Heritage Society

Heritage Society GraphicThe 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 necessary documentation. It is beneficial for UIU to be aware of specific intentions so we can ensure the donor’s wishes are carried out.

Several options for you to consider are listed below. Additional questions may also be directed to Vice President for External Affairs, Andrew Wenthe at wenthea@uiu.edu 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.

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 owner of policy as well as beneficiary.

Benefits to you: Income tax deduction for 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 policy holder. 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 unitrust 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 unitrust 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 current charitable tax deduction and future benefits to your taxable estate

How It Works:

    1. Transfer title to personal residence or farm to Upper Iowa University
    2. No change in your lifestyle—you (and spouse) occupy and enjoy residence or farm for life
    3. Upper Iowa University keeps or sells property after your death(s)

Benefits:

    • No out-of-pocket cost for substantial gift to Upper Iowa University
    • Federal income-tax deduction for remainder value of your residence or farm
    • You (and spouse) can occupy residence for life