Alleviating concerns surrounding establishing a planned gift


I would like to include a gift to WSU in my estate plans, but I am concerned about….

Mike Lamb
Mike Lamb
WSU Foundation
vice president
for planned and
annual giving
Darin Kater

Darin Kater
WSU Foundation
director of development
for planned giving

Many Wichita State University supporters have included a future gift to the university in their estate plans. These gifts are meaningful to both WSU and the donors. Through planned gift provisions in a will, trust, life insurance, retirement plans or a charitable gift annuity, these alumni and friends recognize the impact WSU had on their lives and perpetuate the university for future generations.

When we talk with WSU donors about extending their support beyond their lifetimes, some will express interest in the concepts of planned giving, but have concerns. Some of the more common concerns (the “five Cs”) and suggested solutions include:

Children

“I would like to make a future gift to WSU, but I need to take care of my children.”
We affirm this concern and believe that planning for family comes first. We are also aware of research indicating that more than 70 percent of prospective heirs would not object to their parents making a charitable gift of 5-10 percent of their estate. Most of the time, our children would support our interest in making a charitable planned gift.

Complexity

“I would like to extend my support of WSU, but planned giving seems confusing.”
It is true that some planning tools are complex. At times, charitable and professional planners use terminology that is unfamiliar and difficult to understand. However, some ways of making a future gift are fairly simple to implement. For example, a bequest in a will could be as simple as I give and devise to Wichita State University Foundation, located in Wichita, KS, the sum of $___________ to be used for its general support (or for the support of a specific fund or program). Additional easy-to-use gift options include a charitable beneficiary designation in an IRA, other retirement plan or existing life insurance policy.

Confidentiality

“I would like to make a planned gift to WSU, but I don’t want others to know of my plans.”
When you share your future gift plans with staff of the WSU Foundation, you may accept membership and recognition in our Society of 1895 or choose for your gift to be considered confidential and known only to WSU Foundation staff. In sharing your vision for support with us, you help to assure that your gift is used according to your wishes.

Control

“I would like to include a gift to WSU in my estate plans, but I am concerned that I might need the money later.”
Many planned gift provisions are revocable and allow you to remain in control of the assets through your lifetime. Bequests in a will and beneficiary designations in an existing life insurance policy or retirement plan provide this flexibility.

Cost

“I would like to make a planned gift to WSU, but I am concerned about the cost of estate planning.”
Regardless of the size of our estate, planning allows us to remain in control of the distribution of our estate assets after we die. If we do not create our own plan, the state in which we die has a default plan by which our assets will be distributed. Through a simple will, which can cost only a few hundred dollars, we can control how our estate assets are distributed. There is no cost involved in making a change to the beneficiary designation of a retirement plan or existing life insurance policy.

If you have a vision for support of the future of WSU, but have concerns about how to make your dream a reality, we can help. Please contact J. Michael Lamb ’80, EMBA, CFRE, WSU Foundation vice president for planned and annual giving, at (316) 978-3804 or mike.lamb@wichita.edu or Darin Kater, MS, WSU Foundation director of development for planned giving, at (316) 978-3887 or darin.kater@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.