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These Great Ways to Plan a Legacy
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 cause 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.
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 percentage.
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 Institute of Technology.
Any of the above planned gifts 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. Already have a gift planned for Stevens? Enroll in the Stevens Legacy Society today!
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