Message from Estate and Trust Services
Estate Planning: A Simple Q&A
In my nearly 25 years at this institution, I have had the honor of helping many Creighton alumni and friends plan their legacy for transforming Creighton University. In recent issues of Creighton University Magazine, you may have read the stories of Drs. Gilbert and Clinton Beirne, Dr. James Laumond and others whose charitable estate planning has solidified Creighton’s future.
These are just a few examples of many in the Creighton family who want their legacy tied to the values and mission of the University. As I reflect upon the time spent with these architects of the University’s future, I am reminded that the pathway to fulfilling their dreams for transforming Creighton likely started with a few simple questions about estate planning:
Q: What are the latest trends in estate planning?
A: With life expectancies increasing, a trend among those in older age groups is to review who will make financial as well as personal decisions for them in the event of their incapacity. Now is a good time to examine who might be called upon to step in and assist with your affairs. IRAs, qualified retirement plans, life insurance or accounts that are payable upon death (POD) are taking a more prominent role in estate planning, especially for those in their 50’s and 60’s. Because these assets often pass directly to the named beneficiaries, regardless of what your will or trust stipulates, you should review and update these “will substitutes” just as you would your current estate plan.Tax laws change and so may your wishes and the needs of others. Experts recommend reviewing your estate plan at least every five years.
Q: I want to include a bequest to Creighton. How do I accomplish this?
A: You may include a codicil to your will or amend your trust to bequeath a specific amount or specific property, such as a piece of real estate, to Creighton University. Alternately, you may bequeath to Creighton a percentage of the net proceeds from your estate after taxes and fees are paid. You should involve your qualified estate planning professional when changing your will or trust. Creighton may also be designated as a beneficiary of your life insurance policy, an IRA or qualified retirement plan. In fact, many advisors are recommending the use of these heavily tax-burdened retirement funds to fulfill your charitable intentions. Because Creighton will receive these assets free of income tax and your estate will receive an estate tax deduction, the full value of your gift can be used by Creighton.
These questions presume you have an estate plan. However, statistics indicate less than 45 percent of Americans have a will. Unfortunately, without one, the state you reside in will enforce its own plan for the distribution of your estate. Investing time now to carefully plan how your estate will be divided can ensure that your legacy is fulfilled in accordance with your wishes, not the state’s.
As you have read, answers to some of the most basic questions hint at the myriad ways in which you can help to transform Creighton through your estate plan. I encourage you to review your estate plan and to explore your dreams for the University’s future with us or with your qualified professional advisor. For those who have already included Creighton in your estate, I extend my personal thanks and invite you to join the Creighton University Heritage Society — our recognition group for those who have made provisions in their estate plans for Creighton.
If you would like to learn more about how, through careful estate planning, your legacy can help advance the mission of Creighton University or if you are interested in becoming a member of the Heritage Society, please call (402) 280-1143 or (800) 334-8794. The Office of Estate and Trust Services is here to provide assistance with your plans. It will be our pleasure to be of service.