A way to deal with Income in Respect to a Decedent
One suggestion that some estate planners have for charitable gifts is to insert the following clause in every will that makes a charitable bequest:

"I instruct that all of my charitable gifts shall be made, to the extent possible, from property that constitutes "income in respect to a decedent" as that term is defined in the Internal Revenue Code."

In the absence of this language, every gift is deemed to come from principal rather than income so the estate cannot claim an offsetting income tax deduction.

Another possible arrangement is the charitable QTIP (Qualified Terminal Interest Property) trust which can be designed to provide for your spouse. Through your estate plan, you can establish a QTIP trust, which allows your surviving spouse to receive all of the trust income and invade the trust principal as the need arises. At the death of your spouse, all or part of the trust principal is released to the University.

The laws governing bequests vary from state to state. It is important that you review your will with your attorney or advisor to make certain that it meets all legal requirements and adequately reflects your desires regarding the distribution of your estate.

If you or your advisers have any questions about your charitable plans or intentions for the University of Hartford, please contact our director of Planned Giving.

For more information on Planned Giving, contact Peter Congleton at 860.768.2415 or congleton@hartford.edu




Please note that the University of Hartford does not provide tax or legal advice. Gift calculations may be provided for illustrative purposes only, and the actual values may vary based on the timing and nature of your gift. Advice from legal and tax counsel should be sought when considering a charitable gift of any kind.