Suggested Designations
For
Wills And Trusts Benefiting
The Bob Jones University Museum & Gallery
General
Designation:
With a general designation, you simply state a specified dollar amount. "I
give the sum of _________________________ DOLLARS ($ __________) to the BOB
JONES UNIVERSITY MUSEUM & GALLERY, INC. in Greenville, South Carolina, so
long as it is at the time an organization to which contributions are deductible
for estate tax purposes under Internal Revenue Code § 2055 or its successor
provisions, for its general use and purpose."
Specific Designation:
With a specific designation, you designate that the Bob Jones University Museum
& Gallery is to receive a specific piece of property. "I give _________________________
[insert description of property] to the BOB JONES UNIVERSITY MUSEUM & GALLERY,
INC. in Greenville, South Carolina, so long as it is at the time an organization
to which contributions are deductible for estate tax purposes under Internal
Revenue Code § 2055 or its successor provisions, for its general use and purpose."
Residuary Designation:
A residuary designation is used to designate the Bob Jones University Museum
& Gallery all (or a portion thereof) of the property in your estate after
all debts, taxes, expenses, and all other designations have been honored.
"I give all of the rest, residue, and remainder of the property I own at my
death to the BOB JONES UNIVERSITY MUSEUM & GALLERY, INC. in Greenville, South
Carolina, so long as it is at the time an organization to which contributions
are deductible for estate tax purposes under Internal Revenue Code § 2055
or its successor provisions, to be used for its general use and purpose."
Percentage Designation:
The designation can be expressed as a percentage of your estate or your residuary
estate. "I give ______% of my gross estate for federal estate tax purposes
to the BOB JONES UNIVERSITY MUSEUM & GALLERY, INC. in Greenville, South Carolina,
so long as it is at the time an organization to which contributions are deductible
for estate tax purposes under Internal Revenue Code § 2055 or its successor
provisions, for its general use and purpose."
Contingent Designation:
It is important to plan for the situation when the beneficiary of a will or
trust dies before you or disclaims the property. In anticipation of such an
occurrence, the Bob Jones University Museum & Gallery may be named as the
alternate or contingent beneficiary. This will ensure that your property will
pass to the Bob Jones University Museum & Gallery rather than to unintended
beneficiaries. "If _________________________ [insert name] predeceases me
or disclaims any interest in _______________________________[describe the
property], I give such property to the BOB JONES UNIVERSITY MUSEUM & GALLERY,
INC. in Greenville, South Carolina, so long as it is at the time an organization
to which contributions are deductible for estate tax purposes under Internal
Revenue Code § 2055 or its successor provisions, for its general use and purpose."
Restricted Designation:
The samples of will or trust designations suggested above are designed to
provide unrestricted gifts. However, you may prefer to restrict your designation
for a specific purpose. "I give _____________ DOLLARS ($________) to the BOB
JONES UNIVERSITY MUSEUM & GALLERY, INC., so long as it is at the time an organization
to which contributions are deductible for estate tax purposes under Internal
Revenue Code § 2055 or its successor provisions, in Greenville, South Carolina.
This gift should be used to support the [insert the purpose for which the
gift is to be used]. If the Executive Director of the BOB JONES UNIVERSITY
MUSEUM & GALLERY, INC. determines that it is not feasible or economical to
use the gift for the purpose stated above, the gift may be used for such purposes
of the BOB JONES UNIVERSITY MUSEUM & GALLERY, INC. as the Executive Director
directs."
