Planning Today So You Can Give Later
- A gift in your will or revocable living trust. Known as a bequest, this form of giving is accomplished simply by including a few sentences in your will or living trust. If you've already created your will, your estate planning attorney can easily make an amendment to your will, called a codicil.
The official legal bequest language for Gustavus Adolphus College is: "I, [name], of [city, state, ZIP] give, devise and bequeath to Gustavus Adolphus College [written amount or percentage of the estate or description of property] for its unrestricted use and purpose [or specify purpose]."
|There are many different ways to make a bequest. Find the one that works for you by downloading our free bequest guide.|
- A gift of a percentage of your retirement plan assets. One of the most tax-wise ways to support our mission after your lifetime is to name Gustavus as the primary or contingent beneficiary of a portion of your retirement plan. (The portion that you leave to family members could eventually be taxed at rates up to 39.6 percent, and even higher if estate taxes are assessed, whereas charitable organizations such as Gustavus receive your gift without owing taxes.)
|Download a free eBrochure to learn more about the tax benefits of leaving retirement plan assets to charity.|
- A gift of a percentage of your life insurance death benefits. You already know you can use life insurance to make sure your family is financially secure if anything should happen to you. But did you know you can meet this goal while also using a portion of your policy to benefit our work?
Consider naming Gustavus as a partial beneficiary for a percentage of your policy, while retaining ownership of the policy (and thus the right to change the beneficiary designation at any time during your life). For example, you might consider designating 90 percent of the death benefit to your family and the remaining percentage to Gustavus.
|Gifts of life insurance can take many forms. Learn more about how this type of gift could work for you by downloading our free guide.|