Future Gifts become available after time to fund a major project such as a scholarship endowment, professorship, physical plant endowment, or another option of the donor's choosing.
The methods outlined in "Giving for Today" may also be used to fund "Future Gifts."
Bequests provisions made in your Will or Living Trust that specifically set forth the portion or actual dollar amount that you wish to transfer to the university after your death. Your Will may include charitable gifts of cash, personal property, or real estate to the university. Some common forms of bequests include General Bequests and Specific Bequests.
Life Insurance may be used to provide a "Future gift" to the university. Transferring ownership of an existing life insurance or establishing a new policy with Union University as owner and beneficiary can accomplish this.
Retained Life Estates is a gift arrangement in which you transfer ownership of your home, vacation home, or farmland to the university and retain a 'lifetime interest' in the property. The "lifetime interest" allows you to retain the right to live in the home or work and profit from the farmland for the rest of your life. You will receive an income tax deduction that is based on the current value of the property. After your death the university is free to sell the property. This type of gift is generally most attractive to people 65 years of age or older and the deduction is greater during times of lower interest rates.
Retirement Plans/IRAs are excellent assets to give when you no longer need them. Similar to life insurance, most employer-directed retirement plans allow for a charitable gift of the retirement plan if you should die before withdrawal is complete. Check with your plan sponsor for details.
Individual Retirement Accounts (IRAs) may also become gifts. Check with the account manager of your IRA or other individual retirement plan for information on how to make a gift of assets that remain at your death.