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Bequests

> You're considering a gift made after death as part of your estate
> You want to help ensure the UT Health Science Center's future
> Estate planning is more important to you than an immediate income tax deduction

When it's time to begin planning your estate, you think about the people and institutions that have played a role in your life. You have supported the Health Science Center during your lifetime. You believe in our mission and understand that we will continue to make a positive difference in the world far into the future.

How can you provide for the UT Health Science Center's future support? By including a charitable bequest in your will or revocable trust.

A bequest is easy to arrange (see sample text below). It is not payable until death, so it does not affect your assets or cash flow during your lifetime. It is private – your will is not filed or made public until your death. And, it is revocable – you can change the provisions in your will or trust at any time until death.

A bequest can deliver a specific gift (“I bequeath the sum of Ten Thousand ($10,000) Dollars”), or a percentage of the balance remaining in your estate after taxes, expenses and specific bequests have been paid – what's known as the residue of your estate (“I bequeath Ten Percent of the residue of my estate”). Generally, giving a percentage of the
residue allows for more flexibility in your long-term planning.

A charitable bequest or trust distribution is deductible for federal estate tax purposes, and there is no limit on the deduction your estate can claim. In addition, the gift is usually exempt from state inheritance taxes.

Since we will likely not receive your bequest until far into the future, its terms should be as general as possible – to
avoid benefiting a project that we no longer pursue or terms that will be difficult to meet. Please consult us if you are considering a bequest for a specific purpose.

Suggested Text for a Bequest:I bequeath Ten percent (10%) of the residue of my estate to The University of Texas Health Science Center at Houston, a Texas non-profit corporation located in Houston, Texas, as an endowment to be used for its general purposes.

You May Be Wondering ...

What's the difference between
a will and a trust?

A will is your instruction manual to your survivors about how you want your property distributed. It's a revocable, private document that only takes effect after your death.

A revocable trust (sometimes called a living trust) is a legal entity that holds assets during your lifetime, then transfers ownership of them -- or benefit from them -- upon your death. Unlike a will, a trust must take title to assets before it can pass them to your survivors.

There is no difference between wills and trusts in how transfers from them are taxed. In some states, however, the probate and distribution process is simpler with a revocable trust. Your advisors can guide you in choosing which vehicle will work better for you.

What if I've already written my will or trust?

You can amend a will or trust to make a gift to the UT Health Science Center. Your attorney can prepare the simple document, called a codicil, that adds a new bequest to us while reaffirming the other terms of your will. Similarly, he or she can prepare an amendment to your revocable trust to add the Health Science Center as a beneficiary.

If you are considering a bequest or revocable trust benefiting us, email us, complete the personal profile form, or call us at 713-500-3200 so that we can assist you through every step of the process.

The University of Texas Health Science Center at Houston
7000 Fannin, Suite 1200
Houston, TX 77030
713-500-3200 | 713-500-3216 (fax)
E-mail: Shirley.Druggan@uth.tmc.edu