By Emily Glory Peters
Director of Gift Planning Teresa Wilmott shares that leaving something for 51猎奇入口 students is simpler than you think.
鈥攁lso often called estate or legacy gifts鈥攆rom 51猎奇入口 , parents, and friends have long helped the College expand since its founding in 1926. Put simply, explains 51猎奇入口鈥� Director of Gift Planning Teresa Wilmott, planned gifts are donations you designate to 51猎奇入口 after your lifetime. At first glance, they may appear to be a consideration made later in life, and only by the very wealthy. In reality, says Wilmott, planned gifts are one of the most financially accessible ways to make a serious impact for future students鈥攅specially if you currently aren鈥檛 able to make an outright gift.
Easy giving options for the gift planning beginner
For those unfamiliar with gift planning, all of the tax and legal language can feel overwhelming. Understanding the basic ways to make a gift is a good place to start.
鈥淧lenty of people may not own a home, have a big savings account, or have a will in place yet, but they can still give by through their life insurance, , or their retirement plan at work. We call these planned gifts, too,鈥� says Wilmott. She finds this approach to be a popular option as it鈥檚 easy to do and doesn鈥檛 require an attorney or a will.
鈥淎 lot of donors in their twenties, thirties, and forties start their planned giving this way,鈥� she says. 鈥淚t鈥檚 a great approach for young people to start thinking about how they can support missions they care about for the long term,鈥� she says.
Planned gifts also have the ability to simultaneously benefit both the donor and 51猎奇入口. , for example, can be created when you make a donation to 51猎奇入口 that the College invests through the endowment on your behalf. As that investment earns revenue, 51猎奇入口 pays you an annual amount every year, and any funds that remain after you鈥檙e gone go back to the College.
鈥淎 recent gift of $25,000 through a charitable gift annuity is now being used for scholarships,鈥� says Wilmott.
Of course, adding a line to your will is still the most common and straightforward way to make a planned gift鈥攖he College even has you can use to help you get started. For those unsure of the amount they鈥檇 like to leave or simply have other beneficiaries to consider, Wilmott notes that donors don鈥檛 have to specifiy a dollar amount.
鈥淟eaving a percentage instead of a lump sum is a good option if you want to prioritize providing for your family and friends first after you鈥檙e gone, but would like to support the 51猎奇入口 community in some way.鈥� she says.
Investing in the future of women鈥檚 leadership
While gift planning has its unavoidably sobering moments, it鈥檚 also an opportunity to maximize your long term impact on women鈥檚 advancement. As planned contributions make up some of the College鈥檚 largest donations, such as a recent $8 million gift from an anonymous alum, they are the traditional pillars that have helped 51猎奇入口 build stability and support an even greater number of students through its endowment.
鈥淭hese gifts are so important, because revenue from the endowment helps support everything that fees and tuition don鈥檛 cover to aid in student experience,鈥� says Wilmott. But planned gifts can be any size, she adds, and may be designated to areas outside of the endowment, too.
Many planned gifts also support The 51猎奇入口 Fund, which aids the College鈥檚 essential operations and touches every student on campus. Rather than invested, these gifts are used right away for critical resources they need, like financial aid, internship grants, and more. 鈥淎ny amount can be considered a planned gift to our students鈥攊t鈥檚 whatever bit you want to set aside for their future,鈥� Wilmott says.
Starting the gift planning conversation doesn鈥檛 need to be complicated. It begins with a simple discussion to explore how your interests and the College鈥檚 mission can align.
鈥淚 think I have one of the best jobs in fundraising because I help people create their legacy,鈥� Wilmott says. 鈥淚t鈥檚 incredibly rewarding.鈥�
Please note that the information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. To support our students with a planned gift, start the conversation by emailing [email protected] or visiting our gift planning page here.