Remembering Phi Sig in Your Estate Planning
Several brothers have asked how they may benefit Phi Sig through their estate planning and lifetime planned giving. With proper preparation, you can leave a legacy for Phi Sig while continuing to provide for you and your family. Here is some general information regarding planned giving techniques. If you are interested in more information about these techniques or how to implement them, please contact your estate planning attorney and/or tax advisor.
There are different vehicles through which a bequest can be made:
Your Will or Revocable Living Trust. You have generously supported Phi Sig during your life, why not have this legacy of giving continue after your death by including Phi Sig in your Last Will and Testament or Living Trust agreement? You can leave Phi Sig a cash gift or a percentage share of your assets in your will or trust.
Retirement Account. Another way of leaving a legacy to Phi Sig is by designating it as a beneficiary of your Individual Retirement Account (IRA), 401k or other retirement account.
Life Insurance Policy. Yet another approach is to make Phi Sig a beneficiary of your life insurance policy.
Restricted vs Unrestricted
In your estate plan, you may have the option of making a bequest on a restricted or unrestricted basis. For maximum flexibility in the use of the funds, you can give it as an unrestricted bequest to the Phi Sig alumni association. However, you can instead make the bequest “restricted,” where you provide that your gift be designated only if certain circumstances are in place, or for a particular purpose or use. If you choose to make a restricted bequest, please let the alumni Board know of your intention to make sure the conditions can be met.
Bequest Language
When making a bequest provision in your will or trust, you should speak with your attorney. Be sure to specify, “Alumni Association of Omicron Chapter of Phi Sigma Kappa” with our Federal Tax ID 04-6197951 to remove any ambiguity about the recipient.
If you have specific wishes about how your bequest be used by the alumni association, consider creating a Letter of Direction (a.k.a. a Letter of Instruction) for your bequest. The idea behind this letter is to clarify both to Phi Sig and to the executor of your estate what your wishes are.
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This just touches the surface - There are many more ways to leave a legacy to Phi Sig; some of the above may not be suitable for you or your situation. When making a bequest provision in your will or trust, you should speak with your attorney. Of course, feel free to reach out to the Alumni Board if you have any questions.
