favorite charities. Each charity will receive 50% of the remainder of her estate after all other obligations, such as taxes and bequests to her children and grandchildren, have been taken care of.
Your gifts to Fairfield University help to develop the creative intellectual potential of our students and to foster in them ethical and religious values and a sense of social responsibility. It will provide Fairfield University with the resources to…