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Frequently Asked Questions (FAQs)

What is the minimum amount required to create an endowed fund, gift annuity or charitable remainder trust?

• Charitable Gift Annuity: $25,000
• Charitable Remainder Trust with Wake Forest as Trustee: $100,000
• Endowed Academic/Departmental Funds: $50,000
• Endowed Scholarship Funds: $100,000
• Endowed Faculty Funds: $250,000

What if things change for me?

What if my circumstances change or I change my mind about the estate commitment I've made to Wake Forest?

• We understand life is unpredictable. The estate commitment about which you have informed us is absolutely revocable. Simply let us know about your change in plans and we will note it in our records.

I know what the approximate value is of my estate and what percentage I wish for Wake Forest to receive, but what if I end up using all the assets in my estate by the time I pass away?

• Again, we understand life is unpredictable. If you are 50 or older at the time you document your commitment, we count it in today's terms on your giving record. While we can't know what the future brings, we don't want to miss an opportunity to celebrate your estate commitment based on your plans today.

Life Insurance

I own a life insurance policy and am deciding whether to name Wake Forest as a beneficiary of the policy or transfer ownership of the policy to Wake Forest. Will the University keep the policy or liquidate it to cash upon receipt?

• Naming Wake Forest University as a beneficiary of your life insurance policy is a wonderful way to support the University through a planned gift. It is also a common type of planned gift through which many of our donors create their legacy.
• While we cannot hold a gift of a life insurance policy as an investment, a proposed donation of a life insurance policy is considered through a committee process and if accepted, liquidated to cash upon transfer of ownership. Donations of life insurance policies may not be used to fund a charitable gift annuity or a charitable remainder trust with Wake Forest University acting as trustee.

Charitable Gift Annuity / Charitable Remainder Trust

If I create a charitable gift annuity (CGA) or charitable remainder trust (CRT) during my lifetime to fund an endowed scholarship upon my passing, will I support a scholarship student at the time I create the CGA or CRT?

• Because the CGA and CRT proceeds flow into your scholarship fund after death, your fund will support a scholarship student once the funds are received.
• Many donors include a provision in their estate plan directing their executor or trustee to top off the fund if the proceeds from the charitable gift annuity or charitable remainder trust are insufficient to reach the endowed fund minimum.

Please contact us if you have any questions about how to make a bequest to Wake Forest University or to request any additional information that might be helpful to you and your attorney as you consider making an estate commitment.

Please consult with your personal advisors on all legal, tax or financial issues related to gift or personal matters. Nothing contained on this page or anywhere on our website should be considered legal, tax or financial advice.