Planned giving enables you to provide a future gift to Lynn through your financial and estate planning. With a planned giving strategy, you can put your assets to work for any part of Lynn you choose—while you and the university share in the benefits.
With your gift, you’ll become a member of the Legacy Society, the premier association for planned giving donors who are committed to ensuring a standard of excellence for all Lynn students. Members receive:
- Invitations to exclusive events throughout the year
- Networking opportunities with other donors and university administrators
- Recognition at university events for the impact your legacy gift has made
Bequests by will or living trust
Make a gift for Lynn’s future that doesn't affect your cash flow now (with the added benefit of an estate tax deduction in the future).
Life income gifts
Afford a larger gift and retain income benefits from the assets that you donate. Collect payments for your lifetime, receive a charitable deduction and diversify your holdings.
Legacy Giving is a tradition that spans more than 50 years. It is through legacy gifts that educational opportunities are provided for current and future generations of Lynn students. Many Legacy Society donors provide leadership by also making an annual gift to the university.
The Legacy Society is the premier planned giving society for donors who have generously provided for Lynn University in their estate plans ensuring a standard of excellence for all students.
Legacy Society donors are recognized in response to their naming Lynn University as a beneficiary of a:
- Charitable Gift Annuity
- Charitable Lead Trust
- Charitable Remainder Trust
- Life Insurance Policy
- Retained Life Estate
- Retirement Plan
- Will or Bequest
Legacy Society Donors Receive:
- Invitations to exclusive events with other legacy donors and university administration
- Recognition at appropriate Lynn University events for the impact your legacy gift has made
How it works
Include a provision in your will or revocable living trust to direct any estate percentage or specific dollar amount to Lynn University.
Provide the Lynn Office of Development with written documentation about your bequest or specific gift, including a copy of the relevant sections of your will, trust or other estate planning documents.
In the case of a large, outright pledge or deferred gift, you may also complete an irrevocable bequest agreement naming Lynn University as a beneficiary.
Sample language to help you in your planning.
“I give, devise and bequeath to Lynn University, a qualified 501(c)(3) charitable organization located in Boca Raton, Florida, ______ percent of my residual estate (or a specific bequest of $_______________, or other personal or real property appropriately described) to be used in accordance with the terms of any gift agreement I have signed with the university, otherwise to be used as directed by the board of trustees of Lynn University.”
How it works
Transfer ownership to Lynn of your primary home, vacation home or farm, but you continue to live in or use the property during your lifetime and continue to be responsible for all taxes and upkeep. The property passes to Lynn at the end of your life estate. Your gift will earn a sizable charitable income tax deduction in the year you make the gift equal to the value of the remainder interest received by Lynn (determined according to IRS rules and tables). You can carry excess deductions forward for five years.
In addition, you will also be entitled to an estate tax charitable deduction for the entire value of the property at the time of your passing. In certain circumstances, retained life estates may also provide income for you during your lifetime by renting out the property. You can also terminate your life estate at any time allowing you to receive an additional income tax deduction or you and Lynn may jointly decide to sell the property and prorate the proceeds from the sale.
How it works
Make an irrevocable contribution of assets, such as cash or appreciated securities, to fund the trust or annuity, and in return, receive annual payments for a term of one to 20 years or for your lifetime.
You receive an immediate income tax charitable deduction for the value of Lynn’s remainder interest, even though you still have the benefit of the gifted amounts since you retain an annuity. Any unused deduction can be carried forward for five years.
The minimum gift for a charitable remainder trust is $100,000.
When the trust or annuity period ends, the remaining trust assets go outright to Lynn University and are directed to support programs at Lynn. The value of these assets is not subject to federal estate tax.
How it works
A charitable gift of the insurance policy is made by irrevocably designating Lynn as the primary beneficiary of a life insurance policy or assigning ownership of the policy to Lynn. If you name Lynn as both the sole owner and the beneficiary of a paid-up policy, you may receive an immediate income and tax gift charitable deduction for the lesser of the policy’s fair market value or the net premiums paid. Additional contributions to Lynn to pay the premiums may be deductible and premium payments made to the insurance company may also be tax deductible subject to certain limitations. The minimum gift is $100,000.
How it works
With an irrevocable charitable lead trust, you fund the trust with appreciated assets, and Lynn University receives a set amount of income from the trust for a term of years or for the lifetime of a named individual. At the end of the set period, all remaining trust property, including appreciation, is either returned to you (with income tax benefits) or left to your heirs free of any additional estate or gift taxes. The minimum gift for charitable lead trusts is $200,000.
The Trust can be set up so that you receive an immediate income tax charitable deduction of the value of Lynn’s income interest (subject to percentage limitations) but all income earned by the Trust will be includible in your taxable income. Alternatively, the Trust can set up so that income earned in the trust is not included in your taxable income but you will not receive an income tax charitable deduction for funding the Trust.
How it works
Through your plan administrator, name Lynn as a primary beneficiary of your IRA, 401(k) or other qualified plan and designate Lynn to receive all or a portion of the balance of your plan benefits after your passing.
The retirement assets left to Lynn avoid the federal estate tax because they are removed from your taxable estate, there is no federal income tax due on your retirement assets (if you designated your heirs as beneficiaries) and no income taxes are due when Lynn takes its withdrawals from the retirement account. So you essentially avoid double or triple taxation while continuing to take lifetime distributions from the retirement accounts.