Bequests

A bequest is a gift of any amount made to the Morehead-Cain Scholarship Fund in your will. You may include a charitable bequest when you execute a new will, or you can add it to an existing will through a codicil.

In addition to giving you the satisfaction of providing for the future of the Morehead-Cain Scholars Program, a charitable bequest usually provides large tax savings. Because the gift is deductible from your adjusted gross estate, it may reduce or eliminate estate taxes.

Bequests can take various forms, and we describe each below and provide sample language for you to consider.

Specific Bequests

A specific bequest states a specific amount or specific asset. It may be a gift of cash, securities, real estate, or tangible personal property. Example:

I give [the sum of _____________ Dollars ($________)] to the Morehead-Cain Scholarship Fund (Tax ID# 56-2462593), located in Chapel Hill, North Carolina. The Board of Directors of the Fund and the Trustees of the Morehead-Cain Foundation shall treat this bequest as part of its endowment, and the income shall be used for the unrestricted needs of the Morehead-Cain Scholars Program.

Residuary Bequests

Names the Morehead-Cain Scholarship Fund to receive all or a percentage of the remainder of the estate after specific bequests have been fulfilled. Example:

I give [____ percent] or [the remainder] of my residual estate to the Morehead-Cain Scholarship Fund (Tax ID# 56-2462593) for the unrestricted needs of the Morehead-Cain Scholars Program.

Contingent Bequests

Takes effect only if all primary beneficiaries named in the will predecease you. Declaring the Morehead-Cain Scholarship Fund a contingent beneficiary can prevent the property from going to the state if there are no heirs. Example:

If [name of beneficiary] predeceases me, I give such property to the Morehead-Cain Scholarship Fund (Tax ID# 56-2462593) for the unrestricted needs of the Morehead-Cain Scholars Program.

Testamentary Trust

With a testamentary trust, you direct that part or all of your estate is left in a charitable remainder trust, with income to be paid to one or more beneficiaries. Upon the death of the surviving beneficiary, the principal will be transferred to the Morehead-Cain Scholarship Fund to be used as you designate.

A testamentary trust is particularly attractive to someone who wishes to provide income for a spouse or other relative but wants the remainder to come to the Morehead-Cain Scholarship Fund. In addition, this type of gift frequently produces tax advantages.

Documentation

In order to recognize you as a member of the John Motley Morehead Society, please provide us with some simple documentation of the provision in your will or living trust. That documentation might consist of a letter or a copy of the portion of your estate document that refers to your designation to the Morehead-Cain Scholarship Fund/Morehead-Cain Scholars Program.

Your planned gift in support of the Morehead-Cain Scholars Program is also a gift to UNC–Chapel Hill and will also be recognized in the University’s Gerrard Legacy Society. If you prefer, we will keep your name confidential.

For more information

Email David Greer or call +1 800.741.9023