Will or Living Trust Provision
Unrestricted bequests allow the Georgia Tech Foundation the flexibility to respond to its most pressing needs at the time the funds are received. If you wish, a bequest can be designated for a school or college, or for a specific purpose such as scholarships or fellowships.
You may prefer to state in your Will or trust a sum of money, a percentage of your estate, a specific item, a work of art, or real estate that you wish to give to the Georgia Tech Foundation.
Whatever form of bequest you choose, it is not subject to estate or inheritance taxes and so significantly reduces the tax burden of an estate. The value of the bequest may be deducted when the taxable estate is determined, and there is no limit to the deduction.
When making a bequest to Tech, the Georgia Tech Foundation or the Alexander-Tharpe Fund should be named and not the Georgia Institute of Technology. As 501(c)(3) organizations that receive and manage private contributions made for the benefit of Georgia Tech, the Foundation and the Fund have more freedom for investment strategies and the distribution of funds.
You may print the following suggested bequest language to take to your attorney (19K.pdf):
I give, devise, and bequeath [Percentage or the sum of Dollar Amount or the rest, residue, and remainder of my Estate] to Georgia Tech Foundation, Inc., a Georgia charitable corporation, for the support of the [Name you Choose] Endowment Fund* for the support of the Georgia Institute of Technology. If in the future this bequest cannot be usefully applied for the described purpose, I authorize the Board of Trustees of the Georgia Tech Foundation, Inc. to apply this bequest to such other purposes as it in its discretion may determine to be consistent with my original intent as stated above.
*Please contact our office to discuss your interest in providing for Georgia Tech through your estate. Endowment-fund agreements are written between the donor and the Georgia Tech Foundation, Inc. to govern the use of a donor's gift according to his/her wishes. Certain minimum requirements apply.
Without a properly executed Will, your estate is subject to the law of the state in which you reside. Learn more tax facts.
Please note: Because the federal estate tax has been repealed for 2010, there is no current estate tax in 2010 for the gifts described on this page. However, the consensus opinion among professionals is that Congress will enact an estate-tax law that may be retroactive to January 1, 2010. It is very important that you seek the advice of your estate-planning attorney to determine what changes, if any, need to be made to your existing estate plans, and then again if Congress reinstates the estate tax sometime later this year.
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