Heritage Society
The Heritage Society was created to recognize and honor those who have included Upper Iowa University in their estate plans or have made some other type of planned gift commitment.
Members of the Heritage Society believe in Upper Iowa’s mission and want to ensure the University’s valuable educational programs and services will continue for future generations. Individuals who desire to include Upper Iowa in their estate plans are encouraged to consult with their financial advisers to draw up the necessary documentation. It is beneficial for UIU to be aware of specific intentions so we can ensure the donor’s wishes are carried out; click here to complete a Letter of Intent. Additional resources are provided below.
In January 2020, the UIU Alumni Office began collaborating with a company called FreeWill to offer a new resource for our University community. FreeWill is an intuitive, online will-writing tool that allows anyone to produce a legally binding will in about 20 minutes – and it’s completely free to use. We are proud to offer this free service to alumni because we know how important it is to have your plans in place for the future. To date, over 160 alums have taken advantage of this resource.
Get Started TodayThis tool is free to you whether you choose to include a gift to Upper Iowa University or not. We hope this resource is helpful to you and your family and provides you peace of mind. Questions may be directed to Ashley Gredys, Vice President for Advancement & Alumni Engagement at [email protected] or 563-425-5348.
Bequests
A bequest is created through your estate plan, such as a will or living trust.
Benefits to you: Simple, flexible, takes donated assets out of your taxable estate
For many alumni and friends, a charitable bequest is the easiest and best way to make a gift to the University. By means of your will or other estate plan, you can name Upper Iowa University as the beneficiary of a portion of your estate, or of particular assets in your estate. There are many reasons to make a bequest. A bequest allows you to honor a loved one, while providing critical support to the University. Giving by bequest costs nothing now, yet it may give you a great deal of satisfaction to know that your future gift will leave a legacy.
Qualified Charitable Distributions (QCD)
Are you 70 1/2 or older? If so, and you have a traditional IRA, then there’s a smarter way to give to Upper Iowa University. You can make a contribution, also known as a Qualified Charitable Distribution (QCD), from your IRA that is 100% tax-free, whether or not you itemize deductions on your tax return. We do advise that you consult directly with your professional advisor for specific questions regarding your personal circumstances. However, one simple way to start the IRA Charitable Rollover process is to send a letter or e-mail to your IRA custodian or the financial company that manages your IRA – click here for a template.
Give the Gift of Stock
In order to initiate your stock transfer, please click here to complete the UIU Stock Donation Form. Next, send it to your broker and return a copy to the UIU Alumni Office.
Beneficiary Designation
You can fill out a beneficiary form for your insurance policy, retirement or bank accounts, and automobiles.
Benefits to you: Simple, flexible, takes donated assets out of your taxable estate
A beneficiary is a person or legal entity that is entitled to receive the proceeds from an estate, trust, retirement account, life insurance policy, or transfer on death accounts. You can designate two types of beneficiaries:
- Primary beneficiaries are first in line to receive the designated asset upon your death.
- Secondary (or contingent) beneficiaries receive the asset if there are no surviving primary beneficiaries upon your death.
Beneficiaries can include your spouse, children and other relatives. They can also include friends, trusts, charities and institutions such as Upper Iowa University. Beneficiary designations are effective immediately after death and override a will, which means your assets will not have to go through probate, a legal proceeding that can be expensive. This also means that you need to ensure that your beneficiary designations reflect your most recent wishes because your will cannot override them.
Not only is it an easy way to give, but it’s also flexible—you aren’t locked into the choices you make today. You can review and adjust beneficiary designations anytime you want.
Life Insurance
Make UIU the owner of the policy as well as the beneficiary.
Benefits to you: An income tax deduction for the gift of policy and any premium payments you continue to pay
Your life insurance policy can become a powerful way to support UIU. Simply name us a beneficiary of the policy. This gift is as easy as updating your beneficiary designation form with the policyholder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
When you choose to name Upper Iowa University as the policy owner and beneficiary, you receive an immediate federal income tax charitable deduction.
If premiums are still payable on the policy, the fair market value is usually close to the cash surrender value. You may stipulate to us that you wish to no longer make future premium payments, allowing UIU to access the surrender value immediately for our cash needs.
Charitable Gift Annuity
Agreement in which assets are transferred to the University in exchange for life payments.
Benefits to you: Tax deduction, annuity payments may be partially tax-free, capital gains liability reduction
One gift that allows you to support Upper Iowa University while receiving fixed payments for life is a charitable gift annuity. Not only does this gift provide you with regular payments and allow us to further our work, but when you create a charitable gift annuity with UIU you can receive a variety of tax benefits, including a federal income tax charitable deduction.
If you are younger than 60 or don’t need your payments immediately, you can set up a deferred gift annuity. This allows you to delay receiving payments until a later date—such as when you reach retirement.
Charitable Trust
Donate assets to a charitable trust that provides an ongoing stream of income
Benefits to you: Tax deduction, can fund with appreciated securities to reduce capital gains liability
The main difference between a charitable remainder trust and a charitable lead trust is when we receive your gift. With a remainder trust, we receive the remainder after your lifetime or a term of years. With a lead trust, we receive our gift first, with the remainder going to individuals you choose.
The charitable remainder annuity trust and charitable remainder trust let you or other named individuals receive income each year for life or a term of years from assets you give to the trust. After the life of the named individuals or the set period of years, the balance in the trust goes to the charities of your choice.
The charitable lead trust can make payments in one of two ways. A charitable lead annuity trust pays a fixed amount each year to our organization and is more attractive when interest rates are low. A charitable lead trust pays a variable amount each year based on the value of the assets in the trust.
Life Estate
Give your home or farm now, but retain the right to live or work there during your lifetime.
Benefits to you: Receive a current charitable tax deduction and future benefits to your taxable estate
How It Works:
- Transfer title to a personal residence or farm to Upper Iowa University
- No change in your lifestyle—you (and your spouse) occupy and enjoy residence or farm for life
- Upper Iowa University keeps or sells property after your death(s)
Benefits:
- No out-of-pocket cost for the substantial gift to Upper Iowa University
- Federal income-tax deduction for the remainder value of your residence or farm
- You (and your spouse) can occupy the residence for life
