Create a Lasting Connection to FDU
When you make a planned gift to Fairleigh Dickinson University, you share your life and legacy with our students to ensure they have the resources they need to achieve their educational dreams. A planned gift empowers your connection to FDU and provides for the future of the University.
If you have a passion for learning or have enjoyed success in life thanks to your FDU education, the impact of your planned gift on the University and our students is significant. Your planned gift honors the difference FDU made in your life and your legacy preserves the FDU learning experience for future generations.
Many individuals and families interested in supporting FDU with a legacy gift are interested in pursuing attractive options offered by planned giving such as a bequest gift in your estate plan, charitable trusts, retained life estate or a gift of real estate, gift of retirement assets or life insurance, or a life income gift such as a charitable gift annuity.
How do you want to be remembered at FDU? Consider planned giving to empower aspiring students achieve their college dreams at FDU.
If you have any questions about creating your legacy gift to FDU, contact:
Delia G. Perez, CFRE, Director of Planned Giving | 800.980.0064 | [email protected]
Making a Bequest
There are a number of benefits of a bequest. A bequest is generally a revocable gift, which means it can be changed or modified during your lifetime. You can receive an estate tax charitable deduction, reduce the burden of taxes on your family, and leave a lasting legacy to benefit FDU. There are a number of ways you can make a bequest.
If you have any questions about leaving a bequest to us, please contact us. We would be happy to assist you. If you have been so generous as to include a bequest to benefit Fairleigh Dickinson University as part of your estate plan, please let us know. We would like to recognize you and your family for your generosity.
A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to FDU.
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10 percent of your estate to FDU.
A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to FDU.
A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to FDU.
IRA Qualified Charitable Gifts
The Consolidated Appropriations Act of 2016 finally made permanent qualified charitable distributions (QCDs) from individual retirement accounts. Because QCDs are finally permanent, now’s a good time to review the rules.
A QCD permits annual direct transfers to a qualified charity such as Fairleigh Dickinson University (FDU) totaling up to $100,000 of tax-deferred IRA savings. Funds that have been distributed from the IRA to the IRA owner and are then contributed to the University can’t so qualify. QCDs offer advantages over contributing the proceeds of a taxable IRA distribution to FDU. QCDs automatically satisfy required minimum distributions (RMDs) for the year when the QCD is made. There are some restrictions, which a tax professional can enumerate.
Retirees age 70 1/2 and older may donate up to $100,000 tax free from their IRA each year. Generally, when you take a distribution from your IRA, it is treated as taxable income. Under this provision those assets are excluded from income if the distribution is made directly to charity. Distributions excluded from income are also equivalent to a 100% deduction. As always, you should talk with your financial representative or tax advisor before making a decision that alters your tax situation.
IRA account owner much be age 70½ or older at time of IRA distribution in order to take advantage of this provision. Rule applies only to Tradition, Rollover, and Roth IRAs, SEPs and SIMPLE IRAs are generally excluded. Distributions of non-deductible IRA contributions also do not apply.
Maximum amount of a taxpayer’s qualified charitable distribution must not exceed $100,000 per tax year and may include required minimum distribution (RMDs).
Distributions must be made to a qualifying charity such as Fairleigh Dickinson University; private foundations and donor-advised funds are not eligible. Consult a tax professional for additional information.
Charitable Gift Annuities
A charitable gift annuity (CGA) provides fixed payments for life, to you or others you name, in exchange for a gift of cash or securities to Fairleigh Dickinson University. Gift annuities are easy to set up and the payments are backed by the general resources of Fairleigh Dickinson University. If you’re planning for retirement and beyond, consider making a donation of $10,000 or more to establish your CGA with FDU.
A charitable gift annuity could be right for you if:
- You want to maintain or increase your cash flow
- You want the security of fixed, dependable payments for life
- You want to save income taxes or capital gains taxes
- You want to make a generous gift to Fairleigh Dickinson University
- You are considering a gift amount of $10,000 or more
- You are at least 65 years of age