Gifts that will be available in the future are also called deferred gifts and planned giving. They provide a way for donors to include the University in their estate planning.
The Foundation suggests donors work with their attorney, account, trust officer, life insurance agent or other trained advisor to plan their estate. The Foundation’s Gift Planning department is happy to meet with donors and their advisors to review their charitable intentions.
What types of deferred gifts are there?
- Will bequests
These gifts often become endowment accounts but can also be set up as expendable funds. - Revocable trust provisions
- Retirement Plan Assets
- Life Insurance
- Life-Income Planned Gifts
These include a variety of trusts and annuities that allow donors to transfer cash or property to the Foundation in exchange for an annual income for themselves or designated beneficiaries for their lifetimes or a specific number of years. They include:- charitable remainder trusts, which transfer cash or property to a trustee such as the Foundation but make provisions for an annual income for the donor and/or other beneficiaries for life or a specific term of years
- charitable remainder annuity trusts, which provide a specified dollar amount to the beneficiaries in their lifetimes or for a term of years (no more than 20)
- charitable remainder unitrusts, which provide a fixed percentage of the trust to the beneficiaries at least once a year
- pooled income funds, in which two or more donors irrevocably transfer property but maintain an interest in annual proceeds
- charitable lead trusts, which provide income for a campus unit through the Foundation for a specific number of years. The principal is then returned to the donors or other named beneficiaries
- charitable gift annuities, through which a donor makes an irrevocable gift to the Foundation in exchange for life income payments. The Foundation guarantees payment of the annuity.
- real property subject to a life estate, in which donors transfer a personal home or farm to the Foundation while retaining the right to use the property for the remainder of their lives