One of the easiest and most common ways for you to make a
gift to Bradley University is through a bequest in your will.
The tax laws encourage bequests; consequently, a bequest is
an excellent way to support the University.
Bequests work particularly well for those who are unable
to make an immediate outright gift, but would like to aid
us in the future. Charitable bequests can take several forms:
- Specified amount of cash
- Specific piece of property
- Residuary estate after all expenses, debts, taxes and
specific bequests are satisfied
- Percentage of the residuary estate
- Contingent bequest (when named beneficiaries are deceased
or disclaim their bequests)
When including Bradley University in one’s will, please
refer to the institution as, "Bradley University, an
Illinois not-for-profit corporation, located in Peoria, Illinois
Gifts of Retirement Assets
If you are like most of Bradley’s alumni and friends,
you have worked hard, invested wisely, and accumulated a sizable
retirement nest egg over the years. Some of the assets in
your estate may be classified as "income in respect of
a decedent (IRD)" by the IRS. These assets, if left in
one’s estate, are potentially subject to both the federal
estate tax and the federal income tax.
IRD assets are not as attractive to the individual beneficiaries
of an estate as other types of property, which carry no income
tax consequences. However, there is an important exception.
If the recipient of the IRD item is an income-tax exempt charitable
organization, there is no income tax liability when the IRD
item is received. The upshot is that it often makes more sense
- Fulfill family bequests with estate assets that do not
carry income tax burdens to the heirs, and
- Use IRD items, such as retirement plan assets and IRA’s,
to make a bequest to charity.
The tax ramifications of retirement plan distributions are
extremely complex, and should not be undertaken without professional
tax advice. We will be happy to help you explore how you can
reduce taxes and leave more to your heirs and favorite charities
with careful planning. It could be a very wise investment
of your time.
Please call us at 1-800-327-7886.