Planned and Estate Gifts
Including Michigan Engineering in your estate plans is a profound way to contribute to the development of engineers who will challenge the present and enrich the future. By planning your legacy with Michigan Engineering, you lay the foundation for groundbreaking innovations and transformative education that will benefit generations to come. Your thoughtful foresight ensures that tomorrow’s engineers are equipped with the skills needed to address the world’s most pressing challenges.
There are multiple avenues to establish your estate gift, each offering a distinct blend of flexibility and impact: beneficiary designations, incorporating gifts in your estate plan, charitable gift annuities, setting up charitable remainder trusts and charitable lead trusts, providing a gift of life insurance, making a qualified charitable distribution, or giving from a donor advised fund (DAF).
Our team is committed to collaborating with you to develop a charitable plan that not only meets your family’s needs but also fosters the growth and success of future Michigan Engineers. Discuss your planned giving options by contacting Anna Mann, Senior Director of Advancement, at (734) 763-8265 or [email protected].
Bequest Gifts
Making a bequest to Michigan Engineering through a beneficiary designation or in an estate plan is a straightforward and impactful way to support future generations of engineers. To designate Michigan Engineering as a beneficiary, simply update the beneficiary designation forms on your retirement accounts or other financial accounts to include the Regents of the University of Michigan: Tax ID – 38-6006309 – to benefit Michigan Engineering. To include Michigan Engineering in your estate plan, you may work with your attorney to add specific language to your will or trust that directs a portion of your estate to the college. Ensuring proper documentation and consulting with legal and financial advisors and Michigan Engineering can facilitate the process, making your generous contribution both meaningful and efficient.
Charitable Gift Annuities
A charitable gift annuity offers a unique way to support Michigan Engineering while also receiving a reliable income stream. In exchange for a gift to the university, U-M commits to paying a fixed annual amount to one or two designated beneficiaries for their lifetime, providing dual benefits of making a significant philanthropic contribution and ensuring financial security for yourself or your loved ones. Upon your passing, the remaining value of the gift transfers to Michigan Engineering, where it will be used to support the specific purpose you will have previously determined.
Charitable Remainder Trusts
A charitable remainder trust (CRT) provides a flexible and advantageous way to support Michigan Engineering while addressing personal financial goals. By irrevocably transferring cash, securities or other property into a trust, you create a powerful vehicle for both charitable giving and income generation. Each year, the trust pays a predetermined percentage of its value to you or other designated individuals, offering a steady and potentially tax-advantaged income stream. Once the trust term concludes, the remaining assets are directed to benefit Michigan Engineering, supporting its mission to cultivate future leaders and innovators.
Charitable Lead Trusts
Charitable lead trusts are a strategic way to support Michigan Engineering while also planning for the future of your heirs. Through an irrevocable transfer of cash, securities or other property, you can establish a charitable lead trust that provides U-M with annual fixed payments throughout the trust’s term. This steady stream of income assists the university in furthering its mission and programs. Once the trust concludes, the remaining assets are distributed to your designated heirs or other beneficiaries, potentially with favorable tax implications. This approach not only benefits the university during the trust’s term but also ensures that your loved ones are taken care of afterward.
Life Insurance
Donating a life insurance policy to Michigan Engineering offers a unique and impactful way to support future generations of engineers, while also providing significant financial benefits to the donor. By naming Michigan Engineering as a beneficiary or transferring ownership of a fully paid policy, you can make a substantial contribution that may otherwise lie dormant or be underutilized. This type of gift allows you to leverage relatively small premium payments into a large future donation, ensuring that the college can expand its programs, invest in cutting-edge research and provide scholarships to talented students. Moreover, such a gift may offer immediate tax advantages, as the cash value of the policy and any ongoing premium payments could be eligible for charitable deductions.
Qualified Charitable Distributions
Making a gift to Michigan Engineering using a qualified charitable distribution (QCD) can align with both philanthropic and financial goals. By directing funds from an Individual Retirement Account (IRA) directly to Michigan Engineering, donors aged 70½ or older can transfer up to $100,000 annually and satisfy their required minimum distribution (RMD) without the transferred amount being counted as taxable income, which can provide significant tax relief. By leveraging a QCD, donors can enhance their legacy, knowing that their gift is propelling future engineers and advancing critical technological solutions that address global challenges, all while maintaining their own financial advantages.
Donor Advised Fund
A donor advised fund, or DAF, is a separately identified fund or account that is maintained and operated by a sponsoring charitable organization. Donors can advise the fund with respect to the distribution of funds and the investment of assets in the account. You can set up the fund with a community foundation, financial services company, or the University of Michigan. DAFs offer a simple and tax-efficient way to maximize the impact of your charitable giving. Contributions may be eligible for a tax deduction and grow tax-free, leveraging the value of your philanthropy. Grants from your fund are distributed at your own pace, providing the opportunity to develop a strategic approach that better supports your philanthropic vision. In addition to giving directly from your DAF to U-M or joining the U-M DAF, you can also name U-M as a beneficiary to receive all or part of the account after your lifetime.
Explore
To explore these opportunities, contact the Office of Advancement