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Thomas Merrick was a widower who had a great love for our organization. As an individual who had directly benefited from our work, Thomas wanted to thank us with a gift from his estate.
Thomas told his attorney that he wished to make a bequest to The University of Texas at Tyler. Thomas' estate included some stocks, real estate and an IRA. Thomas' attorney recommended that he give the appreciated stock and real estate to his children and leave his IRA to charity.
Thomas: My attorney told me that if I gave the stock and real estate to my children, these assets would receive a step-up in basis at my death. My children could then sell them without paying tax. However, if I gave my children my IRA, the IRA would be subject to estate and income tax. After paying all of these taxes, very little would be left for my family. By giving the IRA to this organization, I could make a nice gift and avoid any additional tax for my estate and children.
 Thomas contacted his IRA custodian to obtain a beneficiary designation form. He filled out the form and designated our organization as the 100% recipient of his IRA account. Thomas' attorney then specified in Thomas' will the bequest of his other assets to his children.
Thomas: I was so impressed with my attorney's advice that I named him executor of my will!
Thomas called and notified us of his bequest. Thomas was pleased that because our organization was a tax exempt institution, it would receive the full amount of the IRA value when he passed away, creating a legacy for the future.
You also may want to make it easy and convenient to have a bequest included in your will. The language below shows how a bequest can very easily be included in your will.
You might find it helpful to select the "print" button on the top of your screen and print this page. You may feel free to give this page to your attorney. If he or she has any questions, please have him or her contact us at phone number 903-566-7112 or email us at lwickham@uttyler.edu.
Please note: The name and image above is representative of a typical donor and may or may not be an actual donor to our organization. Since your IRA gift benefits under federal rules may be different from this person, you may want to contact us to discuss an IRA gift.
I give, devise and bequeath __________________________ to the Board of Regents of The University of Texas System for the use and benefit of The University of Texas at Tyler.
Option A - Gift for General Use
This gift shall be used in support of (state purpose). These funds shall never become a part of the Permanent University Fund, the Available University Fund, or the General Fund of the State of Texas and shall never be subject to appropriation by the legislature of the State of Texas.
Option B - Gift to Create an Endowment:
This gift shall be used to create the (name of endowment **) as a permanent endowment for The University of Texas at Tyler. Funds distributed from the endowment shall be used to (state purpose).
Such funds shall never become a part of the Permanent University Fund, the Available University Fund, or the General Fund of the State of Texas, and shall never be subject to appropriation by the legislature of the State of Texas. These endowment funds may be merged or commingled with other funds held by the Board of Regents of the University of Texas System for investment purposes. A portion of the funds distributed from the endowment may be designated by the Board of Regents or the University of Texas at Tyler administration as a permanent addition to the principal of the endowment.
If, in the opinion of the Board of Regents of The University of Texas System, future circumstances change so that the purpose for which this endowment is established becomes illegal, impractical, or no longer able to be carried out to meet the needs of The University of Texas at Tyler, said Board may designate an alternative use for the endowment payout to further the objective of said university, in the spirit of the original purpose of the endowment.
* Possible "Sample" Inserts
1. A fixed dollar amount or specific assets and estimated value of gift.
2. All the rest and residue or a percentage of an estate (i.e., 10%, 25%)
3. A percentage or parcel of land or real estate (Please give as specific a description of the property as possible.)
4. Other tangible asset (i.e., a collection of art, private library, etc.)
** Endowments may be set up naming the donor or an honoree with or without the purpose included in the name. Examples are:
1. Mr. and Mrs. John Doe Endowed Scholarship
2. John and Jane Doe Endowed Nursing Scholarship
These examples are intended only to show various ways that endowments are titled. They are not to be interpreted as the only language accepted. For more information or clarification, or for information on the minimum funding requirements for certain endowments, please contact the Office of Gift Planning at (903) 566-7112.
You may print a Bequest tri-fold brochure. What Legacy Will You Leave.
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