Frequently Asked Questions

Yes. While we are more than happy to work with you and your advisors to develop a plan to meet your goals, we strongly recommend that you consult with your own advisors for a full discussion of the legal and tax implications of your financial and charitable estate planning.

An endowment is often described as a gift that keeps on giving. Endowments are kept separate from the operational funds of the University and the Michigan Tech Fund. They are invested for long-term stability and growth because our policies prohibit us from spending the principal. Only the earnings, or a portion of the earnings, are used each year to support the endowment's specified purpose. An endowment can be funded through current gifts, an estate gift, or a combination of the two. An endowment can provide resources—in your name or the name of a loved one—to the program of your choice for generations to come. See Leverage Your Gift.

Estate planning is recommended for the young as well as retirees. When it comes right down to it, no one dies without a will. If we die without a will, state laws determine the disposition of our estates, which may be a far cry from what you personally want for those individuals and charitable organizations closest to you. Most importantly, if you have dependent children, you do not want the state determining who will care for them. Also, wise gift planning can help ensure that more of your assets are available to meet your objectives. For example, if you need a tax deduction now and want to supplement your retirement income for the future, a deferred charitable gift annuity can be an effective method to accomplish these dual objectives.

A planned gift is a gift that is made with careful financial and estate planning. Planned gifts include bequests, contributions that provide lifelong income to the donor or another person, and retirement and life insurance benefit designations. In other words, a planned gift is a way for you to make a meaningful gift to a charitable organization like Michigan Tech during lifetime or at death. See Know Your Giving Options.

It is important to Michigan Tech that each and every gift be used for the purpose communicated by the donor. The designation of cash- and security-based gifts is confirmed on the official tax receipt issued to the donor. With regard to planned gifts, we encourage donors to complete and mail a McNair Society declaration of intent form to the Office of Gift Planning. In addition to conveying the donor's wish concerning McNair Society membership, this form is used to provide a record of the donor's wish regarding the eventual use of his/her estate gift for our files.

Yes. We strongly encourage you to contact our Office of Gift Planning. We want to be able to thank you, and we want to know your wishes regarding the eventual use of your estate gift. Also, with your permission, we want to honor your generosity and commitment to the future of Michigan Tech with membership in our McNair Society.