Planned Giving Opportunities
Purpose: To maintain Augustana's commitment to carrying on the tradition of a high quality, church related education into the future.
You've been working hard for many years and have built your wealth. What are you planning to do with your earnings? What are you planning to do with your estate? How can you pass on a part of your legacy?
Remembering Augustana in your estate plan will not only provide many tax benefits, but will help insure Augustana's future as a quality institution.
Mel Klein and Nate Dally are available to answer your questions and work together with you to develop the giving plans that are best for you. They will also consult with your financial and legal advisors to ensure that the plans we develop will maximize the usefulness of your assets.
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Heritage Club
The Heritage Club recognizes people who give special deferred gifts. Whether they are gifts by will, charitable trusts, life insurance, gift annuities, or other means, deferred gifts are indeed an investment in the future of Augustana College.
More than 460 alums and friends are already members of the Heritage Club and are committed to investing in the future of Augustana. By putting Augustana in your estate plans, you are helping to keep the values of an Augustana education and experience alive for generations to come.
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Gifts by Will
A charitable gift through your will may be designated for an endowed scholarship in your name, a building, an academic program, or other college need. Your estate receives a 100 percent tax deduction from federal and state inheritance taxes.
Charitable Remainder Unitrusts
The charitable remainder unitrust makes payments to you on a pre-determined percentage (at least 5 percent) of the value of the trust's assets, which are re-evaluated each year. Since assets can rise or fall according to fair market value, the amount paid to you varies.
Charitable Remainder Annuity Trusts
The charitable remainder annuity trust pays you a fixed sum of dollars annually, not less than 5 percent of the initial value placed in the trust. Once determined, the amount paid to you never varies. Like the unitrust, the annuity trust can be funded with cash, securities, and bonds.
Annuities
Charitable gift annuities are a type of life income gift. It is an exchange of cash, securities, real estate, or other property in return for a contractual obligation for the college to pay you and/or your spouse a specified amount of money for your lifetimes(s), determined by a rate schedule based on your age. The remainder goes to the college.
Gifts of Life Insurance
If you give ownership of the policy to Augustana, you receive an immediate income tax deduction, usually in an amount equal to the cash surrender value. If you're still paying the premiums, your premium payment to the college becomes a charitable gift. If you simply name Augustana as a beneficiary, the face value of the policy will eventually constitute a gift in your name, included in your estate, but 100 percent deductible for federal estate tax purposes.
Property Deeded with Life Estate Retained
You can decide to give Augustana your personal residence or farm but continue to live there. You would receive a substantial income tax deduction for the transfer. The tax savings can be spent or reinvested for improved future income.
Charitable or Lead Trust
This trust is established with the income going first (or leading) to the college, with the remainder eventually passing to your family. This is ideal if your children don't need additional income, but you want to provide for family members more than 10 years from now. The trust's income flows first to the charity, then eventually to the family members at substantial tax savings.
For more information on planned giving opportunities, please contact the Development Office at advancement@augie.edu .