Estate or Planned Gifts
Many alumni and friends would like to make a major gift to the UNC school of Medicine but cannot commit current assets for such a purpose. Through a will, you can make a more significant gift than you might ever have thought possible to benefit the future of medicine at UNC. A will or living trust is a statement about what matters most in your life that helps ensure that your intentions are clearly expressed and that they will be followed by those administering your estate.
When you name the Medical Foundation in your estate plan, you have the potential of estate tax savings and a lasting legacy that can carry your family’s name. You can designate your bequest as you wish – to unrestricted needs of a program, department or center or to a specified purpose. You can create a named endowment fund that will be invested in perpetuity, or you can also have your gift expended for immediate use.
This language creates an unrestricted bequest for use by the medical school when and where the need is greatest, or you can direct your bequest to a specific program, department or center, by including “for the benefit of” after the Foundation’s name. It is very important that the bequest be correctly stated in your estate plan, and we would be happy to prepare specific language for you to share with your attorney. Informing the foundation of your plans to benefit medicine greatly helps the Foundation in its long range planning, and, most importantly, allows us to thank you now for your generosity. It also qualifies you for membership in the W. Reece Berryhill Society, a recognition society for those who have included medicine in their estate plans.
TYPES OF BEQUESTS
- Specific bequest
- A specific bequest states a specific dollar amount or asset which may be a gift of cash, securities, real estate or tangible personal property.
- Residual bequest
- A residual bequest names The Medical Foundation of NC, Inc. to receive all or a percentage of the remainder of the estate after your specific bequests have been fulfilled
- Contingent bequest
- A contingent bequest takes effect only if all primary beneficiaries named in the will have predeceased you. Declaring the Medical Foundation a contingent beneficiary can prevent your property from going to the state if there are no surviving heirs.