Director of Major Gifts and Planned Giving
When writing your will, or revising your estate plan, the inclusion of a bequest for Wheelock is a straightforward way to show your commitment to the College. Here are some important issues to consider when you make a bequest:
What is a bequest?
You leave assets to Wheelock in your will.
What is the goal of a bequest?
To defer a gift until after your lifetime.
When should I make a bequest?
At any age when you are writing or revising a will.
What are the benefits?
A gift to Wheelock.
You keep assets in your name during your lifetime.
Your estate receives a charitable tax deduction when the gift is made.
How is a bequest paid out?
Typically a bequest is funded with cash, securities, real estate, or personal property.
You can name Wheelock College as the direct beneficiary of a stated amount of money, a particular piece of property, or a percentage of your estate.
You can designate Wheelock College to receive all or a portion of the remainder of your estate once all specific bequests to family and friends have been satisfied.
Use the following suggested language to make an unrestricted bequest for general purposes.
"I hereby give, devise, and bequeath to Wheelock College, an educational institution in Boston, Massachusetts, the sum of ($________) for its general purposes."
"I hereby give, devise, and bequeath to Wheelock College, an educational institution in Boston, Massachusetts, ____ percent of my residuary estate for its general purposes."
Gifts of Life Insurance Policies or 401K plans
If you have a life insurance policy whose value you no longer need in your portfolio, please consider donating the policy to Wheelock College. Similarly, if the tax burden of transferring your 401K plan to your heirs makes the value decline consider donating this asset. You could decrease your tax liability as well as provide for the education of professionals who will make a difference in the world. We would be more than happy to discuss these options with you and your financial adviser.