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Estate and Life Income Gifts

Bequest

The most common form of deferred gift to Richmond is a bequest contained in a person's will or revocable (living) trust. A charitable bequest is a provision in your will that names the University of Richmond as the recipient of part of your estate. This may be a specific bequest, a percentage bequest, or a residuary bequest. Read sample language and more information.

Gift of Retirement Plans

Naming Richmond as a primary or contingent beneficiary of a retirement plan (e.g. IRA, SEP, 401(k), 403(b), ESOP, etc.) may enable you to make a larger gift than you anticipated because income and estate taxes are not imposed when plan assets are distributed to Richmond. Your retirement account's plan administrator (the company that manages the account) can help you designate the University of Richmond as a primary or contingent beneficiary on the plan's beneficiary form.

Life Income Gift

A life income gift, such as a charitable gift annuity or a charitable remainder unitrust, can provide you and/or your loved ones with an income for the duration of your lives or for a specific number of years. You receive a current income tax dedication as well.

Charitable Gift Annuity

This is a simple contract between the donor and the University of Richmond. In exchange for the gifted asset, the donor receives guaranteed, fixed payments for life. Gifted assets may be in the form of cash or appreciated stocks.

Charitable Remainder Trust

This is a trust agreement with the University or other trustee. Payments to the income beneficiary from this type of trust are a percentage of the trust corpus, as valued annually, gifted assets may be cash, appreciated securities, or real estate.

Retained Life Estate in Property

You can generate a current income tax deduction by giving a home or farm to Richmond, while retaining the right to use the property during your lifetime. The property will also be removed from your taxable estate.

Charitable Lead Trust

This is a trust agreement with the Univesity or other trustee that provides payments to the Univesity of Richmond for a term of years. At the end of the term, the principal is distributed to the donor, the donor's family, or other non-charitable beneficiary. These trusts can be used to transfer assets to a loved one with a significantly reduce tax liability.

Please call 804-289-8358 or respond via e-mail to giftplanning@richmond.edu  to request an illustration that may fit your specific needs.

Making a Planned Gift

If you would like to receive a printed or e-mail gift illustration please call 804-289-8358 or e-mail Aaron McClung, Director of Gift Planning, at giftplanning@richmond.edu.