Planned Giving Essentials
Deferred or planned gifts help you to meet your own financial needs today, while supporting Delta Chi’s future needs. Such gifts can provide significant tax benefits as well as lifetime income for you and your family.
The Delta Chi Educational Foundation staff welcomes the opportunity to work with you and your legal and financial advisors to establish individual deferred gift arrangements. Please be sure to notify the Foundation if you are planning to include or have already included the Foundation in your estate plans.
As with outright gifts, deferred gifts may be restricted and designated to specified programs based on the donor’s wishes, or they may be left unrestricted to give the Foundation the flexibility to meet unforeseeable needs.
Heritage Society – The Foundation is proud to establish the Heritage Society to recognize and honor anyone who names the Delta Chi Educational Foundation as a beneficiary of a will, trust, retirement plan, life insurance policy, life income gift or other type of accepted planned giving arrangement. All planned gift donors are eligible to become members of the Heritage Society, as long as their planned gifts are in place. The gift amount is not a factor and does not have to be disclosed. Heritage Society members may also choose to remain anonymous.
Goals & Gifts – Whether you want to eliminate taxes or benefit from an increased income stream, there is a gift to fit every objective. At your death, a will serves as a road map telling your personal representative how to distribute your assets to other people or to a charity.
Bequests – Leave your legacy by making a gift in your will to friends, family and charitable organizations. A bequest is one of the simplest ways to remember those you care about most.
When you are ready to consider any of these opportunities for charitable giving to The Delta Chi Educational Foundation, please contact us at 319-337-4811. We will work closely with your attorney, financial advisor and/or insurance professional to ensure that we administer your gift consistent with your wishes.
You can make a gift in the form of cash, securities, real estate, or personal property through a provision in your written and executed will. You may choose to leave all or a portion of your bequest unrestricted, affording the Foundation the flexibility to address unforeseen priorities. When you include the Delta Chi Educational Foundation in your will, you help secure leadership development for future generations of Delta Chi’s. Gifts and bequests to the Delta Chi Educational Foundation, a 501(c)(3) charity, may be tax deductible.
We hope you’ll tell us when you have named The Delta Chi Educational Foundation in your will. We would very much like the opportunity to thank you for your generosity and add your name to our Heritage’s Society.
If you prefer to remain anonymous, your gift will be kept completely confidential. But at the same time, recognition of your gift can encourage others to do the same. Whatever the case, we will honor your wishes, because we appreciate your support immensely.
When you make a charitable gift by will, please think it through carefully, first meet with your attorney and tax adivisors to discuss and plan your needs and desires. Tell them exactly what you want to do. Be as clear as possible in describing what you want given to whom.
Various Bequest Options
Here are generally accepted ways to make a bequest that help support the mission of The Delta Chi Educational Foundation:
Unrestricted bequest. This is a gift for our general purposes, to be used at the discretion of our governing board. A gift like this—without conditions attached—is frequently the most useful, as it allows us to determine the wisest and most pressing need for the funds at the time of receipt.
Restricted bequest. This type of gift allows you to specify how the funds are to be used. Perhaps you have a special purpose or project in mind. If so, it’s best to consult us when you make your will to be certain your intent can be carried out.
Honorary or memorial bequest. This is a gift given “in honor of” or “in memory of” someone. We are pleased to honor your request and have many ways to grant appropriate recognition.
Endowed bequest. This bequest allows you to restrict the principal of your gift, requiring us to hold the funds permanently and use only the investment income they generate. Creating an endowment in this manner means that your gift can continue giving indefinitely.
Sample Bequest Language
If you wish to make a bequeath to the Foundation, said forth below are samples of wording that you can use:
“I give, devise or bequeath to Delta Chi Educational Foundation, a charitable institution located at P.O Box 2113, Iowa City, IA 52244-2113, for its general purposes the sum of __________ dollars.”
A similar bequest can be written for a percentage of your estate:
“I give, devise or bequeath to Delta Chi Educational Foundation, a charitable institution located at P.O Box 2113, Iowa City, IA 52244-2113, for its general purposes _____ percent of the remainder of my estate.”
For a gift of residuary estate, you could provide:
“I give, devise or bequeath the remainder of my estate being property wherever located and not otherwise disposed of by this will to the Delta Chi Education Foundation with offices located at P.O Box 2113, Iowa City, IA 52244-2113, to be used for the general purposes of the Education Foundation.”
Many of our members have included The Delta Chi Educational Foundation in their estate planning by naming the Foundation as a beneficiary. Gifts such as these are invaluable in helping us assure the long-term viability and financial stability of the Foundation.
The Heritage Society members listed below have provided documentation to the Foundation office demonstrating their inclusion of The Delta Chi Educational Foundation in their estate planning by way of wills, trusts, or insurance policies.
Heritage Society Members:
Barry J. Peters
Charles A. Mancuso
Edward Fusco, Jr.
Fredrick B. Hammert
James S. Alex
John F. Caperton, Jr.
John M. Cazel
John M. Shelby
Joseph F. Lacchia
Kenneth L. Merrick
Lyle A. Lynn
M. Gary Monk
Mark R. Borelli
Michael J. Tumolo
Michael L. Carroll
Miles C. Washburn
Patrick J. Phelan
Paul W. Bohlman
Philip H. Flick
Ratheen C. Damle
Raymond A. Mathews
Raymond F. Borelli
Robert D. Hendershot
Robert L. Knox
Rod E. Arnold
Ronald C. Higgins
Ronald J. Martin
Steven G. Shockley
Thomas E. Hurst, Jr.
To Join the Heritage Society
A will is a traditional estate planning vehicle. By thinking in this way, you will be putting present goals first. A current will provides you with an opportunity to distribute your estate according to your wishes. It offers:
- A chance to care for your heirs according to their special needs;
- One last opportunity to express your values to your heirs;
- And the occasion to make a gift to charitable organizations that have touched so many lives, like The Delta Chi Educational Foundation.
What’s Wrong With My Old Will?
Check this list of 10 possible life changes that may require updating your will:
- Marriage or divorce—yours or one of your children’s
- The death or incapacity of a named beneficiary in your will
- Changes in your personal net worth
- Change of your needs or your beneficiaries’ needs
- Change of residence—Do you now live in a different state? Check the laws of that state.
- Changes in the tax law
- Change of personal representative of your estate or guardian of dependents under your care
- New charitable interests
What Happens If You Don’t Have a Will?
If you don’t have a legal will, the state where you are domiciled (i.e., the state in which you live most of the time, vote, have your driver’s license) has one for you. The state legislators who drafted the laws of “intestacy” (laws for the distribution of the assets of those who die without a will) have made general rules that apply to every situation, no matter what the personal wishes of the deceased. Is this what you want? For the state to decided how to distribute your life savings? If not, it is best that you plan out your will.
Planning for Your Will
Many people mistakenly believe that wills are only for the rich. Nothing is further from the truth. If you are married or single, if you have children and relatives, you need a will. If you have charitable causes you want to help perpetuate, you need a will. If you own a home or have a bank account, stocks or any other kind of property, you need a will.
Having your will prepared by an attorney and executed according to state guidelines is essential. Several steps are necessary for a will to be legal.
A Final Note
If you are considering a charitable gift, think of the advantages of designing it by will. During your lifetime, a bequest is private, changeable at any time and does not deprive you of the use of assets or income.
Whether you want to eliminate taxes or benefit from an increased income stream, there is a gift to fit every objective. And no matter how or what you give, rest assured that you will be helping out a cause close to your heart. The following chart details a gift vehicle for every goal. After determining the gift that is right for you, meet with your financial advisor or our organization to begin implementing your wishes.
•Make a revocable gift during your lifetime
•Defer a gift until after your lifetime
•Make a large gift with little cost to yourself
•Avoid the twofold taxation on retirement plan assets
•Avoid capital gains tax on the sale of a home or other real estate
•Give your personal residence or farm, but continue to live there
•Secure a fixed and often increased income
•Create a hedge against inflation over the long term
•Supplement income with fixed annual payments
•Reduce gift and estate taxes on assets passing to heirs
•Name us beneficiary of assets in a living trust
•Name us in your will
•Give a policy to us as owner and beneficiary
•Name us as beneficiary of the retirement plan assets after your lifetime
•Donate the property to us
•Designate the ownership of your home to us, but retain occupancy
•Create a charitable trust that pays you a set income annually
•Create a trust that pays a percentage of the trust’s assets, valued annually
•Enter a contract with us, in which we’ll pay you fixed payments annually
•Create a trust that pays a fixed or variable income to us for a set term, and then passes to heirs
•A donation exempt from federal estate taxes
•Current income tax deduction; possible future deductions
•Avoidance of heavily taxed gift to heirs, allowing less costly gifts
•Immediate income tax deduction and avoidance of capital gains tax
•Immediate income tax deduction and fixed income for life
•Immediate income tax deduction, annual income for life that has potential to increase
•Current and future savings on income taxes; fixed payments for life
•Reduced size of taxable estate; keeps property in family, often with reduced gift taxes