Leave Your Legacy

Charitable Bequest and Planned Giving

Create your legacy with a charitable bequest or planned gift to the Alpha Sigma Alpha Foundation

Planned gifts involve bequests, insurance policies, estate arrangements, annuities, property or real estate in addition to stocks and securities. Through planned gifts, donors may be able to realize long-term tax or financial advantages or contribute substantial one-time gifts. Some donors develop a memorandum of understanding to establish an endowment upon receipt of a planned gift.

Types of Bequests

A bequest is one of the ways a donor can provide a significant gift to the Alpha Sigma Alpha Foundation. With a gift provided through a will, a donor retains full use of the gift property during their life, and ensures support of Alpha Sigma Alpha for generations to come. A bequest may provide for a specific dollar amount, a percentage of the estate or specific assets to be given to the Foundation. Like other gifts, bequests can be designated for a specific purpose or given without restriction. Listed below are several common forms of charitable bequests.

General

The most familiar type of bequest is the general bequest, which specifies that Alpha Sigma Alpha will receive a designated sum. Donors may prefer this arrangement because it is considered a primary charge against the estate – which means it almost certainly will be fulfilled.

Percentage

The percentage bequest states that the Alpha Sigma Alpha Foundation will receive a certain predetermined percentage of the estate.

Contingent

As the name implies, this bequest is “contingent” on some event. The contingent bequest is most often used in the case of a husband or wife who stipulates that if his or her spouse is not living at the time of his or her death, then the bequest specified for the spouse will pass to the Alpha Sigma Alpha Foundation.

Specific Bequest

With a specific bequest, the donor directs that one particular property be transferred to the Alpha Sigma Alpha Foundation, such as the stock from one specific company or some other specific property. This type of bequest is ideal for individuals wanting to give particular stocks.

How do I add the Alpha Sigma Alpha Foundation to my will?

It is not difficult to add a charitable bequest to a will. An attorney can draft a simple codicil. There are also other ways to support of the Alpha Sigma Alpha Foundation without changing a will. Here are some ideas:

LIFE INSURANCE
  • Name the Alpha Sigma Alpha Foundation as beneficiary of a life insurance – policy contact the company and ask them to send the form needed to name or change beneficiaries.
FINANCIAL ACCOUNTS
  • Most accounts at financial institutions can be made payable on death to a person or charitable organization. Ask the manager of the institution how to arrange a death beneficiary for a CD, savings account, etc.
BENEFITS FROM IRAS AND PENSIONS
  • Because these assets have not yet been subject to income tax, as much as 75% of retirement savings may be eaten away by taxes without some simple planning. An estate can save both income taxes and estate taxes if Alpha Sigma Alpha Foundation is the death beneficiary of an individual retirement account, pension, 401(k) or other retirement savings plan.

Additional Legacy Building

Wilma Wilson Sharp Society

Members of the Wilma Wilson Sharp Society are the visionaries of the Alpha Sigma Alpha Foundation. It is these donors who provide for the future of Alpha Sigma Alpha by including the Foundation as a beneficiary of their wills, life insurance policies, retirement plans or testamentary trust and annuities. The society provides an avenue to honor and recognize these donors.

Endowed Funds

Endowed funds are held for long-term investments such as scholarship, educational and leadership funds. The resulting income can be used for purposes identified by donors or allocated by the board of trustees. Donors who create an endowment are securing the future of that fund to be held and used in perpetuity.

Giving methods may include cash transactions of any kind, but they can also involve stocks, bonds or other securities. Staff and trustees work with donors to build existing funds or create new ones.

Questions?

If you have questions regarding making a planned gift or bequest, please contact us the Alpha Sigma Alpha Foundation.

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