Planned Giving

At Chi Psi, we believe in giving our members an education beyond what they receive in college. On that note, it is of immense importance that every adult - regardless of age - have a will. To read more about the necessity of drafting and keeping an updated will, please see Cliff Massa III, EΔ ’71, in the Fall 2018 issue of The Purple and Gold.

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Make a lasting gift to The Chi Psi Educational Trust. Planned giving is a generous and effective way of supporting the Fraternity. You can make a planned gift to Chi Psi in a number of tax-beneficial ways. This type of gift provides for our current and future Brothers and will enable the growth and prosperity of the Fraternity for generations. You should consult with your attorney or financial advisor for guidance in determining the planned gift approach that is right for you and your family. Some suggested options are outlined below. If you have already made a planned gift to Chi Psi, thank you! We would find it very helpful to have a copy of your plans for our records.

For more information, please contact the Central Office at gifts@chipsi.org. You can also reach out directly to Assistant Executive Director, Advancement, Steve Habat.

GIFTS BY WILL

Bequests by will to The Chi Psi Educational Trust 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 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 Chi Psi 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.

Specific Amount for General Purposes

“I give, advise, and bequeath to The Chi Psi Educational Trust 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 The Chi Psi Educational Trust 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 the Trust in your will, we would find it very helpful to have a copy of that portion of your will for 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 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 The Chi Psi Educational Trust as a retirement plan beneficiary, the tax ID number is 03-0386312.

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

GIFTS OF LIFE INSURANCE POLICIES

You can name Chi Psi 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 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 Central Office know if you make a gift in one of these ways so we can update our records.

OTHER GIFT OPTIONS

There are many other different ways to make a planned gift to Chi Psi, 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.