Give a gift through your will
The most practical way to make significant gifts to the Bloomsburg University Foundation may be through your estate plan, your will, a living trust, or a beneficiary designation on a life insurance policy or retirement account. Such gifts are wholly revocable while you are alive and may save significant taxes for your estate. We will be happy to work with you and your attorney or financial advisor to insure that you are able to fulfill your charitable intentions.
Bequests
A bequest is the most traditional way to provide significant help for students and programs at Bloomsburg University. With a gift through your will or living trust, you maintain full use of your gift assets during your lifetime. You can structure a bequest in ways that will be both personally satisfying and tax advantageous. Charitable bequests take many forms:
Specific bequest - This is a gift of a particular amount, a percentage of money or an item of property such as securities, real estate, art work, jewelry, antiques, rare books, etc. For example: "I bequeath $25,000."
Residuary bequest - The residue of an estate is the amount remaining after all specific bequests have been distributed; the exact amount will not be known until the final accounting is completed. The residue may pass as a percentage bequest. For example: "I give one-third of the residue of my estate."
Contingent bequests - You can name a secondary beneficiary to receive property in the event the primary beneficiary is not alive. For example: "I bequeath $10,000 to my father, but if he has predeceased me, I direct the $10,000 be paid to Bloomsburg University."
Financial accounts
Most accounts at financial institutions can be made payable on death to a person or a charitable organization. Ask the manager of the institution how you can arrange to designate a death beneficiary for your CDs, savings accounts, share accounts, etc. In some areas, this is accomplished through a "POD" (payable on death) designation. Securities in brokerage accounts can be left through a "TOD" (transfer on death) designation.
Retirement accounts
Your estate can save both income taxes and estate taxes if you make a charitable organization the beneficiary of part or all of your IRA or other retirement accounts. Family members might keep only 30 cents on the dollar from these assets due to taxes. Recent changes in IRS regulations have made it simpler and more favorable to name worthwhile causes, such as Bloomsburg University, as beneficiaries of IRAs and other retirement accounts.
Worksheet for Bequest - to share with your attorney
Contact me about wills or beneficiaries
Bloomsburg University Foundation, Inc., a 501(c)3 organization, is the philanthropic arm of Bloomsburg University.
400 East Second Street, Bloomsburg PA 17815-1301 • 570-389-4524 • foun@bloomu.edu
Official registration and financial information for Bloomsburg University Foundation may be obtained from the Pennsylvania Department of State
by calling toll free (within PA), 1-800-732-0999. Registration does not imply endorsement.