Planned Giving
Bequests and Life Insurance
The generosity and foresight of alumni and friends who have made provision for the School of Education in their estate plans have ensured the School's success today. Their contributions when realized have helped establish the scholarships, distinguished faculty support, and special academic programs. When made, those gifts allowed the School to plan ahead, build programs and invest in facilities and technology.
You can become a part of this vital tradition by naming the School of Education as one of the beneficiaries in your will. Depending on your preferences, your bequest may take the form of an outright gift (with or without restrictions) or be designated for an endowment, with the income to be used for the School's general purposes or for a specific purpose of your choice. To help determine if a bequest may be right for you, look at the types of bequests you could make, and a few general points to keep in mind.
Types of Bequests
Your gift can be a specific amount of cash or in the form of specific assets, such as securities, real estate, works of art, or other valuable property. It may be a portion, or all of your estate.
If you may feel that you cannot provide directly for the School. One of the following may be the right choice for you:
- Through your will you can provide for family members or friends and for the School at the same time by establishing a testamentary charitable remainder trust. With this plan, you can arrange to have income paid to your named beneficiaries during their lifetimes, with the trust assets ultimately being transferred to the School of Education to be used for the purpose you have designated.
- Alternatively, you may direct that if a designated beneficiary dies before you do or if your beneficiary is another organization that no longer exists at your death, that bequest should then go to the School of Education.
General Points
- If you are revising your will or making one for the first time, be sure to consult an attorney to guarantee your will meets the requirements of state law. An attorney can also make sure your will legally provides for your beneficiaries according to your preferences and advise you on ways to save money and reduce taxes.
- Estates valued at $600,000 or more are subject to federal estate taxes and may be subject to state taxes as well. Your bequest will reduce taxes on your estate because charitable gifts made through your will are fully tax-deductible.
- In most cases, a bequest to Syracuse will not require a rewriting of your will, but simply the addition of a codicil to your existing will. The codicil does require, however, the same formality of execution as a will.
- Bequests for specific purposes may be difficult, to use exactly as you designated when they are received because of unforeseen changes in circumstances. It is wise, therefore, to include a paragraph like the following in your will:
In the event that the Board of Trustees of Syracuse University determines that changed circumstances should at some future time render the designated use of all or part of this bequest (or the income from this bequest) no longer appropriate, then the Trustees shall direct that all or any balance of this bequest (or income from this bequest) not so expended be used to further the objects and purposes of Syracuse University, giving consideration to my special interest as evidenced by the purpose described above.
By making a gift of Life Insurance, you make the School of Education the owner of a life insurance policy. This may be done by assigning to the School the ownership of a policy that has outlived its initial purpose, or by making the School of Education the owner and beneficiary of a new policy established as a gift. Both options entitle you to a charitable income tax deduction, either for the value of the transferred policy or for the gifts you make to cover annual premiums. The policy will not be a part of your estate upon your death.