Estate Gifts

Bequest

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 61625."

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 to —

• 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.