Print Page   |   Contact Us
Planned Giving Opportunities

Planned giving is an excellent way to allow you to make a larger contribution than is often possible through outright gifts. By making a planned gift to the District of Columbia School of Law Foundation, a 501(c)(3) tax exempt charitable organization that supports the students, faculty and programs at UDC David A. Clarke School of Law, you can make a commitment for the future today.

Please keep reading for information about the planned giving opportunities available to you:

For more information about making a gift to the Foundation, contact Joe Libertelli at 202-274-7338 or JLibertelli@udc.edu.

The information on this website does not constitute legal or financial advice.  We encourage you to discuss these options with your advisors before deciding on the best choice for you.

 

Making a Bequest

There is no better way to leave a legacy than to remember the District of Columbia School of Law Foundation in your estate plans. The Foundation is a 501(c)(3) tax exempt charitable organization that supports the students, faculty and programs of UDC David A .Clarke School of Law. Your bequest will be exempt from taxes.*

Making a bequest is as simple as asking your attorney to include language in your will expressing your wish to do so. Please contact Joe Libertelli for information on designating your bequest to a specific fund at 202-274-7338 or JLibertelli@udc.edu.

Below, please find several ways to remember the District of Columbia School of Law Foundation in your estate plans:

Fixed Gift

You can choose to leave the Foundation a fixed gift in your estate. This is the most common way individuals leave a bequest.

Sample language: I bequeath to the District of Columbia School of Law Foundation (Tax ID 52-1863674) a nonprofit corporation organized under federal law now maintaining its headquarters in the District of Columbia at 4200 Connecticut Avenue, NW, Washington, DC 20008, the sum of $______ (or describe the specific property you intend to bequeath – stocks, savings bonds, etc.).

Percentage

You may leave the Foundation a percentage of your estate.

Sample language: I bequeath to the District of Columbia School of Law Foundation (Tax ID 52-1863674) a nonprofit corporation organized under federal law now maintaining its headquarters in the District of Columbia at 4200 Connecticut Avenue, NW, Washington, DC 20008, _______% of the rest and residue of my estate.

Residuary

Some individuals designate that the Foundation receive what is left of their estate after all other debts, taxes, expenses, and other bequests have been fulfilled.

Sample language: After all specific bequests, devises, and expenses have been taken care of, I hereby give the residuary of my estate to the District of Columbia School of Law Foundation (Tax ID 52-1863674) a nonprofit corporation organized under federal law now maintaining its headquarters in the District of Columbia at 4200 Connecticut Avenue, NW, Washington, DC 20008.

* The information in this document does not constitute legal or financial advice.  We encourage you to discuss these options with your advisors before deciding on the best choice for you.

Back to top

Gifts of Life Insurance

A life insurance policy becomes a contribution when the donor turns the policy over to the District of Columbia School of Law Foundation as its owner and beneficiary. The donor can receive a number of tax benefits by making this designation. Premium payments made on the policy can be considered charitable gifts. The cash value of the policy can be considered an immediate tax deduction for the donor, and the policy’s value can be removed from a donor’s taxable estate.*

District of Columbia School of Law Foundation Tax ID: 52-1863674

For more information about making a gift to the Foundation, contact Joe Libertelli at 202-274-7338 or JLibertelli@udc.edu.

* The information in this document does not constitute legal or financial advice. We encourage you to discuss these options with your advisors before deciding on the best choice for you.

Back to top

Gifts of Retirement Accounts

Upon your death, payments made from retirement accounts (pension plans, 401(k) and 403(b) plan assets, IRAs, and other forms of deferred compensation) to your designated beneficiaries will be taxed at their ordinary income tax rate.  Additionally, funds remaining in retirement accounts may be subject to estate taxes.  By naming the District of Columbia School of Law Foundation as beneficiary of your retirement account(s), you may avoid these income and estate taxes.*  This type of a bequest is simple to complete. Just request beneficiary designation forms from your plan administrator and name the District of Columbia School of Law Foundation on the form.

District of Columbia School of Law Foundation Tax ID: 52-1863674

For more information about making a gift to the Foundation, contact Joe Libertelli at 202-274-7338 or JLibertelli@udc.edu.

* The information in this document does not constitute legal or financial advice.  We encourage you to discuss these options with your advisors before deciding on the best choice for you.

Back to top

Questions About Leaving a Legacy

What is a charitable bequest?

A charitable bequest is a stipulation in a donor's will that states that a certain sum of money or percentage of one's estate be given to a charitable organization, in this case, the District of Columbia School of Law Foundation.

Why do people make charitable bequests?

There are various reasons why people give.  A donor may have a personal connection to the School of Law or might, quite simply, believe in its mission.  Many people make charitable bequests because they want to give back to the community.

Can an "average” person leave a legacy?

Absolutely!  Bequests are the simplest forms of planned giving, and are a way to perpetuate your commitment to the School of Law.  With a bequest you can make a gift that you may not have been able to afford in your lifetime.  Most people leave an estate when they die, even though they may not have a great deal of wealth.  It is a wonderful way to make a lasting difference.

If I were to make a charitable bequest, are there benefits?

There are some tax benefits (for example, heirs will not be taxed on a bequest) as well as the benefit of knowing that you are helping the Foundation to support the School of Law's mission after your lifetime.  Many donors feel unsure about making a gift of current assets because those monies may be needed.  A bequest ensures that the donor's assets remain intact for as long as he or she needs them and that the Foundation will receive a gift that will be used to support the School of Law.

In general, how would I go about making a bequest?

You simply ask your attorney to include language in your will expressing your wish to do so.  When making a bequest, you have the ability to stipulate that a charitable organization receive a percentage of the estate, a fixed amount of money or the residuary, which is what is left of an estate after all other debts, taxes, expenses and bequests have been fulfilled.  Your attorney or tax adviser will be able to instruct you on which bequest would best serve you and your heirs.

Can funds from a retirement plan or IRA be part of a bequest?

Yes.  The number of estates containing IRAs and retirement plan assets is growing.  They are an attractive source of charitable bequests, because the Foundation can receive the funds with no tax liability and therefore can apply 100% of those assets to help the School of Law.  By contrast, family members who inherit IRAs and retirement plan assets must pay income tax on them.  By the time taxes are paid, some family members may receive as little as 15% of the retirement account.

Is it important to designate specific instructions in my will?

To ensure that your wishes are met, you should clearly state your intentions in your will.  Without a will, one loses control over financial and other assets after death.  Property and finances are settled according to the state’s decisions, despite family’s wishes.

Is it possible to make a gift for a specific purpose?

Yes!  The Foundation would be delighted to apply your gift to a specific purpose such as scholarship, fellowship or professorship.  We would be happy to discuss those special wishes with you.

Should I tell the Foundation about my estate plans?

Absolutely!  It is incredibly helpful to the Foundation to be able to plan for the future support of School of Law programs.  If you have included the Foundation in your estate plans, please let us know. We would love to be able to thank you during your lifetime.

How can I learn more?

Individuals interested in making a bequest or another planned gift may contact Joe Libertelli at JLibertelli@udc.edu or (202) 274-7338.

The information in this document does not constitute legal or financial advice.  We encourage you to discuss these options with your advisors before deciding on the best choice for you.

Back to top

 

Site Search
Sign In


Forgot your password?

Haven't registered yet?

School News
Calendar

12/12/2016
Impact of 2016 Election on our clients, other vulnerable populations