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Additional Planned Gift Opportunities
Bequest
Charitable bequests are an excellent way to provide for Penn State Altoona without parting with assets during your lifetime. Your estate receives the benefit of an estate tax deduction for the amount of your gift. You can specify your preferences regarding the use of the gift within the University.
Estate Note
An estate note formalizes your intent to make a gift to Penn State Altoona. It offers the security of knowing that your ultimate plans for Penn State Altoona will become reality if, for example, you are unable to complete your pledge commitment during your lifetime. The estate note is a simple, written agreement with Penn State that specifies the amount of your intended gift and states how it is to be used by the University. It is not a substitute for a will. It is a supplement to your will and the estate note should be referenced in your will for clarity of your intentions.
Living Trust
The living trust is a popular and versatile estate planning tool that is created and begins functioning during your lifetime. The trust agreement is written to meet your needs and specifications. It keeps you in control of your assets during your lifetime and also specifies how your property should be distributed after your death.
Retirement Plan Designations
If you have an IRA, or participate in a Keogh or qualified pension or profit-sharing plan, you can designate Penn State Altoona as beneficiary of any remaining funds you do not use. During your life, you retain complete access to the funds. There will be an estate tax deduction for any gifts that eventually come to Penn State Altoona.
Charitable Lead Trust
The charitable lead trust is a gift of income to Penn State Altoona. You select the assets to place in trust and the length of time that your trust will last. Income from the trust is paid to Penn State Altoona for the specified period of time. When the trust terminates, the assets (or principal) are returned to you or distributed to whomever you choose. Income received by Penn State from this trust is used for the purposes you specify.
Life Insurance
A gift of existing life insurance that you own may be completed by assigning ownership and delivering the policy to Penn State. You would receive an immediate income tax charitable deduction for the current value of such a policy. Penn State must be the owner of any policy if you wish to receive an income tax charitable deduction. If you give Penn State a policy that is not fully paid-up, you receive a charitable deduction for your annual premium payments.
Creating Endowments
Penn State Altoona benefactors establish endowments using a variety of gift techniques. Many have discovered that they can establish a much more significant endowment when they take advantage of special gift plans. Professional advisers are on staff to provide personal assistance and to discuss the many methods and benefits of endowment giving to Penn State.
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