FAQs
- What assets can be used to make a planned gift?
- How can I include Husson University in my will or living trust?
- How do I make a bequest? Is it revocable?
- If I include Husson University in my will, whom do I need to tell about it?
- Are there planned-giving vehicles that can provide me with an income for life?
- What is a Charitable Gift Annuity?
- What is a Charitable Remainder Trust?
- How does this differ from a Charitable Lead Trust?
- How safe are charitable gift annuities and charitable remainder trusts?
- Can I direct how my gift will be used? How can I be sure it will be used as I intend?
- Can I accomplish more with a planned gift than an outright gift?
Q. What assets can be used to make a planned gift?
A. Almost anything. You can make a gift of cash, securities, or other property, such as real estate or personal property like artwork. You can also opt to designate distributions from retirement plans or life-insurance policies to fund planned gifts.
Q. How can I include Husson University in my will or living trust?
A. The most common way is via a charitable bequest. This is an excellent choice if you want to support Husson in the future, but also need to maintain liquidity and use of your assets during your lifetime. The full amount of your gift is deductible from your taxable estate.
Q. How do I make a bequest? Is it revocable?
A. To make a bequest, there is no need to rewrite your will or other documents. You merely add a codicil, or amendment, to your living trust. And yes, a bequest is flexible; you can adjust the terms of your gift after it is established.
Q. If I include Husson University in my will, whom do I need to tell about it?
A. Once you complete your estate plan, please inform the Office of Planned Giving. We would like to thank you for your generosity by inviting you to join the Chesley H. Husson, Sr. Society, our honorary society for alumni and friends of Husson who have included the University in their estate planning. Your membership involves no dues, obligations or solicitations, but it does allow us to thank you and recognize you for the plans you have made, and it may inspire generosity in others.
Q. Are there planned-giving vehicles that can provide me with an income for life?
A. Husson University offers such vehicles in the form of charitable gift annuities and charitable remainder trusts.
Q. What is a Charitable Gift Annuity?
A. A Charitable Gift Annuity is a simple contract between you and Husson University that provides you with a fixed sum each year for life in exchange for an irrevocable gift of cash or other assets. Not only does this vehicle grant income that you cannot outlive, it also offers a charitable income-tax deduction. A portion of the income received from the Charitable Gift Annuity also may be tax-free. And, if your asset is property that has appreciated, you may be able to avoid capital-gains taxes. The Charitable Gift Annuity's rate of return is often higher than what's available from many other conservative investments.
Q. What is a Charitable Remainder Trust?
A. A Charitable Remainder Trust is an estate-planning tool that allows you to make a gift in exchange for an agreement that you and/or loved ones receive an income stream for life or a term of years. The income you receive is dependent on the terms of the trust. A trustee (you, your financial professional, or someone else you choose) manages the assets; the income beneficiaries can be you or others close to you. You can take a tax deduction for a portion of the trust's value in the year you establish the trust, and you may reduce or eliminate capital gains and estate taxes. Moreover, annual payments to you may be taxed at lower capital-gains tax rates.
Q. How does this differ from a Charitable Lead Trust?
A. A Charitable Lead Trust is the reverse of a Charitable Remainder Trust: Rather than benefiting at the end of a trust's term, Husson benefits at the beginning of it. To establish a Charitable Lead Trust, you transfer assets such as cash, securities, real estate, or other property into an irrevocable trust. The trust provides annual income to Husson for a set term, then returns the assets to you or your heirs. The benefits — which include income-tax deductions and reduced or eliminated gift and estate taxes — vary, based on the terms you establish for your trust and whether the trust is enacted during your lifetime or as part of your will.
Q. How safe are charitable gift annuities and charitable remainder trusts?
A. These types of investments have proven to be very secure.
Q. Can I direct how my gift will be used? How can I be sure it will be used as I intend?
A. As with any other kind of gift to Husson University, you may designate a purpose for your bequest or life income gift. We carefully monitor the stated purposes of all gift funds to ensure that the donor's funds are being used only for the intended purposes.
Q. Can I accomplish more with a planned gift than an outright gift?
A. Carefully planned gifts can offer significant estate-tax and income-tax benefits, while at the same time allowing donors to make larger gifts to Husson than would otherwise be possible. Even though the University will not be able to use these gifts immediately, as it would with outright gifts, planned gifts are critically important to our long-term financial strength and help ensure our ability to meet the opportunities and challenges the future will present us. Please consult the Planned Giving section of this site to review the various types of planned gifts you can make to Husson University.
For more information, contact our Director of Planned Giving at martzt@my.husson.edu.or 207-973-1065