Planned Giving

Thank you for your interest in contributing to the Evansville Education Foundation, Inc. (EEF). This page lists several options for planned giving, all of which should be discussed with your attorney or financial advisor.

As a 501 (c)(3) non-profit corporation, gifts to the Foundation are tax deductible in accordance with IRS regulations. For additional ways to support the EEF, go to our Support Us page.

Please contact a board member if you have already, or are considering making a planned gift, so that we can express our gratitude for your generosity.

Memorials and Honorary Gifts

One of the most thoughtful contributions an individual can make is a gift in honor or in memory of a teacher, advisor, relative, or friend. An honorary or memorial gift recognizes someone’s life and accomplishments while furthering a cause they care about. If you wish to associate the name of a family or individual with an EEF project or program, contact a board member.

Life Insurance

When a donor contributes all rights of ownership in a life insurance policy outright, they receive an immediate deduction for income tax purposes.

If a donor instead names a charitable organization as the beneficiary of a life insurance policy, there is no immediate income tax deduction. However, there will be an offsetting charitable deduction because the proceeds of the policy are included in the donor’s estate.

Bequest Through a Will

A bequest through a will is the most common form of deferred gift. It can be a means of making a substantial gift to the EEF without diminishing the assets available to the donor during their lifetime. Important savings can result from this type of giving, as bequests may be deducted from the total estate when determining estate taxes.

Arrange your will with your attorney. The simplest way to provide support for the EEF through a will is a bequest of a fixed amount or a percentage of dollars.

Living Trust

If you would like to give to the EEF, while also retaining life income payments from the assets being donated, you can do so through a life income trust. Gifts in the form of living charitable remainder trusts provide the same estate tax benefits as bequests. Many forms of agreements provide substantial lifetime income tax benefits. Two basic types are the Charitable Remainder Annuity Trust and the Charitable Remainder Unitrust.

Talk to your attorney about transferring cash or property to the trustee of a Charitable Remainder Trust (for example, a bank trust department). The trustee agrees to pay a specified amount to the individual or their designated beneficiary for life. Income payments may be based on a fixed dollar amount or a specified percentage of the total trust assets. The principal of the trust becomes available to the EEF following the death of the life-income beneficiary. The EEF will use the principal in the area of greatest need, or according to the donor’s wishes.

Retirement Plan

Many people acquire a large part of their estate through contributions to their retirement plan, whether it is a 401(k) plan at work, contributions to an Individual Retirement Account (IRA), or through other retirement plans. Like life insurance, all of these ask you to name a beneficiary. This is an opportunity for you to support the EEF by naming it as a first or second beneficiary.

Giving Through Your Estate Plan

There are many other instruments available to donate to the EEF.  As noted above, many forms of agreements provide substantial lifetime income tax benefits. To ensure that your giving plan accounts for the complexities and continual changes in tax law, consult your attorney and financial advisor. They can help you determine the best plan based on your financial situation.