Pacific Lutheran University
Do you place a high value on education?Â Have you ever considered how you might leave a legacy at your favorite college, university or high school foundation and at the same time provide access to a post secondary education to students regardless of their economic circumstances?
If you are like most of the people with whom I work, you would answer yes to these questions.Â And your following question would likely be, â€œbut how?â€Â With just a little planning and some good advice, you might be surprised that it is often not difficult nor does it always require a significant current contribution of assets.
It is true that the most common way to provide access to higher education and to fund it over with current gifts over a period of a few years.Â But not everybody can make such a commitment of current resources.Â Many people are surprised to learn that smaller annual contributions backed up with a gift through their estate plans can provide important scholarship support to students while honoring the life and the legacy of the donor.
For example, the Ericksonâ€™s recently inquired about creating a scholarship in memory and in honor of Mr. Ericksonâ€™s father, who had recently died.Â However, $5,000 a year for five years was a bit more that they could afford.Â I suggested that they contribute $1,500 a year and include the named scholarship as a recipient of their estate for a minimum of $25,000.Â They agreed and the result is that each year the $1,500 is awarded to a student who meets the established criteria and at their death the Erickson Endowment will be funded through a generous bequest!Â They are thrilled when they hear from â€œtheir scholarâ€ each year and meet her or him at the annual scholarship reception.Â They are so thrilled with this arrangement that they are even considering creating a second scholarship in honor of her motherâ€“but to do so while she is living so she will also enjoy knowing that students are able to pursue their dreams as a result of their philanthropy.
Doug Page is Senior Development Director in Gift Planning at Pacific Lutheran University.Â Please consultant a qualified estate planner before making a gift in your will.