Patricia O’Hanlon-Handshaw of Benton Harbor, Michigan wanted to honor her mother by establishing a scholarship fund at IU South Bend for students who dreamed of becoming teachers. Patricia’s Revocable Living Trust will provide $800,000 for students pursuing their dreams of helping others in the classroom someday.
Your legacy at IU South Bend
Planned giving is one way to give back and establish your legacy at IU South Bend. If you are considering a planned gift to IU South Bend, here are several ways to make that gift.
You can make a meaningful yet flexible gift simply by designating IU South Bend (via the Indiana University Foundation, Inc.) as a beneficiary of a life insurance policy, revocable trust, or retirement fund, allowing the asset to pass directly to the program you wish to support. Documenting your designation with a planned gift agreement will insure that your gift is used for purposes meaningful to you, like student scholarships, faculty support, or funding for a favorite university program.
Bequests in your will
A gift in your will is an easy way to make a planned gift to IU South Bend. When you make a gift in your will, you retain full use of your property, so there is no disruption of your lifestyle and no immediate outof- pocket cost. You may simply direct a portion of your estate (a specific asset, amount, or percentage) to one or more of your favorite charities. You may also document your intent in a will regarding the use of your gift, or you may leave it unrestricted; but you must designate it for the benefit of IU South Bend via the IU Foundation.
Gift of retirement plan assets
Many individuals are now using retirement account assets in their charitable gift planning. Why? Retirement account assets are highly taxed—once in the estate, and then as income to the beneficiaries. However, a gift made directly to IU South Bend helps you avoid many of these taxes. Also, for donors 70 1/2 years old and above who have IRAs, up to $100,000 may be gifted right now from your IRA to IU South Bend using a Qualified Charitable Distribution.
Contact your advisor and our staff
Your estate planning advisor can help you make decisions about beneficiary designations, bequests in wills and using your retirement assets to make a gift such as a Qualified Charitable Distribution. Contact our staff to help make sure your gift is directed as you intend.
Dina Harris, Director of Development
Molly Sullivan, Major Gifts Officer
The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.