Include the Foundation in Your Estate Plan
Including the Foundation in your estate planning is a smart way of making your legacy giving possible. Our experienced gift officers can work with you and your financial or legal advisers to find the best way to achieve your philanthropic goals, often providing tax benefits for you or your heirs. Estate planning ensures that your values are honored with your plan, and not someone else’s or the government’s plan for your assets. The Foundation for OCCC does not provide legal or tax advice.
As you consider setting up your estate plan, it can be beneficial to consult with the Foundation so we can help prepare you for the more costly consultations with your legal or financial advisers. For example, instead of articulating in your Will or Trust specifically how a gift to the Foundation might be used, your Will or Trust can reference that you and the Foundation have a separate legal agreement (that we will prepare for your review at no cost) that stipulates your intentions . This way, if over time, you decide to alter your gift plans for the Foundation, that agreement can be amended at no cost to you without the need to change your Will or Trust.
Sample Language for a Remainder (or Residual) Gift
“I give to Oklahoma City Community College Foundation, an Oklahoma nonprofit corporation located in Oklahoma City, OK (EIN 73-1529564), or its successor organization, (all or ____%) of the residue or remainder of the property owned by me at death, real and personal and wherever situated, for support of its academic mission.”
Sample Language for a Contingent Gift – It is possible that the primary beneficiary or beneficiaries of your estate may pass before you do. In that case, a contingent gift naming Oklahoma City Community College Foundation as an alternative beneficiary can provide a meaningful option.
“In the event (insert the primary beneficiary/beneficiaries) does/do not survive me, I give said amount to Oklahoma City Community College Foundation, an Oklahoma nonprofit corporation located in Oklahoma City, OK (EIN 73-1529564), or its successor organization, for support of its academic mission.”
Restrictions for Your Gift – You may add the following to any of the bequests to direct the gift is used according to your wishes. We will work with you to create a legal document stipulating your intentions on how the gift is to be used according to your restrictions.
- Unrestricted – “This gift is unrestricted and may be used for the highest priority need(s).”
- Restricted – “This gift is to be used for the purposes set forth in a separate written agreement between me and the Oklahoma City Community College Foundation, as may be amended from time to time. If there is no such agreement, the gift is unrestricted.”
PLEASE CONSULT WITH YOUR LEGAL OR FINANCIAL ADVISERS
THE FOUNDATION FOR OCCC DOES NOT OFFER LEGAL ADVICE