Ways of Making a Gift to Western New England University School of Law
There are many ways to contribute to the School of Law. Descriptions of some of the most common types of gifts are provided below:
Gifts made by cash, checks, or credit cards are the most common contributions received by Western New England University. These are often annual gifts made for current areas of need, but they can also be used to endow a fund or for some other purpose.
Cash gifts are an easy way to contribute and earn a charitable deduction for your income taxes. Subject to certain tax limits, you receive the full deduction for your contribution in the year you make your gift.
If you are considering a substantial gift, the potential tax benefits might make it more advantageous for you to contribute securities (stocks, bonds, or mutual funds).
Stocks, Bonds, and Mutual Funds
Stocks, bonds, and mutual fund shares that have been held long-term (more than a year and a day) and that have appreciated in value can provide a significant gift. With a contribution of securities, you will owe no capital gains taxes and you will be able to claim an income tax deduction for the full fair market value of the asset at the time of the gift.
You can also make a tax-effective gift using securities that have decreased in value. By selling shares and donating the proceeds to the University as a cash gift, you can deduct the loss on your income tax return and get a tax deduction for the charitable gift.
Many companies have matching gift programs for their employees and retirees. Matching gifts from your current employer, or previous employer if you are retired, provide an opportunity for your generosity to be increased. You will need to complete a matching gift form from your company and forward it to the University at the following address:
Western New England University
Office of Development
1215 Wilbraham Road
Springfield, MA 01119-2684
Personal Property (In-Kind Gifts)
In-kind gifts include personal property such as equipment, furniture, or artwork, to name a few examples. Personal property can provide a way of making a significant contribution. Before making such a gift, it is important to contact the University to determine whether the items you have in mind to donate are needed or will be accepted by the University. Certain regulations apply.
Planned Gifts include the giving options mentioned below, including retirement plan assets, wills, life income gifts, charitable lead trusts, life insurance, and real estate. Please visit www.wne.edu/plannedgiving for more detailed information, including the University's official bequest language.
Gifts of Retirement Plan Assets
Gifts through your Individual Retirement Account (IRA), 401(k) plan, Keogh plan, or other qualified retirement savings plan, can be highly advantageous both for you and for Western New England University School of Law. If you intend to leave these assets to anyone other than your spouse when you pass, they could be the most heavily taxed of all your assets through both income and estate taxes. By naming the School of Law as beneficiary of your retirement plan assets, you can make a contribution and potentially save significant taxes for your heirs.
Gifts Through Wills
Gifts made through wills (bequests and other types of testamentary arrangements) can provide significant support for the University and help reduce estate taxes. You can stipulate that your gift be in the form of cash or specific property. You can set a dollar amount or designate a percentage of your estate. The gift can be unrestricted, or you can consult with us to determine a specific purpose.
Life Income Gifts
While many alumni and friends of the School of Law want to make a substantial gift, they often feel they cannot afford to give up current income from their assets. It is possible to make gifts to Western New England University School of Law that will allow you and/or another beneficiary to receive income for life. You can earn an income tax deduction and reduce estate taxes. When the last beneficiary of a life income gift passes, the remainder then comes to the School of Law. These types of gifts include charitable gift annuities and charitable remainder trusts.
Charitable Lead Trusts
Charitable lead trusts can be an attractive means of transferring assets to your heirs at reduced, or even eliminated, gift or estate tax costs, while providing immediate support to the School of Law. The lead trust pays income to the University for a set period of years, at the end of which the trust's assets revert either to the donor or to your heirs.
A gift of an old unneeded policy or of a new life insurance policy can help leverage a relatively small outlay on the part of the donor into a very significant gift for the University. Flexibility of arranging the gift can be attractive. For example, you can simply name Western New England University School of Law as beneficiary of a policy, which will allow you to maintain ownership. Or you can sign over the policy to the University as owner and beneficiary, thus maximizing your charitable tax benefits.
Gifts of real estate can take various forms, including the outright gift of a home, building, or property; or a retained life estate arrangement in which you make a gift of your residence to the University today but continue to live in it. Such gifts provide a substantial contribution to Western New England University School of Law while giving you tax benefits such as savings on capital gains and estate taxes.