Leave a Lasting Legacy
About the Program
While many alumni would love to support student scholarships in a significant way, not everyone has the financial freedom to do so within their income. Planned giving allows individuals to plan a gift during their lifetime that will be made out of their estate at death, either from savings, real estate, life insurance, or retirement plans.
In some cases, a bequest can allow a person to make a much more substantial gift than they are able to make during their lifetime.
Recently, the Office of Multicultural Advancement staff worked with an alumna who arranged for a $700,000 bequest out of her government retirement fund. She wanted her gift to fund a scholarship for a student in her field of study through the Our Time Has Come Scholarship Fund. We came up with the paperwork that would make that happen when the time comes. She knows she’s leaving a legacy at Syracuse University.
It is in the best interest of alumni to work directly with the Office of Multicultural Advancement in developing planned giving agreements. If an alumnus simply adds Syracuse University to their will or as a beneficiary on a life insurance policy or retirement account, they will not have any say as to how those funds are used without a written agreement. By establishing a planned giving agreement with us, an alumnus can make the same stipulations to their gift as if they were giving us the funds today. In addition, the planned gift ‘counts’ toward current fundraising efforts, such as sorority and fraternity CBT campaign goals.
It’s not an either/or situation. We are working with several alumni who give regularly to OTHC but are interested in leaving a larger lasting legacy. Our alumni feel a very strong allegiance to current students but everyone’s situation and ability to give is different. We’re here to help alumni understand the options and facilitate what’s best for them.
How to Leave a Lasting Legacy
For more information on planned giving, contact Rachel Vassel ’91, G’21 at revassel@syr.edu.