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The Bicentennial Society: Planned Giving
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Planned giving is a thoughtful way to make a charitable gift to help future generations of Chi Psi brothers enhance their fraternal and educational experience. Planned giving helps in two ways: It provides much needed funding for the Chi Psi Educational Trust, while also benefiting your family and heirs.


There are numerous ways to give that will have a tremendous, long-term impact on Chi Psi. Some of the most common and popular strategies available to alumni or others who wish to make a planned gift to the Chi Psi Educational Trust are:


Bequests

 

Bequests by will to the fraternity are exempt from federal and most state inheritance taxes. With a gift by will, your total estate value is reduced by the amount of your planned gift, reducing your overall estate tax.

By your will (which you may change by a codicil) or your revocable trust (which you may change by an amendment), you can make Chi Psi Fraternity the beneficiary of cash, securities, and/or other property. You may designate by a specific amount or a percentage of your estate, or you may make the fraternity a residual beneficiary of your will or trust; that is, a recipient of some part of the balance after payment of specific bequests, expenses, and taxes.

Below is sample language for your consideration. Your legal counsel can help you to refine the bequest language to suit your specific wishes for Chi Psi Fraternity.

Specific Amount for General Purposes

“I give, advise, and bequeath to Chi Psi Fraternity in the City of Nashville, Tennessee, the sum of $_____ to be used for the general objectives and purposes of said fraternity.”

Percentage Amount for General Purposes

“I give, advise, and bequeath to Chi Psi Fraternity in the City of Nashville, Tennessee, _____% of the rest, residue, and remainder of my estate, to be used for the general objectives and purposes of said fraternity.”

If you do decide to include Chi Psi in your will, we would find it very helpful to have a copy of that portion of your will for our records.

I bequeath to the Chi Psi Educational Trust the sum of $____ or _____ percentage of my estate (or specific securities or other property). Said Trust is a nonprofit 501 (c) 3 corporation (Federal ID number is 03-0386312), with administrative offices at 45 Rutledge Street, Nashville, TN, 37210. This gift is unrestricted for general Trust purposes.


Life Insurance

 

You can name Chi Psi Fraternity as a primary or contingent beneficiary of a life insurance policy. If you retain any control over the policy, no income tax deduction is allowed; however, if Chi Psi Fraternity is named both the sole owner and beneficiary of a paid-up policy, you may receive an immediate charitable deduction for the lesser of the policy’s fair market value or the net premiums paid. Additional premiums that you pay may also be tax deductible.

As with all planned gifts, we encourage you to consult your attorney or financial advisor to discuss the best options for you.

Please consider letting the fraternity know if you make a gift in one of these ways so we can update our records.

Gifts from Retirement Plans

 The simplest planned gift of all, and the most tax efficient, is made from a tax-deferred retirement plan: 401 (k) plans, 403 (b) plans, and individual retirement accounts (IRAs). Left as part of an estate, tax-deferred assets will be subject to income tax and possibly other forms of taxation. Where qualified, however, naming Chi Psi Fraternity as a beneficiary of a retirement plan allows the gift to pass directly to the fraternity free of any taxes.

This is also one of the easiest gifts to put in place. In most instances, simply go to the website of the trustee or custodian of the plan and change the beneficiary designation. Like a bequest from a will or trust, the gift may be a specific dollar amount or a percentage of the plan assets.

As with all planned gifts, we encourage you to consult your attorney or financial advisor to discuss the best options for you.

To designate Chi Psi Fraternity as a retirement plan beneficiary, the fraternity's tax ID number is 03-0386312.

Please consider sending a copy of your beneficiary form to the fraternity for our records.

Other Gift Options

There are many other different ways to make a planned gift to the Cathedral, and we encourage you to consult your attorney or financial advisor to discuss the best options for you. Some of these options may enable you or a designee to receive income in life. Examples of these include Charitable Gift Annuities, Charitable Remainder or Lead Trusts, and Pooled Income Funds.

Gift Recognition

 

Brothers who include the Chi Psi Educational Trust as a beneficiary in their estate plan through their will, insurance policy, trust, IRA or other deferred gift are recognized in the Trust’s Bicentennial Society.


Thank you for supporting the Trust. If you have any questions at all about this type of giving, please contact Harold Arnwine, Bicentennial Society Chairman.

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