Types of Planned Gifts

Bequest

The simplest way to leave an estate gift for ΒιΆΉΤΌΕΔ is to designate us as a beneficiary in your will. Gifts can be a dollar amount, percentage, or the residue of your estate.

ΒιΆΉΤΌΕΔ University has partnered with FreeWill, a secure online tool that guides you through the process of creating a legally valid will in under 20 minutes δΈ€ completely free of charge. In addition to taking care of your loved ones and their future; you can use this tool to support ΒιΆΉΤΌΕΔ students and continue our mission for years to come.

Here is sample language for your consideration in leaving ΒιΆΉΤΌΕΔ a gift via your will:

"I hereby give to ΒιΆΉΤΌΕΔ University, a not-for-profit corporation located in Decatur, Illinois, ___% of my estate (or $__) to be used as its Board of Trustees may deem advisable (or for a specified use) for the benefit of ΒιΆΉΤΌΕΔ University."

QCD (IRA rollover)

Qualified Charitable Distributions (QCDs) are funds from your Individual Retirement Account (IRA) that can be donated to ΒιΆΉΤΌΕΔ without couting toward your taxable income. If you are above the age of 70 Β½ and have a traditional IRA, you are eligible to make a QCD.

Normally, funds that are withdrawn from your traditional IRA count toward your annual income, and increase your overall tax burden. QCDs are an exception to this rule: the funds go directly to ΒιΆΉΤΌΕΔ without needing to be withdrawn, helping you avoid higher income tax.

QCDs also satisfy your required minimum distributions, if you are 72 years or older.

To make a QCD gift, simply tell your IRA plan administrator to make a QCD in any amount, up to $100,000 per year, to ΒιΆΉΤΌΕΔ.

Charitable Gift Annuity

A charitable gift annuity allows you to make a meaningful gift to ΒιΆΉΤΌΕΔ, while retaining a benefit for yourself. Here's how it works: in exchange for making a gift to ΒιΆΉΤΌΕΔ of at least $10,000, you receive guaranteed interest payments for your life. Payment rates are based on your age and the amount of your gift. At the end of your life, your gift is designated to ΒιΆΉΤΌΕΔ, to the area of your choice. Contact the Alumni & Development Office at 217-424-6383, or email us at alumdev@millikin.edu, to obtain a personalized gift illustration.*

Example: Ron is a 75 year-old who wishes to make a gift to ΒιΆΉΤΌΕΔ. He creates a charitable gift annuity worth $15,000 with ΒιΆΉΤΌΕΔ, to support the ΒιΆΉΤΌΕΔ Fund. Based on his age, the interest rate he is paid is 6.2%, and his total annuity benefit is $930 per year, which is paid on a quarterly basis. Ron is guaranteed this amount of money for the rest of his life.

*Please note, this gift option is subject to certain restrictions with regard to donor age and the amount of donation.

Life Insurance

If you have a life insurance policy that has outlasted its original purpose, consider using it to make a meaningful gift to ΒιΆΉΤΌΕΔ.

ΒιΆΉΤΌΕΔ can be named as a beneficiary, or owner-beneficiary, of a life insurance policy. You can donate your existing policy by making ΒιΆΉΤΌΕΔ the owner. You will receive an income tax deduction for the fair market value of the policy, or your cost basis, whichever is less. If premiums remain to be paid, you will receive charitable income-tax deductions for contributions to ΒιΆΉΤΌΕΔ to pay these premiums. 

Alternatively, you can maintain ownership of your policy and name ΒιΆΉΤΌΕΔ as a beneficiary. With this option, the annual premium payments are not considered a charitable income-tax deduction, because you retain ownership of the policy.

To make a gift of life insurance, contact your life insurance provider, request a beneficiary designation form, and include ΒιΆΉΤΌΕΔ University as the beneficiary of your policy.

Real Property

ΒιΆΉΤΌΕΔ accepts most gifts of real estate. If you are considering an outright gift of real property to ΒιΆΉΤΌΕΔ, please contact the Alumni & Development Office at 217-424-6383, or email us at alumdev@millikin.edu, to discuss this option further. If the gift is approved, you will receive an income-tax deduction for the fair-market value of property based on a qualified appraisal. You will also avoid paying any capital gains tax on appreciation of the real estate.

If you are interested in making a gift of real estate to ΒιΆΉΤΌΕΔ, but wish to continue using the property during your lifetime, you can do so through a retained life estate gift. Here's how it works: a donor transfers title of a personal residence or farm to ΒιΆΉΤΌΕΔ. The donor can continue to use the residence or farm during their lifetime, including retaining any profits generated from the property, and receives an income-tax deduction the year the gift is made.

Charitable Remainder Unitrust

A charitable remainder unitrust is a tax-exempt, irrevocable trust designed to reduce the donor's taxable income by paying the donor, or another beneficiary, an annual amount of interest based on the principal of the trust, which is revalued annually. This amount is paid for the lifetime of the donor and/or beneficiary, or for a fixed term of no more than 20 years. Additional assets can be placed in the trust. When the trust ends, the remaining assets - the "charitable remainder” - are distributed to ΒιΆΉΤΌΕΔ. You receive an income-tax deduction for the charitable remainder value of the trust, and are not subject to capital-gain taxes if the trust was funded with appreciated assets.

Charitable Remainder Annuity Trust

A charitable remainder annuity trust is similar to a unitrust in how it is established; however, the annuity trust provides payment to you and/or a beneficiary in a fixed amount based on the value of the trust when it is established. Benefits include a tax deduction for the charitable remainder value of the trust. You may also avoid paying capital gain taxes if the trust is funded with appreciated property.

Charitable Lead Trusts

A charitable lead trust is an irrevocable trust designed to make annual payments to ΒιΆΉΤΌΕΔ for a specified period of time, after which the trust assets revert back to you and/or to beneficiaries you designate.

Questions? Contact the Alumni & Development Office at 217-424-6383, or email us at alumdev@millikin.edu.