Testamentary Life Income Gifts
Charitable remainder trusts, charitable lead trusts and charitable gift annuities all may be established through a donor's Will. Although such a gift will not provide tax savings during the donor's lifetime, a testamentary gift may reduce estate taxes and provide life income for a loved one while still creating a benefaction for Eastern.
In some cases, a retirement plan may represent the largest single asset held by an individual. Gifts of retirement assets can help reduce federal and state estate and inheritance taxes. There are complicated rules governing retirement plans. We highly recommend that you contact your financial adviser and us before deciding about a current or testamentary gift involving retirement assets.
You may name Eastern University as the beneficiary of your life insurance policy. Since the designation is not irrevocable, no income tax deduction is available to you. However, at your death, the executor of your estate may take a federal estate tax charitable deduction for the face value of the policy.
If you make Eastern University the owner of your life insurance policy, you can create a current tax benefit for yourself, make both current and future gifts and reduce potential estate and inheritance taxes.
Planned Giving Officer
James G. Rogers, CPA, Vice President