Eastern Legacy Society
Retirement Plans
Pension Plans, individual retirements accounts (IRAs), 401(k) plans, Keogh plans and other qualified retirement savings plans allow you to appoint the EKU Foundation as the death beneficiary. IRAs are poor bequests to children because the heirs (except a spouse) are taxed heavily. However, they are great tools for charitable bequests because such gifts come to the EKU Foundation tax-free.
Life Insurance
A gift of life insurance provides an easy way to support Eastern, especially if the policy is purchased to provide protection for dependent children or is part of a business partnership and no longer needed. Both new insurance policies and those no longer needed to protect beneficiaries may be given to the EKU Foundation. Naming EKU as the owner and beneficiary of a paid-up life insurance policy entitles the donor to a deduction equal the cost basis in the policy or its replacement cost, whichever is less. Donating a policy that is not paid up provides a tax deduction approximately equal to the policy’s cash surrender value. Making the EKU Foundation the owner and beneficiary of a new policy provides an income tax deduction for the annual premium you donate to the Foundation to keep the policy in force. Simply naming the Foundation as the beneficiary of an existing policy is another way to use insurance for a charitable donation. You do not receive any income tax deduction, but your estate is entitled to a contribution deduction for the full amount of the policy.
Bequest |
For questions or additional, Bill Melton |
Please click here for the Honor Roll of Eastern Legacy Society Members
Please click here for the Eastern Legacy Planned Giving Calculator
"Since Federal tax laws continue to change, donors are encouraged to contact the Office of Advancement or their financial advisor to clarify current regulations that might have a direct impact on Planned Gifts."
