Gifts of Cash 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 or an amount of money today, consider leaving a gift of cash 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 amount of your gift, reducing any estate taxes owed upon death.
How It Works
To leave a gift of cash after your lifetime, you need a current will or revocable living trust.
You decide what dollar amount you'd like to give to us.
Your attorney will help you complete the gift.
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."
After your lifetime, The University of Mississippi Medical Center receives your cash gift from your estate.
Gift of Cash
Include The University of Mississippi Medical Center in your will or trust.
Your estate is entitled to an estate tax charitable deduction.
Will or Trust
The University of Mississippi Medical Center can use your gift to fulfill our mission.
The University of Mississippi Medical Center
How You Benefit Many people consider a cash gift in their will or trust the perfect way to make a gift. It allows you to support The University of Mississippi Medical Center in the future without using any of your assets today. In addition, leaving us a gift of cash 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.
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.