Bequest, Life Estate Agreement & Living TrustThe designation of a bequest under your last will and testament or
the creation of a life estate agreement or living trust can benefit
the causes closest to your heart while providing financial benefits. Bequest A bequest is among the most flexible giving tools, because it may be
changed or revoked at any time. Your gift may be one of cash, securities,
real estate or other property and takes different forms:
Life Estate Agreement An irrevocable life estate agreement deeds real estate to Shenandoah
while donors retain rights to its lifetime use. It may yield federal
income, gift and estate tax savings. Living Trust Living trusts may be revocable or irrevocable and can be funded with
cash, securities or real property. To establish the trust, a grantor
makes a transfer of assets. Unlike a will, the terms of a trust are
private. The grantor is taxed on the income and capital gains when they
are distributed. An irrevocable trust avoids probate, minimizes taxes and yields a
current income tax deduction. The assets are no longer under the grantor’s
control and cannot be removed from the trust. A revocable trust, on
the other hand, may be amended or revoked at any time during the grantor’s
lifetime, but does not qualify for a current income tax deduction. The
assets of a revocable trust are accessible to the grantor and can be
removed from the trust so long as the grantor is alive and competent. Our Development staff welcomes the opportunity to help you and your financial advisor make a planned gift. Contact Brad Snowden in the Office of Development at 540-665-5455 or e-mail bsnowden@su.edu.
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