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Types of Testamentary Gifts
Types of Testamentary Gifts
Cash bequest: The Law School receives a specified dollar amount.
Bequest or devise of property: Columbia receives specified assets, such as securities, an interest in real estate (such as a residence), a partnership interest, or tangible personal property (e.g., artwork, jewelry, or antiques).
Residuary bequest: Columbia receives all or a percentage of the remainder of an estate after specific legacies, debts, taxes, and estate expenses have been deducted.
Contingent bequest: Property is distributed to Columbia only if you outlive other named beneficiaries.
Bequest to a life income plan: Your will can establish a plan to provide one or more loved ones with income for life, after which the assets pass to the Law School.
Bequest of IRA or other qualified plan: Tax-deferred plans can be a tax-efficient currency for your charitable giving because Columbia will not be subject to income taxes on those assets. When using a qualified plan for charitable giving, it is usually most efficient to use the plan's beneficiary designation form rather than leaving assets of the plan through your will. An appropriate designation would be the Law School of Columbia University in the City of New York.
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