Gifts for the FutureIF YOUR INTENTION is to include Nova Southeastern University as one of your beneficiaries, we strongly encourage you to share such news with us. That way, we can help you obtain the greatest possible satisfaction from your gift. Your gift to the university is held in the Office of Institutional Advancement with our planned giving professionals. Your information will be kept strictly confidential, and your privacy will be protected to the fullest extent possible, unless you have approved the announcement of your gift or other public recognition.
A bequest from either a will or living trust allows you to pass any amount you wish to NSU free of estate tax. You may designate to leave cash, specific property, a fixed dollar amount, or a percentage of your estate to the university, with or without restrictions. We strongly advise you to obtain the professional counsel of an attorney who specializes in estate planning to make certain that your wishes today become realities of the future.
Gifts of Retirement Plan Assets
Did you know that most retirement plan assets are facing double taxation? Assets remaining in retirement plans funded with pretax dollars are considered "income in respect of a decedent." In essence, not only is the amount diminished by estate taxes, but the beneficiary must also pay income taxes on it. Should you be able to make other provisions for your family, there is a much better option for your individual retirement account (IRA), namely a charitable gift to NSU. When the university is named as a beneficiary from your IRA, NSU is able to receive the funds without any taxable consequences.
Gifts of Life Insurance
When you first secured your life insurance policies, you obviously felt a need for them. Perhaps you do not need all that coverage today, yet you still have those policies in place. If you are thinking about a contribution to NSU, a gift of your life insurance could be a sensible, as well as generous, option. If you make the university the owner of the policy, you will usually receive an income tax deduction for the policy's fair market value (or cost basis, if lower), on the date of the gift. Should you name NSU as the beneficiary of the policy (yet still retain ownership), you will receive an estate tax deduction for the insurance proceeds. Finally, you can also choose to name NSU as a contingent beneficiary and secure your family's needs first.
FOR MORE INFORMATION AND ASSISTANCE PLEASE CONTACT:
Ward Sullivan, Director of Legacy Giving
Phone: (954) 262-2135 Fax: (954) 262-3974