One of the most popular methods for leaving a gift to Union College is by arrangements through a will. Over the years, people of all walks of life have provided for our students through charitable bequests. With careful planning, this method can offer federal estate tax savings to your heirs as well as accomplish your philanthropic goals.

Some examples of how the College can be easily included in your will are:

• Naming the College as a beneficiary of a specific amount of your estate
• Providing for the College through a percentage of the assets of your estate
• Specifying that Union receive the "residue" of your estate after other distributions have been made
• Giving specific items or property that can be used by Union

Altering an existing will may be as simple as adding a commonly used amendment called a "codicil."

Gifts of Life Insurance and Retirement Plans

There are many ways to contribute a portion of your estate to the College through these vehicles. If you have policies that are no longer useful, you may name the College as a charitable beneficiary to receive all or a portion of the policy proceeds at death. Tax advantages can be comparable to those available by giving through your will.

Individual Retirement Accounts (IRAs) and company-sponsored pension and profit sharing plans, among other methods of saving for retirement, may be sources for gifts. Amounts remaining in qualified retirement plans at death may be subject to more than estate taxes, perhaps leaving heirs with tax obligations. For this reason, gifts of retirement plan balances can often be an important part of your estate planning process.

For advice or assistance with your estate plan, the services of a professional advisor should be obtained.