Legacy Giving
Legacy gifts are one of the most meaningful ways to support higher education. Whether through a will, trust, or beneficiary designation, a planned gift allows you to make a lasting difference, often far beyond what might be possible during your lifetime.
The Fund for Academic Renewal (FAR) helps college donors create legacy gifts that reflect their values, protect their intent, and advance academic excellence for generations to come.
What Is a Legacy Gift?
A legacy gift, also known as a planned gift, is a commitment you make today to support a cause or institution after your lifetime. Common forms of legacy giving include:
- A bequest in your will or living trust
- Naming a charity as a beneficiary of a retirement account or life insurance policy
- Creating a charitable trust
- Donating real estate or other non-cash assets through your estate
Legacy gifts often offer tax advantages for you and your heirs while supporting the institutions you care about. FAR does not offer tax advice, but we can help you protect the intent of your college gifts in your estate plan.
The Risk of Legacy Gifts
Permanent endowments and unrestricted gifts can be vulnerable to institutional drift, leadership changes, and shifting priorities, with sometimes heartbreaking results. For instance, Robert Morin, a longtime librarian at the University of New Hampshire, surprised the institution with a $4 million bequest, with $100,000 earmarked for the library. The university used $1 million of this gift to build a new stadium scoreboard. While technically legal, as Mr. Morin had not included detailed instructions for his gift, many alumni felt that this decision disrespected his legacy.
Special care must be taken when designing gifts that extend beyond a donor’s lifetime. Donors can build a strong legacy by making their values and intentions clear—in writing—to the university.
How FAR Helps You Protect Your Legacy
FAR works closely with donors and their advisors to ensure legacy gifts are well-structured, enforceable, and mission-aligned. We can:
- Draft a statement of purpose that clearly articulates your intent.
- Help you decide whether to give directly to a university or through a third-party administrator, such as a DAF, trust, or private foundation.
- Review college gift agreements to safeguard academic integrity and accountability.
- Facilitate conversations with university representatives or alternative recipients.
- Explore options if a university fails to uphold the intent of your gift or that of a loved one.