Office of Development : Bequests and Testamentary Gifts
Please let us know if you have included Hampton in your estate plans. You can complete a confidential Hampton University Planned Giving Intent Form (PDF) or feel free to contact our staff (email@example.com or 757.727.5356) with any questions you may have.
Please send the form to:
Vice President for Development
Hampton, VA 23668.
Gifts by Will or Revocable "Living" Trust
The most common form of deferred gift to support Hampton is a bequest contained in a person's will or revocable (living) trust. The following language is an example of how a bequest to benefit Hampton may be worded:
I give, devise and bequeath to Hampton University, a qualified 501(c)(3) charitable organization located in Hampton, Virginia, _____ percent of my residual estate (or a specific bequest of $__________, or other personal or real property appropriately described) for (a specific college, school, program or unrestricted use), to be used in accordance with the terms of the most recent written directive I have signed with the University, and, if none exists, to be used as directed by the (e.g. President or Board of Trustees) at Hampton University.
(There is other worded language that we can suggest based on the desire of the donor and the purpose of the gift.)
Gifts of Retirement Plans
Naming Hampton as a primary or contingent beneficiary of a retirement plan (e.g. IRA, SEP, 401(k), 403 (b), ESOP, etc.) may enable you to make a larger gift than you anticipated because income and estate taxes are not imposed when plan assets are distributed to Hampton. If left to an heir, the plan assets are subject to income tax. Your retirement account's plan administrator (the company that manages the account) can help you designate Hampton University as a primary or contingent beneficiary on the plan's beneficiary designation form. (Please send Hampton a copy of this form.)
Note that recent legislation contains a temporary provision that allows donors age 70½ or older to make a direct, tax-free rollover of up to $100,000 from an IRA to a qualified charitable organization such as Hampton—but only until the end of 2009.
Testamentary Life-Income Gifts
You can fund a charitable gift annuity, charitable remainder unitrust, or charitable lead, through your will. While these gift plans will not generate tax savings during your lifetime, they may reduce estate taxes and provide life income for a loved one.
Gifts of Life Insurance
You can name Hampton as a primary or contingent beneficiary of a life insurance policy. If you retain any control over the policy, no income tax deduction is allowed; however, if Hampton is named both the sole owner and beneficiary of a paid-up policy, you may receive an immediate charitable deduction for the lesser of the policy's fair market value or the net premiums paid. Additional premiums that you pay may also be tax deductible.
Retained Life Estate in Property
You may generate a current income tax deduction by giving a home or farm to Hampton, while retaining the right to use the property during your lifetime. The property will also be removed from your taxable estate. Contact Hampton's Office of the Vice President for Development to discuss this gift opportunity in more detail.