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Gifts of Real Estate in Your Will or Trust: Getting Started
If you've thought about making a gift to The University of Mississippi Medical Center but aren't ready to give up your assets today, consider leaving a gift of real estate to us after your lifetime through your will or revocable living trust.
This method—called a bequest—allows you the flexibility to change your mind at any time since your gift isn't actually complete until after your lifetime. Plus, if your estate will be subject to estate taxes, this gift entitles your estate to a federal estate tax charitable deduction for the full value of the property, reducing any estate taxes owed upon death.
How It Works
The official bequest language for The University of Mississippi Medical Center is: "I, [name], of [city, state, ZIP], give, devise and bequeath to The University of Mississippi Medical Center [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."
Gift of Real EstateYou1Include The University of Mississippi Medical Center in your will or trust.2Your estate is entitled to receive a federal estate tax charitable deduction.Will or Trust3The property is sold or kept by The University of Mississippi Medical Center.The University of Mississippi Medical Center
How You Benefit
In addition to freeing your loved ones from the costs and responsibilities of ownership, leaving The University of Mississippi Medical Center your real estate after your lifetime offers these benefits:
- Simplicity. Just a few sentences in your will or trust are all that is needed to complete your gift.
- Flexibility. Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
- Tax relief. The gift entitles your estate to a charitable estate tax deduction, reducing the amount of federal estate taxes your estate may owe the IRS.
Request a free guide to learn more about the tax benefits of a gift of real estate.
Please contact Mary W. Hagaman at (601) 984-2300 or mhagaman@umc.edu if you have any questions about this way to leave your mark at The University of Mississippi Medical Center.
Your Next Steps
Getting Started | Is This Gift Right for You? | Case Study | How to Complete Your Gift | Beyond a Gift in Your Will or Trust | Action Items
Copyright © The Stelter Company, All rights reserved.
The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.
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