You can make a bequest by gifting a specific dollar amount or asset, a percentage of your estate, or the balance or residue of your estate, or by making a beneficiary designation of certain assets (such as on a life insurance policy or investment account).

Specific bequest. A specific bequest involves making a gift of a specific asset such as security, stocks or bonds, retirement asset or a gift for a specific dollar amount. For example, you may wish to leave your IRA account or $15,000 to MIAD.

Percentage Bequest. This type of bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to MIAD.

Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 25% of the residue of your estate to MIAD.

Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave a specific asset to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the asset will go to MIAD.

A bequest is a revocable gift, which means it can be changed or modified at any time. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.

To make a bequest, we encourage you to speak with your attorney. Your attorney can help you include a bequest to MIAD in your estate plan. We have provided some basic bequest language to assist you and your attorney.

Specific Bequest

If you are considering making an outright bequest to MIAD, we recommend the following language:

Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Milwaukee Institute of Art & Design, a nonprofit organization located at 273 E. Erie St., Milwaukee, WI 53202, Federal Tax ID #39-1201561, for Milwaukee Institute of Art & Design’s general use and purpose.

Bequest of Specific Personal Property
I hereby give, devise and bequeath [DESCRIPTION OF PROPERTY] to Milwaukee Institute of Art & Design, a nonprofit organization located at 273 E. Erie St., Milwaukee, WI 53202, Federal Tax ID #39-1201561, for Milwaukee Institute of Art & Design’s general use and purpose.

Percentage Bequest
If you are considering making a bequest of a percentage of your estate to MIAD, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Milwaukee Institute of Art & Design, a nonprofit organization located at 273 E. Erie St., Milwaukee, WI 53202, Federal Tax ID #39-1201561, for Milwaukee Institute of Art & Design’s general use and purpose.

Residual Bequest
I hereby give, devise and bequeath to Milwaukee Institute of Art & Design, a nonprofit organization located at 273 E. Erie St., Milwaukee, WI 53202, Federal Tax ID #39-1201561, [ALL OR A PERCENTAGE] of the rest, residue and remainder of my estate to be used for Milwaukee Institute of Art & Design’s general use and purpose.

Contingent Bequest
If [primary beneficiary name] does not survive me, then I hereby give, devise and bequeath to Milwaukee Institute of Art & Design, a nonprofit organization located at 273 E. Erie St., Milwaukee, WI 53202, Federal Tax ID #39-1201561, [DESCRIPTION OF PROPERTY] to be used for Milwaukee Institute of Art & Design’s general use and purpose.

If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.

If you are making a restricted bequest, we recommend that your attorney include the following provision to give Milwaukee Institute of Art & Design flexibility should it no longer be possible for our Milwaukee Institute of Art & Design to use your gift as you originally intended:

If, in the judgment of the Board of Trustees of Milwaukee Institute of Art & Design, it shall become impossible for Milwaukee Institute of Art & Design to use this bequest to accomplish the specific purposes of this bequest, Milwaukee Institute of Art & Design may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.