Deferred Gifts

Deferred gifts can benefit you, the donor, as well as UMD, the ultimate beneficiary. A planned gift may provide you with tax advantages and the personal satisfaction of supporting a cause you believe in. And, of course, your commitment will particularly benefit students, faculty and all individuals impacted by the gift.

Bequests from Wills or Living Trusts
A will or living trust is a statement about what matters most in your life, and ensures that your intentions are clearly expressed and will be followed by those administering your estate. You can provide for family, friends, others and the University of Minnesota Duluth, college or program of your choice.

When you include the University of Minnesota Duluth in your will, you and your attorney may need to know that the University of Minnesota Foundation is a “501(c)(3)” non-profit corporation, incorporated in 1962. The University of Minnesota Foundation is an organization that raised and manages private gifts for the University of Minnesota system. All charitable gifts to benefit UMD are managed by the University of Minnesota Foundation.

Your will should state your intention clearly enough so that the Foundation can ensure that your objectives are fulfilled. Following is standard working language that might be useful to you and your attorney:

“I give, devise, and bequeath to the University of Minnesota Foundation, Minneapolis, Minnesota for the benefit of the University of Minnesota Duluth, [the sum or description of property], which is further designated to benefit the [name of college, program or scholarship].”

Retirement Plan Assets
After providing for yourself and your family, you can use excess retirement funds to make a convenient and cost-effective charitable gift to UMD. It is very simple. Using the “beneficiary designation” for your qualified retirement plan account or IRA, you name the University of Minnesota Foundation to receive any remaining assets in the account to benefit UMD. If left in your estate, retirement assets are subject to income as well as possible estate taxes. This makes them a poor asset to pass on to heirs, but an excellent asset to use for a charitable estate gift.

Charitable Lead Trust
A charitable lead trust enables a donor to create a trust that makes payments to UMD for a specified time and then distributes the remaining trust property to the donor’s family.

Gift of Home or Farm (retaining life use)
You may irrevocably deed your residence or farm to the University of Minnesota Duluth but reserve the right to use it during your lifetime. If in the future you wish to transfer your life estate rights to the University, you may do so. An immediate partial income tax deduction and a federal estate tax deduction are both available for this type of gift.

Life Insurance Policy
You can name the University of Minnesota Foundation (to benefit UMD) as the owner and/or beneficiary of an existing policy that may have outlives its original purpose, or you may wish to make the Foundation the owner and beneficiary of a new policy.

The Heritage Society
The Heritage Society recognizes and honors those alumni and friends who have provided for the University of Minnesota Duluth in their wills or have exercised one of the several planned giving options available. We welcome your membership. Please let us know if you are including UMD in your charitable estate plans.

For more information, please contact:

Tricia Bunten, Director of Planned Giving
(218) 726-7447
email: tbunten@d.umn.edu
toll-free 1-866-999-6995