Guide to Making a Bequest
3 Simple Steps to Making a Bequest
- Contact the Vivian Rothschild, Vice President of Development and Communications, at 414‑847‑3239 or vivianrothschild@miad.edu for additional information on bequests or to chat more about the different options for including MIAD in your will or estate plan.
- Seek the advice of your financial or legal advisor.
- If you include MIAD in your plans, please use our legal name and federal tax ID.
Legal Name: Milwaukee Institute of Art & Design Address: 273 E. Erie St., Milwaukee, WI 53202 Federal Tax ID Number: 39-1201561
How to Make a Bequest
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 $15,000 to MIAD.
Percentage Bequest. This type of bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to MIAD.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 25% of the residue of your estate to MIAD.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave a specific asset to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the asset will go to MIAD. A bequest is a revocable gift, which means it can be changed or modified at any time. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
To make a bequest, we encourage you to speak with your attorney. Your attorney can help you include a bequest to MIAD in your estate plan. We have provided some basic bequest language to assist you and your attorney.
Specific Bequest
If you are considering making an outright bequest to MIAD, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($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.
Restricted Bequests
Contact us
Please contact Vivian Rothschild, vivianrothschild@miad.edu or 414‑847‑3239, if you have any questions about how to make a bequest to the Milwaukee Institute of Art & Design or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
The information in this document is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. MIAD is a 501(c)3 non-profit organization. Gifts may be tax deductible to the extent allowed by law. If you have any questions about contributing to MIAD, please contact Anne Kirschmann at 414‑847‑3238, or annekirschmann@miad.edu.
Make a gift today!