Revocable gifts are, by far, the most flexible and cost-effective estate planning tools available.
Bequest by Will: A charitable bequest to the campus in your will or living trust is one of the easiest ways to leave a lasting legacy with Kent State University at Ashtabula. Your estate will receive a charitable income tax deduction, which will lessen the burden of taxes on your family.
How to Make a Bequest: With the help of an advisor, include language in your will or trust specifying a bequest to Kent State University at Ashtabula as part of your estate plan. A bequest can be a gift of a percentage of your estate, a gift of a specific dollar amount or asset (including real property) or a gift from the balance or residue of your estate.
DOD - Designation on Death - Both simple and expedient, a Designation on Death form does not require the services of an attorney. It can be filled with your brokerage firm, bank, or insurance company, naming the Kent State University Foundation Inc., designating the Ashtabula Campus as a beneficiary. Typically, beneficiary listings use a percentage rather than a specific amount. A gift made this way has the added advantage of being completed outside of probate court, so assets are disbursed much more quickly.
Add a Bequest Without Changing Your Will - Specific intentions that have been communicated to the university through a Bequest Information Form, endowment agreement or other signed document, allow you to easily revise your bequest without modifying your will and incurring legal expenses.
Insurance - If your life insurance policy has outlived its purpose and will no longer benefit your survivors, consider transferring ownership of the policy to the Kent State University Foundation. You will receive a charitable income tax deduction - and if the policy is not fully paid up - you can make deductible contributions each year that can be used to pay the premiums. Another option is to simply designate Kent State University at Ashtabula as a beneficiary of your life insurance. This planned gift is revocable, but will provide your estate with a charitable deduction.
Retirement Assets - Fifty to sixty percent of retirement assets may be taxed if they are left to your heirs upon your death. As a charity, the Kent State University Foundation is not taxed upon receiving IRA or other retirement plan assets. If you designate Kent State University at Ashtabula as beneficiary, the campus will benefit from the full value of your gift, and your estate will benefit from an estate tax charitable deduction.
Benefits for You:
- Keeps your assets in your possession to meet your needs during life.
- Does not impact current assets or income.
- Allows you to donate assets to charitable beneficiaries after you are finished using them.
Associate Director of Advancement
Kent State University at Ashtabula Campus