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Planned Giving

Bequest Language

Suggested Bequest Language

Naming Texas Medical Association Foundation as a beneficiary in your estate plan is a simple and lasting way to acknowledge the TMAF role in your life.

A bequest to TMA Foundation can be included in the body of your will or in an addition to it (a codicil). To name TMAF as a beneficiary, please use this language: Texas Medical Association Foundation, Austin, Texas.  You may designate your bequest for a specific purpose and may be made in the following ways:

  1. Residuary Bequest-You may state that all or a portion of your estate be given to TMAF after specific amounts are distributed to other beneficiaries.
  2. Specific Bequest-You may stipulate that a certain percentage of your estate, or a certain dollar amount, or particular securities or other assets be given to TMAF.
  3. Testamentary Charitable Trust-You may establish a unitrust or annuity trust for specific beneficiaries through your will. The trust principal is transferred to TMAF only after the death of the last trust beneficiary.

Sample Bequest Language


The provisions in your will for making a gift to TMAF will depend upon the type of gift and your own circumstances. The following are types of sample language that you and your attorney might find helpful when making a provision for TMAF.

The Unrestricted Gift

"I give to TMAF, Austin, Texas, the sum of $_________ (or _____ percent of my estate; or the property described herein) for its general purposes."

The Restricted Gift

"I give to TMAF, Austin, Texas, the sum of $_________ (or _____ percent of my estate; or the property described herein) for the use and benefit of the (insert preferred designation here). If at some future time the gift cannot be strictly used as set forth above, it is understood that the officers of TMAF may direct that the gift be used to meet the highest priorities of the Foundation."

Residuary

"All the rest, residue, and remainder of my estate, both real and personal, I give to TMAF at Austin, Texas, for its general purposes (or describe the specific purpose, if desired)."

Contingency Gift

"I devise and bequeath the residue of the property owned by me at my death, real and personal, and wherever situate, to my husband (or wife), ______________, if he (or she) survives me. If my husband (or wife) does not survive me, I devise and bequeath my residuary estate to TMAF Austin, Texas, for its general purposes (or describe the specific purpose, if desired)."

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A charitable bequest is one or two sentences in your will or living trust that leave to Texas Medical Association Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to Texas Medical Association Foundation [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to TMA Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to TMA Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to TMA Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and TMA Foundation where you agree to make a gift to TMA Foundation and, in return, you (and someone else, if you choose) receive a fixed amount each year for the rest of your life.

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