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For Estate Advisors

Sample Bequest Language

Unrestricted Gift: A gift that can be used where need is greatest

I give to Maryland Institute College of Art, a non-profit 501(c)(3) Corporation, headquartered in Baltimore, Maryland, U.S.A., the sum of $_______ for its general purposes.

Gift for a Specific Purpose: A gift that is to be used for a specific purpose

I give to Maryland Institute College of Art, a non-profit 501(c)(3) Corporation, headquartered in Baltimore, Maryland, U.S.A., the sum of $_______ to be used for (state purpose).

Perpetual Endowment Fund: A gift that lasts in perpetuity

I give to Maryland Institute College of Art, a non-profit 501(c)(3) Corporation, headquartered in Baltimore, Maryland, U.S.A., the sum of $_______ to be used as a permanent endowment, the income only from which shall be used for its general purposes (or describe the specific purpose, if desired).

Residuary Bequest: Leaves any remainder after all other bequests have been paid

All the rest, residue, and remainder of my estate, both real and personal, I give to Maryland Institute College of Art, a non-profit 501(c)(3) Corporation, headquartered in Baltimore, Maryland, U.S.A., for its general purposes.

Contingency Gift: Takes effect only if a primary intention can't be met.

If (name of beneficiary) does not survive me, or shall die during the administration of my estate, or as a result of a common disaster, then I give to Maryland Institute College of Art, a non-profit 501(c)(3) Corporation, headquartered in Baltimore, Maryland, U.S.A., all of the rest, residue, and remainder of my estate, to be used for its benefit.

Safety Language: Language added whenever a gift is restricted

In the event the purposes of the restriction, in the opinion of the Board of Directors of Maryland Institute College of Art can no longer be served, the Board may devote any remaining assets exclusively for charitable purposes that: (a) are within the scope of the charitable purposes of charity (b) most nearly approximate the original purpose of the gift; and (c) benefits charity.

* Rather than leaving a sum certain, you can include language that refers to a percentage of your estate or a description of the property you wish to bequeath.

 

For more information

E-mail or call:

Alison Wainwright Davitt
Associate Vice President for Development & Constituent Relations
Office Telephone: 410-225-4219
Email: adavitt@mica.edu

Our carefully selected Planned Giving Advisory Council is prepared to help you with any questions related to your estate plans.

Planned Giving Advisory Council

Ann M. Garfinkle, Esq.
Planned Giving Advisory Council Chair and MICA Trustee
Whiteford, Taylor & Preston

John Cogar, Esq.
Senior Vice President of Private Wealth
PNC Private Wealth Management

M. Gwen Davidson
Partner
Brown Advisory

John Davis
Real Estate Consultant

Carl Eastwick, Esq.
Semmes, Bowen and Semmes

Julie Finney
Account Executive/CFP
PSA Financial

John Gilpin, Esq.
Senior Vice President
Bank of America, Private Bank

Lowell G. Herman, Esq.
Gordon, Feinblatt, Rothman, Hoffberger & Hollander, LLC

Frederick Matson Hopkins, Esq.
Principal
Legg Mason Trust

Sarah Barr Kahl, Esq.
Venable, LLP

David Keister, Esq.
Executive Vice President
SunTrust Bank

Julian Lapides, Esq.
Attorney at Law

Natalie Maloney
Vice President, Private Client Services
M&T Investment Group

A. MacDonough Plant, Esq.
Partner
Stewart, Plant & Blumenthal

Jill R. Robinson, Esq.
Atapco Financial Services

Roland Schrebler, Esq.
Fedder and Garten

Charlotte Sherman, Esq.
Stewart, Plant & Blumenthal

Natalie Sherman, Esq.
Gallagher, Evelius & Jones LLP

Shale Stiller, Esq.
Partner
DLA Piper LLP

Bonnie A. Travieso, Esq.
Bonnie A. Travieso, LLC

Curtis Wilkerson
Vice President, Financial Services
PSA Insurance and Financial Industries