FAQs
A planned gift to KU Endowment is a wonderful way for you to support your interests at KU and receive an income or tax benefits in return. We have listed a few of the most common questions about gift planning below. To learn more about your gift planning options, please contact Jack Schwartz, director of gift planning, 785.832.7327, or Nell Lucas, senior director of gift planning at the KU Medical Center, 913.588.5551.
What is gift planning?
Is it possible to make a gift to KU Endowment through my will?
Why should I leave a bequest to KU Endowment instead of KU?
What language should I use to make KU Endowment a beneficiary of my estate plans?
How can I make a gift to KU Endowment that actually pays me income? How do these life-income gifts benefit me?
May I designate my gift to a specific purpose at KU?
Is it possible to name KU Endowment as a beneficiary of my retirement plan?
Can I use my life insurance policy to benefit KU?
Can I split my gift among KU and other organizations?
Do I need to tell KU Endowment that I have included a gift for KU in my estate plans?
What is gift planning?
Gift planning is a way for you to make a gift that satisfies not only your philanthropic goals but also your personal, financial and estate planning goals.
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Is it possible to make a gift to KU Endowment through my will?
Yes. In fact, the most common form of planned gift is a bequest made through a will or revocable trust. A bequest can be a gift of cash, real estate, appreciated securities, or other assets. Bequests often provide donors with the opportunity to make a greater gift than is feasible during their lifetimes.
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Why should I leave a bequest to KU Endowment instead of KU?
A 501(c)3 nonprofit, KU Endowment is the official fundraising organization for the University of Kansas. KU Endowment accepts and manages charitable gifts on behalf of KU, which is a state-assisted university. Making a contribution to KU Endowment keeps your assets at KU for the purpose you intend.
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What language should I use to make KU Endowment a beneficiary of my estate plans?
The official legal bequest language for KU Endowment is: “I, [name], of [city, state, zip], give, devise and bequeath to The Kansas University Endowment Association [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”
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How can I make a gift to KU Endowment that actually pays me income? How do these life-income gifts benefit me?
It is possible to receive income from your gift to KU Endowment. The “life income” gifts most often referred to are the charitable gift annuity and the charitable remainder trust. In exchange for your gift to one of these life income options, KU Endowment will invest the proceeds to pay you, and another beneficiary if you choose, income for life or, in some cases, for a term of years. Payments may start immediately, or may be deferred for one or more years. At the termination of the agreement, KU Endowment receives the remaining value as a gift. In most cases, in the year you made the gift, you would receive an income-tax deduction equal to a portion of the gift amount. That way you would avoid the capital gains tax for gifts of appreciated property such as stock, mutual funds and real estate.
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May I designate my gift to a specific purpose at KU?
Yes. Your gift may be earmarked for any program, project or school at KU. A member of our development staff would be happy to review your designation options with you.
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Is it possible to name KU Endowment as a beneficiary of my retirement plan?
Yes. Leaving your retirement plan or IRA (or a portion of it) to KU Endowment is a tax-wise choice. Naming KU Endowment as the recipient of your retirement plan after your lifetime (or at the death of the survivor of you and your spouse) avoids all estate and income taxes on the plan assets.
To make this gift, you simply notify your plan's administrator of your wish to change the beneficiary. A "change of beneficiary" form will be required. KU Endowment can be designated as a full or partial beneficiary of your plan. Depending on the state in which you reside, you may or may not need consent from your spouse if you designate your qualified retirement plan to come directly to KU Endowment at your death.
If your spouse and children are currently the beneficiaries of your retirement plan, you can continue to keep them as beneficiaries, and also include KU Endowment as the beneficiary of a portion of the plan. Upon your death, the plan administrator can "cash out" KU Endowment's share of the account without affecting your family's portion of the account, so that KU, as well as your heirs, benefit from your retirement savings.
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Can I use my life insurance policy to benefit KU?
Yes. You can name KU Endowment as a primary, partial, or alternate beneficiary of your life insurance policy by filing a change of beneficiary form with your insurance company. Furthermore, if you no longer need the policy, you can transfer ownership of the policy to KU Endowment and receive an immediate charitable income tax deduction.
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Can I split my gift among KU and other organizations?
Yes, through the KU Endowment Charitable Gift Fund, it’s possible to support KU and other nonprofit organizations simultaneously. To learn more about the fund, contact Jack Schwartz, director of gift planning, 785.832.7327, or Nell Lucas, senior director of gift planning at the KU Medical Center, 913.588.5551.
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Do I need to tell KU Endowment that I have included a gift for KU in my estate plans?
Informing KU Endowment of your plans will assure that your intentions are carried out as you desire and that you will be properly recognized for your contributions. KU Endowment will respect the wishes of any donor who wants to remain anonymous.
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