Support Salem State
Remember Salem State in Your Will
A simple bequest for Salem State College is the easiest way to benefit the college and its future. In these uncertain times, a bequest entails no immediate distribution of assets. Adding the Foundation as a beneficiary of your will or retirement plan allows you to increase your financial support while retaining the use of the assets, as needed, during your lifetime.
If you have not already done so, please consider putting the Salem State College Foundation in your will, or naming the college as a beneficiary of a trust, retirement plan or life insurance policy. When designating such a gift, you must be certain to designate Salem State College Foundation as the beneficiary with your plan/policy administrator.
Bequests
Through your will, you can provide the college with a gift of almost any kind of asset including cash, securities, real estate, and personal property. Donors may also gift funds from an IRA, Keogh, tax-sheltered annuity, qualified pension or profit-sharing plan, or funds from a life insurance policy at death. In addition to the many assets that can be gifted to create a bequest, there are several ways to structure your bequest, including residual, specific or contingent -- or a combination thereof.
Residual Bequest
The Salem State College Foundation is given all or a percentage of the remainder of an estate after specific amounts bequeathed to other beneficiaries are distributed and estate-related expenses are paid.
Specific Bequest
The Salem State College Foundation receives a specified dollar amount or specified assets, such as real estate, securities, life insurance policy, or tangible personal property.
Contingent Bequest
A contingent bequest provides the Salem State College Foundation with a gift based upon the occurrence of some event. If a primary beneficiary does not survive the donor, the college will receive the assets intended for the primary beneficiary.
For estate planning purposes, a bequest is deductible for federal estate tax purposes with no limit on the amount of charitable deduction an estate can take. Often, bequests are not subject to state inheritance or estate taxes. Based on the estate, assets may be subject to high federal estate tax rates; the savings from a bequest gift may be up to half the value of the bequest.
Lastly, Salem State encourages donors to specify the purpose of their donation(s) and to consider endowing a fund with assets from a bequest ($25,000 minimum). If you are considering placing restrictions on your gift, we urge you to discuss your intentions with the Salem State College Foundation office to ensure that your wishes can be fulfilled with the bequest.
If you have included the Salem State College Foundation in your estate plans, we would like to encourage you to share your gift intention with the college. We not only wish to thank you for your generosity, but want to welcome you as a member of our Alpheus Crosby Society. Members of the society share your commitment, and included a gift for the college in their gift planning or estate plans.