Support Your Reunion Class Gift with
These Great Ways to Plan a Legacy

When you plan a gift to Stevens as part of your legacy, you rekindle the vision and spirit of Edwin A. Stevens—whose will included the bequest that founded Stevens in 1870. Today the generosity of alumni and friends endures far into the future because planned gifts fund scholarships, endow professorships, promote research, and maintain labs and classrooms. As you reflect on the impact Stevens has had on your life, consider a planned gift—such as a bequest, beneficiary designation, and charitable gift annuity.

Use your retirement account

The standard withdrawal formula for a retirement account is designed to make the balance last for your lifetime, and there is usually a remaining balance. That balance can make a great charitable gift—especially since leaving it to nonspouse family members generally makes it subject to income tax. A beneficiary designation is separate from the instructions in your will, so you can make this type of gift even if you don’t have a will. Just request a beneficiary-designation form from your financial institution. You can leave the whole balance or a percent.

Secure your retirement—by making a gift now in exchange for reliable, fixed payments for life

If you are aged 65 or older, you can provide yourself and/or another individual with high, fixed payments for life with a charitable gift annuity. With your current gift of stock or cash you also receive a tax deduction and avoid capital-gain taxes, all while supporting Stevens.

New funding opportunity!  You can now receive life income by making an IRA charitable gift

The Consolidated Appropriations Act of 2023, also known as the omnibus bill, includes a provision that allows individuals aged 70½ and older to make a one-time transfer from an IRA of up to $50,000 (adjusted for inflation beginning in 2024) to fund a gift annuity—which can be designed to pay income to the IRA owner, the spouse of the owner, or the owner and spouse jointly.

Outright gifts from retirement plans during life (not a planned/legacy gift)

For donors aged 70½ and older, a qualified charitable distribution (QCD) or “IRA rollover” gift is a popular way to make an outright gift to Stevens. Your gift is transferred directly to Stevens; since you do not receive the funds, they are not included in your gross income. For many years, the required minimum distributions from an IRA and certain other retirement plans had to begin when the account owner attained the age of 70½, but the SECURE Act, enacted in 2019, raised that age to 72. The omnibus bill has further raised that age to 73 for those who attain age 72 between January 1, 2023, and December 31, 2032, and to 75 for those who reach age 74 after December 31, 2032. The minimum age at which you can make a QCD from your IRA to a charity remains at 70½.

Include a bequest provision in your will

A will is the cornerstone to any estate plan, regardless of wealth. It’s also the most popular way to leave a legacy at Stevens Institute of Technology. You can state your gift as either a fixed-dollar amount or a percentage (see below) or leave a second-to-die bequest (see below). You can add Stevens to your existing will by revising and re-executing the document at any time or by executing a second amendment called a codicil.

• Stay flexible—by making a bequest of a percentage of your assets
  The value of personal assets can rise and fall. A bequest stated as a percentage will automatically adjust regardless of future circumstances. For example, “I leave 10% of my estate to the trustees of the Stevens Institute of Technology.”
• Know for sure—by making a bequest of a fixed-dollar amount
  For example, “I leave $50,000 to the trustees of the Stevens Institute of Technology.” Your estate does not have to have cash or securities to cover the gift amount as long as the value of all of your assets is sufficient.
• Put a spouse first in line—with a “second-to-die” bequest
  This plan ensures that your gift will be made only after you know the assets won’t be needed by your spouse. For example, “If my spouse survives me, then I leave my entire estate to my spouse. If my spouse does not survive me, then I leave my estate as follows…” When two spouses use this clause in conjunction with each other, then each receives the other’s assets upon the death of the first-to-die and other heirs and charities receive the remaining assets upon the death of the second-to-die.

Join the Stevens Legacy Society

Any of the planned gifts above for Stevens qualifies you for membership in the Stevens Legacy Society. Membership involves no obligations, but it does allow us to thank you and recognize you for the thoughtful plans you have made. Membership also inspires others. Already have a gift planned for Stevens? Enroll in the Stevens Legacy Society today!