A Charitable IRA Rollover gift is a simple way to make a big difference. If you are aged 70 ½ or older, you can make a tax-free Qualified Charitable Distribution from your IRA to Kent State.
In any given year, you can transfer up to $100,000 from your IRA to Kent State and other qualified charities. Additionally, this gift can satisfy the Required Minimum Distribution for those aged 73 and older. While IRA Rollover Gifts do not qualify for a charitable deduction, you will not pay income tax on the funds coming from your IRA.
To make a gift from your IRA to Kent State, please contact your IRA administrator to complete the appropriate forms and contact us at giftplan@kent.edu or 330-672-1000 to let us know what specific area you would like your gift to support. Your IRA funds will transfer directly to us.
An easy and affordable way to support Kent State University is through a Beneficiary Designation Gift, which designates Kent State as the beneficiary of a retirement, investment account, bank account or life insurance policy.
A Beneficiary Designation Gift is an excellent option that allows you to direct support to the area of your choosing, retain access to your funds during your lifetime, reduce taxes on income passed to heirs and potentially reduce estate taxes. You do not need to consult an attorney for set-up, can support Kent State while also supporting other heirs and can adjust the gift throughout your lifetime if your circumstances change.
To make a Beneficiary Designation Gift, contact your broker, bank or insurance agent to request a new beneficiary designation form and complete, sign and return the form - keeping a copy for your records – that designates Kent State as a beneficiary of your account or insurance policy. Once complete, contact us at giftplan@kent.edu or 330-672-1000 to inform us that you have included Kent State in your estate plan. Upon your passing, your account or insurance policy will be paid or transferred to Kent State in keeping with the wishes you outlined in the beneficiary designation form.
A Charitable Lead Trust is a great way to support Kent State now while reducing or eliminating the estate taxes your family will pay upon your passing.
When you establish a charitable lead trust, you will receive a gift or estate tax charitable deduction for your gift. The gift is invested and continues to grow while paying Kent State for a number of years. After a period of time, your family receives the trust assets plus any additional growth in value at a reduced or zero cost.
This is the only type of planned gift that can be used by Kent State University to fund capital projects.
There are various types of lead trusts to choose from and the minimum amount to fund a charitable lead trust varies.
Please contact us at giftplan@kent.edu or 330-672-1000 to discuss the best option for your needs or with any other questions.
A life estate is when you leave your home or farm to Kent State University upon your death while receiving a charitable tax deduction in the current year.
Establishing a life estate that benefits Kent State University allows you to retain use and control of your home or farm throughout your lifetime and for the life of a designated heir. You agree to maintain the property and continue to pay home insurance and property taxes during your lifetime. Upon your passing and the passing of any additional designated heir, ownership of your home or farm will then transfer to Kent State University to use or sell in accordance with the purpose stipulated in your life estate.
Please contact us at giftplan@kent.edu or 330-672-1000 to discuss establishing a life estate or with any other questions.
A gift of life insurance can be made in two different ways: by making Kent State a beneficiary of your life insurance policy or by transferring ownership of your policy to Kent State. Making a gift of life insurance is easy and only requires you contact your insurance agency.
If you choose to make Kent State a beneficiary of your policy, you can elect for Kent State to become a partial or full beneficiary. And if your needs change in the future, you can choose to update your beneficiaries.
If you choose to transfer ownership of your policy to Kent State, you will receive a charitable deduction for the transfer depending on whether the status is fully or partially paid or is a new policy.
Please contact us at giftplan@kent.edu or 330-672-1000 to discuss establishing a life estate or with any other questions.
To learn how to leave a lasting legacy and make a profound impact on Kent State University well into the future, please contact Jeff Young at jyoun101@kent.edu or 330-672-8382.