UCU Foundation provides 2 main legacy gifting options. These are Bequests in a will or trust and gifts through beneficiary designations.
Option 1. Bequests in a Will or Trust
Bequests are legacy gifts made through a will or trust. They provide a popular way to establish a meaningful legacy. Bequests make a significant contribution for UCU’s sustainability and development. Every year UCU Foundation receives bequests that help to fund UCU’s operational and capital needs, strengthen existing programs, provide scholarships to students, and support the work of dedicated faculty.
In contrast to bequests made to individuals, bequest gifts to UCU Foundation are 100% tax-deductible, allowing UCU Foundation to use the whole amount for the benefit of UCU. You can modify your bequest at any time.
Including UCU Foundation in your Will or Trust
- Please share your final will provision with UCU Foundation to ensure that your wishes will be properly followed and recognized.
- Inform us about your bequest intention by completing a confidential legacy commitment form.
- Consult your attorney, financial advisor or tax advisor when making estate plans. It is always good to talk with your family and friends about your wishes and legacy gifts to charitable causes.
SIDE NOTE: If you do not have a will, please consider creating one online in the comfort of your home using FreeWill.com a free tool that guides you through the process of creating a legal will online or documenting your wishes to review with an attorney.
Ways to make a bequest
- Gift of specific dollar amount
Gift of percentage of your estate
Gift from the residue of your estate
Gift of personal property
Unrestricted Bequest wording
Please share this suggested text with your attorney or financial planner. Click the toggles to the right to reveal the text:
“I give, devise and bequeath to the Ukrainian Catholic University Foundation, a non-profit organization located at 2247 W. Chicago Ave., Chicago, IL 60622, the sum of $_____________ (or ________ percent (%) of the rest, residue, and the remainder of my estate for its charitable, educational and religious purposes.”
If you wish to make a restricted gift or establish a new named endowment, please contact us to receive additional information and discuss your intentions prior to having your estate documents prepared.
Use the information provided below when you’re including Ukrainian Catholic University Foundation in your will, trust, or beneficiary forms.
Legal name: Ukrainian Catholic University Foundation
Address: 2247 West Chicago Ave., Chicago, IL 60622
Federal Tax ID: 36-4126296
Option 2. Beneficiary Designation Gifts
Beneficiary designation of assets outside a will is a flexible way to leave a legacy gift for the Ukrainian Catholic University Foundation to benefit the Ukrainian Catholic University.
Assets you can pass by beneficiary designations include:
- Retirement accounts (IRAs, 401(k), 403b and similar accounts)
- Traditional (whole life) insurance
- Policies
- Securities
- Bank account
- Charitable reminder trust
Naming UCU Foundation as a beneficiary of these assets
- Contact your plan administrator, policy agent, bank or financial institution to obtain a beneficiary form.
- Complete the form listing UCU Foundation as a beneficiary along with the percentage you choose to give.
- Return the completed form to your plan administrator, insurance company, or financial institution.
Retirement assets
A legacy gift of your IRA, 401(k), 403b or other retirement plan to Ukrainian Catholic University Foundation (UCU Foundation) is a smart way to support the work of UCU. Inherited assets of retirement plans are subject to both estate and income taxes if you leave them to anyone other than your spouse. Consider leaving your children or other loved ones less heavily taxed assets and instead naming UCU Foundation the primary beneficiary for a percentage or specific amount of your retirement plan. As a tax-exempt organization, UCU Foundation will receive 100% of the plan’s value to benefit UCU.
Please contact your plan administrator to obtain and complete a beneficiary form.
Life Insurance
A gift of life insurance can make a substantial impact for UCU at relatively small cost to you. As with a retirement plan, you can name UCU Foundation as a charitable beneficiary of your life insurance.
There are different ways to make this gift:
- You can name UCU Foundation a beneficiary of your existing policy if you no longer need it to support you, your spouse, or family. This way, UCU Foundation will receive the policy’s death benefit and the value of the policy will be excluded from your estate for federal estate tax purposes.
- You can make UCU Foundation the owner and beneficiary of an existing life policy. This way you will not only provide a future legacy gift for UCU Foundation but will receive current federal income-tax deduction and the value of your life policy will be removed from your estate for federal estate tax purposes. Though most states allow a charity to be the owner and/or beneficiary of a donor’s life insurance policy, please consult with a professional advisor about the laws of your state.
Securities
You can name UCU Foundation a beneficiary of your investment account. Please contact your account manager to establish a transfer on death (TOD) registration for your account and mail us a copy of the document.
Designation of bank account
As with a retirement plan or life insurance policy, you can make UCU Foundation a beneficiary of your savings or checking account. The beneficiaries have no rights to the funds until after your lifetime. Please contact your bank representative to update your beneficiary form. You will need Ukrainian Catholic University Foundation’s legal name, address, and tax ID to complete the form.
Charitable reminder trust
A charitable remainder trust (CRT) is an irrevocable trust that generates a potential income stream for you or your loved ones, with the remainder of the donated assets going to your favorite charity or charities.
If you have established a charitable reminder trust with another foundation or institution, you can name UCU Foundation among beneficiaries of the trust remainder value to benefit UCU.
Your legacy gift to Ukrainian Catholic University Foundation through your will or beneficiary designation will qualify you to become a member of the Josyf Slipyj Legacy Society, a dedicated group of benefactors who made UCU a part of their legacy. Contact us or complete the confidential legacy intention form to become a member in this honorary society.
