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 Planned Gift Opportunities
Planned Gift Opportunities - There are several estate planning mechanisms available that enable you to gain income for yourself and earn tax benefits while allowing you to invest in the academic, research, and community outreach programs and projects of The University of the Virgin Islands. As a UVI benefactor, you may use your giving to achieve personal goals while helping to shape the University's future.
The government encourages philanthropy with advantageous tax treatment of gifts under state, territorial, and federal law. Planned giving helps you receive the maximum benefits of these laws. Often these tax advantages allow you to make a charitable gift while also benefiting your family and heirs. Charitable giving can be an important part of your total financial plan.
Working Together - Teamwork
UVI will work as a team with you and your advisers identifying potential avenues for your philanthropy. You can specify the purpose of your gift and the program or campus that will benefit from your generosity. Our goal is to blend your vision with the objectives of the University. Ultimately, this will lead to a gift that is personally satisfying and beneficial for you and for the University.
Following are some very general terms related to planned giving. For specific information, please seek legal counsel from an attorney specializing in estate planning or from other estate planning professionals. If you would like more general information about estate planning/planned giving and/or would like your name placed on the mailing list for upcoming seminars, please contact UVI at the number listed at the end of this flyer.
Bequest
This gift could take several forms: specific bequests of property, bequests of a stated dollar amount, and bequests of a percentage of the estate. A gift can even be given after all other provisions of your will have been satisfied.
Estate Note
The estate note is a simple, written agreement with UVI that specifies the amount of your intended gift and states how it is to be used by the University. An estate note is especially useful if you desire to make a gift commitment over a period of years toward an endowment, a building project, or another specific program.
Living Trust
The living trust is sometimes called an inter vivo trust because it is created and begins functioning during your lifetime. You can use this trust to organize personal finances, provide for family members, your own disability, and make gifts to UVI. The trust agreement, written to meet your needs and specifications, keeps you in control of your assets during your lifetime and also specifies how your property should be distributed after your death. A living trust can be revocable or irrevocable. Even if you have a living trust, it is still advisable to have a will. A will transfers through Probate Court into the trust any assets or property that are either deliberately or inadvertently omitted. A living trust can avoid probate delays and reduce the expenses of estate administration.
Charitable Lead Trust/Charitable Remainder Trusts
The charitable lead trust is a gift of income to UVI. You select the assets to place in trust, and the length of time that your trust will last. Income from the trust is paid to UVI for the specified period of time. When the trust terminates, the assets (or principal) are returned to you or distributed to whom you choose. Income received by UVI from this trust is used for the purposes you specify.
Charitable remainder unitrust and charitable remainder annuity trusts are life-income plans that irrevocably transfer assets to a trust. The unitrust pays the donor an annual income for life. The income is based on a fixed percentage, which is determined by the fair market value of the trust assets as re-valued annually. Upon death the trust assets are transferred to UVI. The annuity trust pays the donor an annual fixed dollar amount for life. The donor may also provide income for another person. At death, the trust principal becomes the property of UVI.
Life Insurance
Life insurance is another convenient way to make a future gift to UVI with a minimum investment. Some benefactors make a gift of new, paid-up policies or existing ones that are no longer needed. A gift of existing life insurance that you own may be completed by assigning ownership and delivering the policy to UVI. You would receive an immediate income tax charitable deduction for the current value of such a policy. UVI must be the owner of any policy if you wish to receive an income tax charitable deduct-ion. If you give UVI a policy that is not fully paid-up, you receive a charitable deduction for your annual premium payments.
There are many other forms of charitable giving that will benefit you, your heirs, save on capital gains and income taxes, and benefit UVI at the same time.
Institutional Advancement
As with all financial decisions, a charitable gift should be designed with care. The University's Institutional Advancement professionals will work closely and confidentially with you and your advisors to ensure that your gift to UVI achieves your individual goals and expresses your personal vision for The University of the Virgin Islands.
| Contact us: |
Joseph Boschulte
Vice President of Institutional Advancement
The University of the Virgin Islands
2 John Brewer's Bay
St. Thomas, VI 00802-9900
jboschu@uvi.edu
340-693-1041 (STT)
340-693-1045 (fax) |
| Neither the author nor UVI is engaged in rendering legal or tax advisory service. For advice and assistance in specific cases, the services of an attorney or other professional advisor should be obtained. The purpose of this publication is to provide information of a general character only. Watch for tax revisions. State and territorial laws govern wills, trusts, and charitable gifts made on a contractual agreement. Advice from legal counsel should be sought when considering these types of gifts. |
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