|
Future
Gifts Future Gifts will become
available after time to fund a major project, such as:
- a scholarship endowment,
- professorship,
- physical plant endowment, or
- another option of the donor’s choosing.
Future gifts help to insure the long-term
growth of Union University.
Future gifts may include:
The methods outlined in "Present Gifts"
may also be used to fund "Future Gifts."
Bequests
are provisions made in your Will or Living Trust that
specifically set forth the portion or actual dollar amount
that you wish to transfer to the university after your
death. Your Will may include charitable gifts of cash,
personal property, or real estate to the university. Some
common forms of bequests include General Bequests and
Specific Bequests.
Life
Insurance Gifts may be used to provide a
"Future gift" to the university. Transferring ownership of
an existing life insurance or establishing a new policy with
Union University as owner and beneficiary can accomplish
this.
A
Retained Life Estate is a gift arrangement in
which you transfer ownership of your home, vacation home, or
farmland to the university and retain a 'lifetime interest'
in the property. The "lifetime interest" allows you to
retain the right to live in the home or work and profit from
the farmland for the rest of your life. You will receive an
income tax deduction that is based on the current value of
the property. After your death the university is free to
sell the property. This type of gift is generally most
attractive to people 65 years of age or older and the
deduction is greater during times of lower interest rates.
Retirement Plans/IRAs are excellent assets to
give when you no longer need them. Similar to life
insurance, most employer-directed retirement plans allow for
a charitable gift of the retirement plan if you should die
before withdrawal is complete. Check with your plan sponsor
for details.
Individual Retirement Accounts (IRAs) may also become
gifts. Check with the account manager of your IRA or other
individual retirement plan for information on how to make a
gift of assets that remain at your death. |
