FundSvcs Community

Well the easy answer first - yes, both need to sign the intention. As for the language, it's a mess to begin with. This doesn't even make sense: If Jane Smith predeceases James Smith, she will pass his entire estate to her, She will pass *his* estate to herself - even though she is deceased? But I wish you luck in getting them to change their wills if that is where this language came from. And honestly, I think what they both should read in the event of a predecease situation is that CUA receives 80% of whatever estate remains. Not 80% of this or that. When someone dies it is easier to handle specific bequests up front and then pass the balance to the survivor and that the survivor, who now "owns" the rest and residue adds that to their estate so you no longer have his and hers - it's just the survivor's estate. And you get 80% of that! John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Mon, Jul 15, 2019 at 9:53 AM Amy Phillips <phillipsajud@cua.edu> wrote: > Good afternoon, Colleagues: > > We've received draft language from a donor outlining an intention to > bequeath 80% of an estate to CUA. My boss and I both agree that there are > some concerns around the proposed text. To wit: > > "If James Smith predeceases Jane Smith, he will pass his entire estate to > her, and the gift will consist of 80% of the value of his estate at the > time of her passing; or > > If Jane Smith predeceases James Smith, she will pass his entire estate to > her, and the gift will consist of 80% of the value of his estate at the > time of his passing." > > Even with him being the "primary" donor of this couple, we think that both > spouses would need to sign off on this proposed bequest agreement (and any > estimated value taking both their birth dates into consideration) - > correct ? I also think the language would need to be more along the lines > of: > > "If James Smith predeceases Jane Smith, he will pass his entire estate to > her, and the gift will consist of 80% of the value of *her* estate at the > time of her passing; or > > If Jane Smith predeceases James Smith, she will pass *her* entire estate > to *him*, and the gift will consist of 80% of the value of his estate at > the time of his passing." > > All feedback welcome - many thanks!!! > > -Amy > > Amy J. Phillips > Director of Advancement Services, Gift Acceptance > Division of University Advancement > The Catholic University of America > 620 Michigan Avenue, E215 O'Connell Hall > Washington, DC 20064 > Phone: 202-319-6919 > Email: phillipsajud@cua.edu > >

Good afternoon, Colleagues: We've received draft language from a donor outlining an intention to bequeath 80% of an estate to CUA. My boss and I both agree that there are some concerns around the proposed text. To wit: "If James Smith predeceases Jane Smith, he will pass his entire estate to her, and the gift will consist of 80% of the value of his estate at the time of her passing; or If Jane Smith predeceases James Smith, she will pass his entire estate to her, and the gift will consist of 80% of the value of his estate at the time of his passing." Even with him being the "primary" donor of this couple, we think that both spouses would need to sign off on this proposed bequest agreement (and any estimated value taking both their birth dates into consideration) - correct ? I also think the language would need to be more along the lines of: "If James Smith predeceases Jane Smith, he will pass his entire estate to her, and the gift will consist of 80% of the value of *her* estate at the time of her passing; or If Jane Smith predeceases James Smith, she will pass *her* entire estate to *him*, and the gift will consist of 80% of the value of his estate at the time of his passing." All feedback welcome - many thanks!!! -Amy Amy J. Phillips Director of Advancement Services, Gift Acceptance Division of University Advancement The Catholic University of America 620 Michigan Avenue, E215 O'Connell Hall Washington, DC 20064 Phone: 202-319-6919 Email: phillipsajud@cua.edu

What John said. ROBIN L. ONSA Development Manager, Prospect Research & Management | Goodwill San Francisco, San Mateo and Marin Counties 295 Bay Street | San Francisco, CA 94133 Phone (415) 575-2154 | Mobile (415) 606-8134 ronsa@sfgoodwill.org<mailto:ronsa@sfgoodwill.org> | sfgoodwill.org<http://www.sfgoodwill.org/> From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor Sent: Monday, July 15, 2019 10:36 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Bequest Intention Questiion Well the easy answer first - yes, both need to sign the intention. As for the language, it's a mess to begin with. This doesn't even make sense: If Jane Smith predeceases James Smith, she will pass his entire estate to her, She will pass his estate to herself - even though she is deceased? But I wish you luck in getting them to change their wills if that is where this language came from. And honestly, I think what they both should read in the event of a predecease situation is that CUA receives 80% of whatever estate remains. Not 80% of this or that. When someone dies it is easier to handle specific bequests up front and then pass the balance to the survivor and that the survivor, who now "owns" the rest and residue adds that to their estate so you no longer have his and hers - it's just the survivor's estate. And you get 80% of that! John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Mon, Jul 15, 2019 at 9:53 AM Amy Phillips <phillipsajud@cua.edu<mailto:phillipsajud@cua.edu>> wrote: Good afternoon, Colleagues: We've received draft language from a donor outlining an intention to bequeath 80% of an estate to CUA. My boss and I both agree that there are some concerns around the proposed text. To wit: "If James Smith predeceases Jane Smith, he will pass his entire estate to her, and the gift will consist of 80% of the value of his estate at the time of her passing; or If Jane Smith predeceases James Smith, she will pass his entire estate to her, and the gift will consist of 80% of the value of his estate at the time of his passing." Even with him being the "primary" donor of this couple, we think that both spouses would need to sign off on this proposed bequest agreement (and any estimated value taking both their birth dates into consideration) - correct ? I also think the language would need to be more along the lines of: "If James Smith predeceases Jane Smith, he will pass his entire estate to her, and the gift will consist of 80% of the value of her estate at the time of her passing; or If Jane Smith predeceases James Smith, she will pass her entire estate to him, and the gift will consist of 80% of the value of his estate at the time of his passing." All feedback welcome - many thanks!!! -Amy Amy J. Phillips Director of Advancement Services, Gift Acceptance Division of University Advancement The Catholic University of America 620 Michigan Avenue, E215 O'Connell Hall Washington, DC 20064 Phone: 202-319-6919 Email: phillipsajud@cua.edu<mailto:phillipsajud@cua.edu> [https://docs.google.com/uc?export=download&id=1tdxfrgPz6o_f-BUqZPqadEO2p0WuV5DB&revid=0Bx1FoaRWecVMcy9uUlc0b0dadStQTWlycUJVOC9ycDdQWmdnPQ]