Home >> Gift Planning >> Bequests
|
Read the story of Dr. John DeHaan, a renowned criminalist and fire investigator whose bequest to UIC will solidify a world-class educational program for aspiring criminalists, in turn strengthening the criminal justice system.
Learn more about bequests below and follow our suggested next steps. If you would like to contact someone immediately, email Lynn Bennett, UIC's gift planning advisor, or call her at 312-413-3394. |
|
BEQUESTS
In a bequest, you name the University of Illinois at Chicago as a charitable beneficiary in your will or trust. You can specify that a dollar amount or a percentage of the value of your estate be given to UIC. You can also bequeath a specific piece of your property, such as real estate, artwork and other collections you want UIC to have.
BENEFITS
Here are some benefits of a bequest:
- If you have significant charitable goals you want to achieve at UIC, a bequest can be the best way to donate enough resources to make them possible.
- A bequest becomes effective through your estate. This means you can make giving plans now that will provide an enormous impact later, all without using your assets during your lifetime.
- A bequest significantly reduces the tax burden of an estate. The value of your bequest is deductible, without limit, when your taxable estate is computed.
- A bequest permanently links your legacy of values and accomplishments with future generations of UIC students and faculty.
How to Arrange a Bequest
You will need to consult with the attorney who drafted your will or trust to arrange a bequest to benefit UIC.
Your attorney can use the following sample wording to add a bequest to your estate plan:
I leave (% of estate, $ amount, residue) to the University of Illinois Foundation, a not-for-profit corporation (Tax ID 37-6006007) located in
the State of Illinois, to support (program, department, college, unit) at the University of Illinois at Chicago.
All bequests to benefit UIC are administered through the University of Illinois Foundation, a tax-exempt 501(c)(3) non-profit corporation. Your attorney may use our Foundation's tax-exempt identification number "37-6006007" in finalizing your bequest.
Next Steps
UIC's Gift Planning Advisor, Lynn Bennett, is available to answer questions and offer guidance. Please contact her at 312-413-3394 or lbennett@uif.uillinois.edu to:
- Ask questions or discuss your specific interests.
- Request additional written information about bequests.
- Schedule a confidential consultation to help you determine your best gift planning strategy.