Sometimes it’s difficult to be as charitable as you want to be when your budget is tight and the future is uncertain—after all, your family comes first. But by utilizing your long-term plans, you can make a gift to Gonzaga University that will benefit our future without affecting your income today. Here are three ways to make your gift:
- A gift in your will or revocable living trust. Known as a bequest, this form of giving is accomplished simply by including a few sentences in your will or living trust. If you’ve already created your will, your estate planning attorney can easily make an amendment to your will, called a codicil.
Gonzaga University
The official bequest language for Gonzaga University is: “I give to the Corporation of Gonzaga University, a Washington State non-profit corporation, headquartered in Spokane, Washington, the sum of $_______ (or___% of my estate, or the property described herein) to be used for _________________(specify the purpose, e.g. endowed scholarship, unrestricted, a specific program, etc.).”
Gonzaga University’s Tax ID Number: 91-0236600
Gonzaga University’s Legal Name: The Corporation of Gonzaga University
Gonzaga Law School
The official bequest language for Gonzaga Law School is: “I give to the Gonzaga Law School Foundation, a Washington State non-profit corporation, headquartered in Spokane, Washington, the sum of $_______ (or___% of my estate, or the property described herein) to be used for _________________(specify the purpose, e.g. endowed scholarship, unrestricted, a specific program, etc.).”
Gonzaga Law School Foundation’s Tax ID Number: 23-7052227
Gonzaga Law School Foundation’s Legal Name: Gonzaga Law School Foundation
- A gift of a percentage of your retirement plan assets. One of the most tax-wise ways to support our mission after your lifetime is to name GU as the primary or contingent beneficiary of a portion of your retirement plan. (The portion that you leave to family members could eventually be taxed at rates up to 39.6 percent, and even higher if estate taxes are assessed, whereas charitable organizations such as GU receive your gift without owing taxes.)
- A gift of a percentage of your life insurance death benefits. You already know you can use life insurance to make sure your family is financially secure if anything should happen to you. But did you know you can meet this goal while also using a portion of your policy to benefit our work? Consider naming GU as a partial beneficiary for a percentage of your policy, while retaining ownership of the policy (and thus the right to change the beneficiary designation at any time during your life). For example, you might consider designating 90 percent of the death benefit to your family and the remaining percentage to GU.
Learn More
Want to learn more about these simple and smart ways to extend your support of our work? Contact us at 800-388-0881 or plannedgiving@gonzaga.edu.
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The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.