The big “but”…

Mike Lamb

Michael Lamb, EMBA, CFRE
WSU Foundation vice president for planned and annual giving

By Michael Lamb, EMBA, CFRE
WSU Foundation vice president for planned and annual giving

The development staff at the WSU Foundation visit with many alumni and friends each year about the possibility of including a gift to Wichita State in their estate plans. For those who have made gifts to WSU during their lifetimes, it is a natural extension to use estate planning tools to continue their support. Some donors express an interest in a legacy gift, but are hesitant due to concerns. Here are a few of the most common concerns and solutions to removing the roadblock.

“I would like to make a legacy gift to benefit WSU, but…

I need to provide for my children and grandchildren.” 

We agree that family comes first. We also are aware of research in this area that reflects that most of the time, our children would support our interest in redirecting part of our estates to the charitable organizations we supported with our lifetime giving.

“I would like to make a legacy gift to benefit WSU, but…

I don’t understand estate planning.”

It is true that some estate planning tools can be complex and involve terminology with which we are not familiar. However, some estate planning options can be fairly simple. A charitable bequest in a will can be as simple as:

"I bequeath the sum of $XX OR XX percent of my estate to the Wichita State University Foundation, Wichita, Kan., for the following use and purpose: (DESCRIPTION OF PURPOSE). If in the judgment of the Board of Directors of the Wichita State University Foundation, it becomes impossible to accomplish the purposes of this gift, the income or principal may be used for such related purposes and in such manner as determined by its Board of Directors."

“I would like to make a legacy gift to benefit WSU, but…

it is too expensive.”

While the planning for some complex estates can be expensive, some options are free. For example, naming the WSU Foundation as a beneficiary of your retirement plan involves only a cost-free change of the beneficiary designation with your plan administrator.

“I would like to make a legacy gift to benefit WSU, but…

I might need the asset for my health care or retirement.”

Many estate planning tools, such as a bequest in your will or beneficiary designations in your retirement plan or a life insurance policy, allow you to remain in full control of the asset until your death.

“I would like to make a legacy gift to benefit WSU, but…

I don’t want others to know about my plans.”

While we are pleased to invite our legacy gift donors into membership in the Society of 1895, named after the founding year of Fairmount College, predecessor to WSU, we also recognize and honor the desire of some of our donors to remain confidential. Even if you desire that your gift be considered confidential, please advise us of your plans for a gift from your estate so that we can document how you want your gift used.

Legacy gifts are having a tremendous positive impact on WSU students and programs today and will continue to do so into the future. Beyond the benefit to WSU, legacy gift donors also realize fulfillment and satisfaction in knowing that they have made provisions to perpetuate their good WSU experiences. The conversation starts with your vision of how you would like to impact the future of WSU.

circle arrow To visit about including a gift to WSU in your estate plans or to share the details of your completed planning, please contact me at (316) 978-3804 or mike.lamb@wichita.edu.

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Wichita State University Foundation

1845 Fairmount St., Wichita, KS 67260-0002

Phone: 316-978-3040 | Fax: 316-978-3277 foundation@wichita.edu

© 2014 Wichita State University Foundation

Wichita State University Foundation is a non-profit 501(c)(3) organization and donations are tax-deductible to the full extent allowed by law.