Gift Planning

Life Income Gifts

The Office of Gift Planning works with alumni, parents and friends who wish to include Bentley University in their estate plans. A variety of planned giving vehicles are available to individuals who would like to support the mission of the university, and some planned gifts offer excellent tax and financial planning benefits.

Charitable Gift Annuity

A charitable gift annuity is a simple contract between you and Bentley University. It is easy to set up and beneficial to both you and the university. In exchange for your irrevocable gift of cash, securities, or other assets, Bentley agrees to pay you and/or your spouse or another beneficiary you name, a fixed sum each year for life. The payments are guaranteed by the general resources of the university. The older your designated beneficiaries are at the time of the gift, the greater the fixed income Bentley can agree to pay. The minimum gift amount is $10,000.

Run a sample calculation.

Deferred Gift Annuity

A deferred gift annuity is another simple contract between you and Bentley University. In exchange for your irrevocable gift of cash, securities or other assets, Bentley agrees to pay you and/or your spouse, or another beneficiary you name, a fixed sum each year for life. Payments start at least one year after your gift. This option allows younger donors to defer the start of payments until retirement age. You will receive a charitable deduction in the year of the gift; the longer payments are deferred, the higher the fixed income Bentley can agree to pay.

Run a sample calculation.

Charitable Remainder Trust

A charitable remainder trust provides an income stream to you or others for life, a term of years or a combination of the two. These trusts can help you avoid capital gains taxes and reduce income and estate taxes. The payments may vary based on the performance of the trust or a trust can be established to pay a fixed dollar amount to its beneficiaries. The type of trust you choose to establish depends on your personal and financial goals for you and your family. The minimum gift amount to set up a charitable remainder trust with Bentley University as trustee is $50,000.

Run a sample calculation.

Charitable Lead Trust

The charitable lead trust allows you to transfer assets to your heirs at a substantially reduced gift and estate tax cost while providing an income stream to Bentley for a term of years. As a lead trust donor, you irrevocably transfer assets — usually cash or securities — to Bentley or another trustee of your choice (e.g., a bank trust department). During the term of years, a fixed or variable income is paid to Bentley for a purpose you designate. At the end of the term, the assets are passed on to your heirs. Any appreciation of the trust assets over the trust term is not subject to gift or estate tax. Typically a lead trust is most effective for high-net-worth individuals who wish to fund the trust with assets valued at $500,000 or more.

Run a sample calculation.

Bequests — A Gift Through Your Will

Bentley University has received many contributions from alumni, parents and friends who have included the university in their testamentary plans. In doing so, they have helped to ensure that succeeding generations will benefit from their generosity.

As we face the challenges of the 21st century, support of this nature has become increasingly vital. Your bequest to Bentley may support the general educational purposes of the university or be used for a purpose of particular importance to you, such as financial aid, teaching or research. Any type of property, including cash, securities, real estate and works of art, may be given to Bentley through your will. If you have already drawn your will, a simple codicil may be added to provide a gift to Bentley. Making a bequest will provide support to Bentley in the future, while allowing you to retain current control of your assets.

Please note that the following examples are for informational purposes only and should not be included in your will unless they are first reviewed by your lawyer to be sure they are compatible with your estate plan.

Specific Bequest

This may be a specific dollar amount, a stated percentage of your estate, or a specific piece of tangible or real property.
 

Sample Language

"I give to Bentley University, a Massachusetts educational corporation with a usual place of business at 175 Forest Street, Waltham, Middlesex County, Massachusetts, the sum of ______ dollars ($______) or (______% of my property) or (describe specific property), to be used for the general purposes of Bentley (or a specific purpose such as student scholarship, support for teaching, etc.)"

Residuary Bequest

This includes all or a portion of your estate after other specific bequests, debts, taxes, expenses and fees have been distributed and paid.

Sample Language

“I give and devise (all or ______ %) of the residue of all the property, of whatever kind and wherever located, that I own at my death to Bentley University..."

Contingent Bequest

Under this type of provision, Bentley University will only receive the bequest if the primary intention cannot be met or if certain specified circumstances take place. You can also establish a trust under your will that provides income support for family members and friends. Upon termination of the trust, the principal is distributed to Bentley University.

Sample Language

"If any of the beneficiaries named in this will are not living on the thirtieth day after my death, I direct that his or her share of my estate be given to Bentley University ..." or “If my husband/wife _____________ is not living on the thirtieth day after my death, I direct that his/her share of my estate shall be given to Bentley University..."

Retirement Plan Gifts

Retirement accounts (e.g., 401(k)s, 403(b)s, IRAs and Keoghs) if left to heirs after one’s lifetime may be taxed. Once funds from these accounts enter the estate, they are subject to income tax. To some, this tax treatment makes retirement plans one of the least attractive assets to pass on to children, but it is certainly one of the best to make a meaningful gift for Bentley.

Retirement Plan Gift by Bequest

The simplest way to donate a retirement account is by bequest. The donor should advise the plan administrator or custodian in writing that they would like to name Bentley as the beneficiary or joint beneficiary of their retirement account. A bequest to Bentley University of retirement account assets avoids twofold taxation. The donor will be able to make a substantial gift to the university and its mission while escaping both estate and income taxes.

Retirement Plan Gift by Testamentary Charitable Trust

Leave the assets to a charitable trust and name your children or other loved ones as income beneficiaries for life or a term of years and Bentley as the charitable remainder. Bentley will receive the principal of the trust when it terminates.

Real Estate

A gift of real estate to Bentley University is a unique way to support the school and its mission. Gifts of real estate include primary and vacation homes, condominiums, cooperatives, commercial property, and land. Giving a gift of highly appreciated real estate can be beneficial to both you and Bentley. By making a gift of real estate to Bentley you will be able to avoid capital gains tax (if applicable), receive a charitable income tax deduction and take the value of the real estate out of your taxable estate.

There are several options available (additional details listed below) to you in making a gift of real estate to Bentley:

Outright

You avoid capital gains tax and receive a charitable income tax deduction.

Charitable Remainder Trust

You can transfer property to a charitable trust and receive an income for life for yourself and/or your spouse or another beneficiary you name.

Bequest

By taking the property out of your estate you reduce your estate taxes.

Retained Life Estate

You may give a personal residence or vacation home and reserve the use of that property for your life and/or the life of another beneficiary. You will receive a charitable income tax deduction and make a significant gift to the school while retaining the use of the property.