Avenue

Making a Will is often a simple and inexpensive process costing between £100 and £300. As a legal document, it’s important to get the wording right so we recommend you consult a solicitor or professional Will writer. They can also advise on the most tax-efficient ways to administer your estate.  If you need help finding a solicitor, the Law Society of Scotland or Law Society can help. You can also contact us for suggestions of Glasgow based solicitors.

Gifts in Wills enrich all aspects of the University, enabling those who benefit to do exceptional things. For future students your gift could be key to removing financial barriers to success or supporting new opportunities and challenges.  Other gifts can have impact in perpetuity, allowing research and teaching to flourish.

We are happy to answer your questions about gifts in Wills in general and would be delighted to provide further information on any area you wish to support and advise on the wording for your gift.

A percentage or share of your estate. For example you could leave a 1/5 share or 10% of your total wealth. This is known as a residuary gift.

A lump sum. For example you might wish to give a fixed sum of money like £1,000, £5,000 or £10,000. This is known as a pecuniary gift.

A valuable item. For example you can gift property, antiques or shares to the University. This is known as a specific gift.

Other assets. You can also make the University the beneficiary of a life insurance policy, company benefit or pension fund.

Variation of Will. Many families choose to make a variation of Will from their share of the estate, perhaps to make a gift in memory of their loved one or to reduce tax liability.

Gifts in Wills

US taxpayers can give tax deductible gifts to American Alumni of Glasgow University (AAGU), a charitable organisation described in Section 501(c)(3) of the Internal Revenue Code. Gifts to AAGU are 100% deductible from your taxable estate as charitable gifts. In addition, in some circumstances, you can directly name the University as a charitable beneficiary of your Will or testamentary trust and qualify for a 100% charitable deduction.

Suggested language to include in your Will: ‘I bequeath to American Alumni of Glasgow University, a non-profit corporation organized and existing under the laws of the District of Columbia (EIN 26-2199866) with the business address of Roha & Flaherty, 1725 I Street, NW, Suite 300, Washington, DC 20006-2423 the sum of (the sum of $...) / (...% of my estate) / (residue of my estate) to be used exclusively for charitable purposes. It is my hope that these funds will be utilized for the support of (a specific purpose desired for support or general area can be inserted here)’

Retirement plans

Using retirement assets as a gift vehicle can be a tax-efficient way to fund all or part of a bequest to AAGU. Retirement plans that remain in a donor’s estate are often subject to both estate and income taxes when received by your heirs. By naming AAGU as the beneficiary of all or part of a plan, you can limit this potential double taxation. This is easy to arrange through your own Individual Retirement Arrangement or retirement plan administrator, simply request a copy of the Change of Beneficiary Form. You may wish to include AAGU’s EIN number 26-2199866.

Life Insurance

Naming AAGU as the beneficiary of part or all of a new or existing life insurance can give immediate tax benefits and future premiums can be tax deductible. If you gift a whole life policy to AAGU during your lifetime, you may qualify for a charitable contribution deduction for the cash surrender value. And, if you give to AAGU funds annually to pay premiums that may be due in the future, you will benefit from a charitable contribution deduction for the premium payments as well. Moreover, in appropriate circumstances, the amount payable to AAGU on your death will not be included your taxable estate.

Life income plans

A life income plan can benefit both you and AAGU. You may increase your income, receive an income tax charitable deduction, eliminate capital gains taxes and reduce estate taxes. At the same time, you have the satisfaction of making a gift now, while protecting your financial security. A Charitable Remainder Trust (CRT) and a Charitable Lead Trust (CLT) are two common life income plans. You can set aside funds now, receive lifetime income from those assets while receiving a income tax charitable contribution deduction, and benefit AAGU on your death. Both you and AAGU benefit. These arrangements are complex and are often best managed by a third party financial institution experienced in charitable asset management. AAGU, not the University, must be named as the charitable remainder beneficiary of a charitable remainder trust. Please contact your tax advisor as to which planned gift program best meets your financial and philanthropic goals.

Gifts in Wills

Canadian taxpayers can leave a bequest to the University which is deductible for estate tax purposes, and there is no limit on the amount of the estate tax charitable deduction. The University has what is known as Prescribed Status under the Canadian Income Tax Act, enabling supporters from Canada to make contributions to Glasgow and receive tax relief under the Canadian tax structure. You can leave a bequest by creating a new Will, adding a codicil to your current Will, or including Glasgow in your revocable trust or other estate plan. To ensure that your exact wishes are implemented, we suggest that you seek the advice of your solicitor when preparing your Will or codicil.

Suggested language to include in your Will: “I direct my Estate Trustee to transfer as a gift to the University of Glasgow (an educational institution specifically designated for charitable donations under the Income Taxes Act (Canada) and Regulations [Section 3505] thereto) (the sum of $...) / (...% of my estate) / (residue of my estate), to be used for the benefit of (a specific purpose desired for support or general area can be inserted here) the University of Glasgow, Scotland.”

Retirement plans

Using retirement assets as a gift vehicle can be a tax-efficient way to fund all or part of a bequest to the University. This is easy to arrange through your own retirement plan administrator, simply request a copy of the Change of Beneficiary Form.

Life insurance

You can name the University of Glasgow as the beneficiary of part or all of a new or existing life insurance policy

Life income plans

A life income plan can benefit both you and the University. You may increase your income, receive an income tax charitable deduction, eliminate capital gains taxes and reduce estate taxes. At the same time, you have the satisfaction of making a gift now, while protecting your financial security. A Charitable Remainder Trust (CRT) or a Charitable Lead Trust (CLT) is managed by a third party financial institution experienced in charitable asset management. Please contact your tax advisor as to which planned gift program best meets your financial and philanthropic goals.