Some of the largest contributions to Eastern University have been testamentary gifts. Fortunately, current federal estate tax laws favor testamentary gifts. With the potential for combined federal estate and state death tax rates reducing significantly the size of an estate, a testamentary gift can be a strategic way to support Eastern and reduce estate taxes.

Bequests

A bequest may provide for a specific dollar gift, a percentage of your estate, or specific asset(s) to be given to Eastern in support of its various programs and endeavors.

A bequest may also be in the form of a gift of the remaining assets of one's estate.

Bequests, like other gifts, can be designated for many purposes or given without restriction. Bequests do not qualify for current charitable income tax deductions because they are revocable. A provision in one's Will-or a codicil (amendment) to an existing Will-requires simple language.

Unrestricted Bequests

An unrestricted bequest is one intended for the general and best use by the University at the discretion of the Board of Trustees. Such a bequest might read:

"I hereby give, devise and bequeath to Eastern University, in St. Davids, Pennsylvania, the (sum of $_______ ) ( ____ percent of my estate) (the following property) (the rest, residue, and remainder of my estate). The property comprising this gift may be used to further the charitable purposes of Eastern University at the discretion of its Trustees."

Restricted Bequests

Donors may restrict the usage of their bequests. A restricted bequest might be worded as follows:

"I hereby give, devise and bequeath to Eastern University, in St. Davids, Pennsylvania, the (sum of $_______ ) ( ____percent of my estate) (the following property) (the rest, residue, and remainder of my estate). The property comprising this gift shall be used for (state purpose)."