For a specific bequest of cash, stock or property:
I hereby bequeath to Philadelphia College of Osteopathic Medicine, a charitable Pennsylvania corporation, located in Philadelphia, Pennsylvania, [the sum of $ ] OR [the following securities/tangible personal property/real estate] OR [ % of my estate] to be used for PCOM's areas of greatest need.
All the rest, residue, and remainder of my estate, of whatsoever nature and wheresoever situate and which I may own or to which I may in any way be entitled at the time of my death, including any lapsed or renounced legacies or devises, but excluding any property over which I may have a power of appointment (my "Residuary Estate"), shall be distributed to Philadelphia College of Osteopathic Medicine, a charitable Pennsylvania corporation, located in Philadelphia, Pennsylvania, to be used for PCOM's areas of greatest need.
It is possible that your bequest, as originally stated, might be impossible to fulfill at the time of your death. Therefore, it is helpful to include language that provides for an alternative use for the funds. While it is impossible to plan for all contingencies, at the very least, one alternative distribution scheme should be included in your bequest. This language can be added at the end of any bequest. Please contact Carrie Collins, JD (firstname.lastname@example.org or 215-871-6676 ) for further information and sample language.
PCOM encourages gifts to create new or add to existing endowments. Perpetual endowments are those for which the donor has stipulated that the fund's principal be maintained inviolate and in perpetuity, but that all or part of the income derived from investment of the fund's principal may be expended.
For example, to create a bequest for the creation of an endowed scholarship at PCOM, the following language can be used:
I hereby bequeath to Philadelphia College of Osteopathic Medicine, a charitable Pennsylvania corporation, located in Philadelphia, Pennsylvania, [the sum of $ ] OR [the following securities/tangible personal property/real estate] OR [ % of my estate] to be used for the education of students at the PCOM subject to the following provisions:
Provided that my bequest meets the minimum amount necessary to create a named endowment, upon receipt of my gift, PCOM shall enter the bequest into the books and records of PCOM as the [insert your name or name after which scholarship will be named] Endowed Scholarship.
The fund principal shall be held in perpetuity. Only the income from this endowed fund shall be awarded annually to [for example: a student enrolled in the DO program with demonstrated financial need].
This bequest shall by managed by PCOM and merged for investment purposes in accordance with standards set forth by the PCOM Board of Trustees.
Should the fulfillment of the expressed purpose of this bequest become no longer possible, as determined by the Board of Trustees of PCOM, then distributions from this endowment shall be used for such purposes as may, in the Board's opinion, most closely fulfill my intentions as herein described.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.