A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to Kent State Universityor WKSU, and it is one that will make a lasting impact.

Bequest

Benefits of a Bequest

  • Receive an estate tax charitable deduction
  • Reduce the burden of taxes on your family
  • Leave a lasting legacy

How a Bequest Works

A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends or Kent State as part of your estate plan, or you can make a bequest using a beneficiary designation form.

Please contact us with any questions about how to make a charitable bequest.

A beneficiary designation gift is another easy and affordable way to make a gift to support Kent State. You can designate us as a beneficiary of a retirement, investment or bank account, or of your life insurance policy.

Benefits of a Beneficiary Designation Gift

  • Support the cause(s) you care about
  • Continue to use your account as long as you need to
  • Simplify your planning and avoid expensive legal fees
  • Reduce the burden of taxes on your family
  • Receive an estate tax charitable deduction

Please contact us with any questions about beneficiary designation gifts.

This type of gift allows you to leave your home or farm to Kent State University upon your death, while also receiving a current, charitable income tax deduction.

Life Estate Reserved

Benefits of a Life Estate Reserved

  • Receive a federal income tax deduction for the value of the remainder interest in your home or farm
  • Preserve your lifetime use and control of your home or farm
  • Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child

How a Life Estate Works

  1. You deed your home or farm to Kent State University. The deed will include a provision that gives you the right to use your home or farm for the rest of your life and that of any other life estate party named in the deed.
  2. You and Kent State University sign a maintenance, insurance and taxes (MIT) agreement to explain that you will do your best to keep the property in good condition, that you will maintain property insurance and pay the property taxes.
  3. When the owners of the life estate have passed away, your home or farm will belong to Kent State University. We will use or sell the property to further our mission.

Please contact us with any questions about life estates.

Life Insurance is Often a Forgotten Asset

When life changes, and life insurance is no longer required, a policy can be an unexpected asset that can make an impact at Kent State.Similar to a revocable bequest, the policy can be designated upon death to support the university Foundation, as a partial or full beneficiary. (Use the legal name, Kent State University Foundation, Inc. with Federal Tax ID# 34-6576307.)

Other benefits: If you don't wish to change your will, and incur the cost of a codicil, a life insurance policy can help you. There's no cost to changing beneficiaries of your life insurance policy, and if the purpose of the future gift changes, you can simply document that fact to us, without having to complete a new form.

An immediate charitable deduction: Another option for those whose life insurance policies are obsolete, and who are interested in a charitable deduction, is to transfer ownership of the policy to the Kent State University Foundation.

  • Fully paid up: You can use the surrendered cash value as your charitable deduction.
  • Partially-paid up: You can receive a charitable deduction at the lesser of the cost basis or the policy's value. AND indirect payment of premiums as a charitable gift.
  • New policy written on you with a single premium/single beneficiary. You receive donor recognition at the level of the death benefit to be paid out to Kent State.

If you have questions, or for more information on how you can make a gift to Kent State using your life insurance policy, please contact us.