Messenger - Vol. 4, No. 2, Page 4
Legacy Society

     To recognize those who have included the University of Delaware
in their estate planning, a new organization, the Legacy Society, has
been formed by the University.
     Legacies from alumni and friends-a tradition at the University
throughout its history-have supported scholarships, fellowships,
research, teaching and building projects, according to Paula Tilmon,
an attorney and director of trusts and estates in the Office of
University Development.
     "With the Legacy Society, we honor those who have had the
forethought and concern to contribute in this manner, and, at the same
time, we hope to further involve them in the life of the University,"
Tilmon said. "Anyone who supports the future of the University through
estate planning is invited to join the Legacy Society, regardless of
the size of the gift.
     "We would like very much to hear from those who have made plans
to benefit the University under their estates, so that we may express
our appreciation and include them in the society," she said.
     When individuals, a couple or family wish to contribute to the
University through their estates, there are many options open to them,
and these options offer different tax advantages, Tilmon said.
     Options include:
        * Bequests, which may be for a specific dollar amount, a
          percentage of an estate or the residue of an estate;
        * Charitable remainder trusts, where a donor transfers money
          or other property to the trust and receives income from the
          trust during his or her lifetime, as well as an immediate
          charitable deduction to income tax;
        * Gifts of remainder interest, where the owners of a farm or
          personal residence give the remainder interest to the
          University but retain the right to continue using their
          property during their lifetime;
        * Gifts to the University's Pooled Income Fund, similar to a
          mutual fund, where donors contribute to the fund, and
          receive a life income in return on a pro rata share basis;
        * Charitable gift annuities, where a donor makes a gift and
          receives guaranteed annual payments for life from the
          University, based on age (payments increase with age);
        * Life insurance gifts, where the University may be the owner
          of the policy and the direct beneficiary (which offers the
          greatest tax advantage), a contingent beneficiary (i.e., if
          there are no surviving close family members) or a revocable
          beneficiary; and
        * Testamentary gifts of pension plans, individual retirement
          accounts or commercial annuities, which can offer special
          tax advantages when bequeathed to the University.
     Anyone who already qualifies for Legacy Society membership by
including the University in their estate plans or is interested in
learning more about charitable gift and estate planning opportunities
is encouraged to call Tilmon at (302) 831-2104. All inquiries are
confidential, and details of such charitable gifts and estate planning
are confidential.
                                                   -Sue Swyers Moncure