An excellent way to support University of Bridgeport’s mission is to include a bequest in your will, living trust, or with a codicil. You can make your bequest unrestricted or direct it to a specific purpose. We will help to ensure your gift can be used as intended. You can even indicate a specific amount or percentage of the balance remaining in your estate.
- Your assets remain in your control during your lifetime.
- You can modify your gift to address changing circumstances.
- Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.
If you express your gift as a percentage (e.g., “20 percent of the residue of my estate”), you can maintain the same relative gifts to charities and your heirs, regardless of changes in estate value.
Sample bequest language you may wish to share with your attorney:
(Unrestricted bequest) I give, bequeath and devise all (or ____ percent) of the rest, residue and remainder of my estate to University of Bridgeport (Tax ID#), a corporation of the State of Connecticut, located in Bridgeport, Connecticut, for the general and educational purposes of said Corporation.
(Bequest for a specific purpose) I give, bequeath, and devise to University of Bridgeport (Tax ID# ), a corporation of the State of Connecticut, Bridgeport, Connecticut, the sum of $_______, (or, ____ percent of the rest, residue and remainder of my estate) to be used to support ___________________ (name of program or academic area.) In the event the need to support _____________ no longer exists, University of Bridgeport shall be and hereby are authorized to use this bequest for a purpose in keeping with the spirit of this gift in the best interest of the University.
NOTE: If you wish to restrict your bequest to a specific purpose or program at University of Bridgeport, please contact the office of University Advancement in advance to assure that the language you include will accomplish your wishes and align with the University's needs.
Endowment funds for a restricted purpose
If your bequest will be used to establish an endowment fund for a restricted purpose, we recommend that you and your counsel consider adding a “saving clause” to your bequest provision. A “saving clause” is a way to ensure the usefulness and relevance of your bequest in the future as the University’s needs and priorities change. For example:
“If, in the future, it is the opinion of the University of Bridgeport that all or part of the income of this fund cannot be usefully applied to such purpose, it may be used for any related purpose which, in the sole opinion of the TRUSTEES/FOUNDATION BOARD, will most nearly accomplish my wishes.”