Donors sometimes underestimate the legacy they can create because they aren’t aware of the multiple ways through which they can make their gift commitments.

There are often ways to establish a legacy at a higher level than one might think by employing various funding approaches over time. Consider the hypothetical example illustrated below, in which a couple wishes to fund an endowed professorship but does not have $500,000 currently available to contribute. With assistance from The Citadel Foundation’s Planned Giving Office, donors and their advisors can devise a funding strategy incorporating a variety of gift vehicles over an extended period of time.

First, they can make an outright gift or multi-year pledge of $25,000 or more that establishes a named fund which will serve as the receptacle for future gifts designated to their overall giving goal.

Second, they can add a bequest to their estate plans that instructs their executor to give to The Citadel Foundation “an amount equal to the difference between $500,000 and any lifetime gifts designated to the (name of the fund).” This ensures that the gift goal will eventually be reached.

Third, they can consider additional lifetime gifts designated to the named fund.  During retirement they may decide to transfer highly appreciated assets (stocks, real estate) into a Charitable Remainder Trust or a Gift Annuity that pays them lifetime income with the corpus then passing to the named fund.

Using this gift planning method, donors can feel secure that they have enough income and assets to provide for the remainder of their lives, and at the same time make a generous and significant contribution to The Citadel and create a meaningful legacy for their family.  If you would like to discuss ways to lever­age your ability to establish a legacy, please contact Dan Shephard, Director of Planned Giving at 843-953-6921 or dan.shephard@citadel.edu.

*Gifts made through The Citadel Foundation are tax deductible to the full extent of the Internal Revenue Code. The information contained herein is not intended as legal or tax advice. Please consult your attorney, accountant, or tax advisor to find out what options are most appropriate for your personal, financial, and estate-planning situation.