Orr/Millin Family descendants and UVI officials at 65 acres land donation presentation
on October 7, 2014
The donation comes from descendants of Rankin Orr and Elizabeth Millin. Family members expected to be on hand for the reception and tour are Leal Van Beverhoudt, Luz Van Beverhoudt, Aethra Van Beverhoudt-Matthias and Anita Millin Holder. A reception is set at UVI’s Administration and Conference Center at 10 a.m., with a property tour to follow leaving UVI at noon.
A growing number of alumni and friends incorporate philanthropic giving into their
financial and estate planning. Make a significant gift to UVI's future through your
estate from a simple bequests, trusts or
insurance.
Bequest
A charitable bequest is the most common form of providing an ultimate gift to the
University to perpetuate your life interest and influence into the future. A bequest
is a provision in one's last will and testament where a gift or property is transferred
from an estate to UVI. A bequest can also be made by simply adding a codicil to an
existing will. It is one of the simplest, cleanest, easiest forms of planned giving.
Estate Note
The estate note is a simple, written agreement with UVI that specifies the amount
of your intended gift and states how it is to be used by the University. An estate
note is especially useful if you desire to make a
gift commitment over a period of years toward an endowment, a building project, or
another specific program.
Living Trust
The living trust is sometimes called an inter vivo trust because it is created and
begins functioning during your lifetime. You can use this trust to organize personal
finances, provide for family members, your
own disability, and make gifts to UVI. The trust agreement, written to meet your needs
and specifications, keeps you in control of your assets during your lifetime and also
specifies how your property should
be distributed after your death. A living trust can be revocable or irrevocable. Even
if you have a living trust, it is still advisable to have a will. A will transfers
through Probate Court into the trust any assets
or property that are either deliberately or inadvertently omitted. A living trust
can avoid probate delays and reduce the expenses of estate administration.
Charitable Lead Trust
The charitable lead trust is a gift of income to UVI. You select the assets to place
in trust, and the length of time that your trust will last. Income from the trust
is paid to UVI for the specified period of time. When the trust terminates, the assets
(or principal) are returned to you or distributed to whom you choose. Income received
by UVI from this trust is used for the purposes you specify.
Charitable Remainder Trusts
Charitable remainder unitrust is a life-income plans that irrevocably transfer assets
to a trust. The unitrust pays the donor an annual income for life. The income is based
on a fixed percentage, which is determined by the fair market value of the trust assets
as re-valued annually. Upon death the trust assets are transferred to UVI.
Life Insurance
Life insurance is another convenient way to make a future gift to UVI with a minimum
investment. Some benefactors make a gift of new, paid-up policies or existing ones
that are no longer needed. A gift of
existing life insurance that you own may be completed by assigning ownership and delivering
the policy to UVI. You would receive an immediate income tax charitable deduction
for the current value of
such a policy. UVI must be the owner of any policy if you wish to receive an income
tax charitable deduction. If you give UVI a policy that is not fully paid-up, you
receive a charitable deduction for your
annual premium payments.
There are a variety of charitable giving options that can benefit you, your heirs,
save on capital gains and income taxes, and benefit UVI at the same time. UVI can
work with your financial advisor to identify
funding opportunities at the University.
For more information contact the University Development Office at (340) 693-1040.
