A common means of making a planned gift is through a bequest in a will. Bequests can take on the form of gifts of cash but can also provide for the transfer of stocks, mutual funds, 401Ks, and IRAs. Real estate and valuable personal property can also be given in the form of a bequest. Depending on the terms of the bequest, a percentage of value or the entire value of the particular item can be gifted to the Foundation.
The gift of life insurance requires that the Foundation be named as owner and beneficiary of the policy. Either the donor can pay the premium and receive a tax deduction, or the Foundation can pay the premium. This option allows for steady giving over the course of time with long-term benefits to the Foundation.
Annuities and Trusts
By placing assets in an annuity or trust, donors receive the income with the Foundation being the ultimate beneficiary. These life income plans allow donors to avoid significant capital gains and estate taxes while keeping the Phi Mu Foundation in a positive growth direction.
The Phi Mu Foundation recommends that a certified financial planner or attorney be consulted when donors contemplate bequests, annuities or trusts.
The Fidelity Society
With the decision to make a planned gift, donors become members of the Fidelity Society. Established in 1992, the Fidelity Society recognizes those donors who make a planned gift to Phi Mu Foundation through a bequest from a will, life insurance policy, an annuity or a trust. Members of the Fidelity Society are recognized at Foundation gatherings, in Foundation publications and receive several forms of communication throughout the year.