Sometimes it's difficult to be as charitable as you want to be when your budget is tight and the future is uncertain—after all, your family comes first. But by utilizing your long-term plans, you can make a gift to Gustavus Adolphus College that will benefit our future without affecting your income today. Here are three ways to make your gift:
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]."
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.)
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.