Bequests and Testamentary Gifts
Please let us know if you have included Duke in your estate plans. You can complete a confidential Confirmation of Deferred Gift Form (.doc format) or feel free to contact our staff with any questions you may have.
Gifts by Will or Living Trust
The most common form of deferred or planned gift to support Duke is a bequest contained in a person's will or revocable (living) trust. The following language is an example of how a bequest to benefit Duke may be worded:
I give, devise and bequeath to Duke University, a qualified 501(c)(3) charitable organization located in Durham, North Carolina, _____ percent of my residual estate (or a specific bequest of $__________, or other personal or real property appropriately described) for (a specific college, school, program or unrestricted use), to be used in accordance with the terms of the most recent written directive or fund agreement I have signed with the University, otherwise to be used as directed by the (e.g. President, Provost, Athletic Director, School of ___) at Duke University.
Gifts of Retirement Plans
Naming Duke as a primary or contingent beneficiary of a private pension fund (e.g. IRA, SEP, 401(k)) can result in a tax-wise testamentary gift because these assets do not receive favorable tax treatment at their owner's death. In some cases, it is best to divide one retirement account into two separate accounts, one for your spouse and one for Duke. Your retirement accounts plan administrator (the company that manages the account) can help you designate Duke University as a beneficiary on the plan's beneficiary designation form. (Please send Duke a copy of this form.)
Testamentary Life-Income Gifts
You can fund a charitable gift annuity, charitable remainder unitrust, charitable lead trust, or pooled income fund through your will. While these gift plans will not generate tax savings during your lifetime, they may reduce estate taxes and provide life income for a loved one.
Gifts of Life Insurance
You can name Duke as a primary or contingent beneficiary of a life insurance policy. If you retain any control over the policy, no income tax deduction is allowed; however, if Duke is named both the sole owner and beneficiary of a paid up policy, you may receive an immediate charitable deduction for the lesser of the policys fair market value and the net premiums paid. Additional premiums that you pay may also be tax deductible.
Retained Life Estate
You may generate a current income tax deduction by giving a home or farm to Duke, while retaining the right to use the property during your lifetime. The property will also be removed from your taxable estate. Contact Duke's Office of Gift Planning to discuss this gift opportunity in more detail.