Bequests
- As an expression of dedication and generosity
for Northern Illinois University and its students, many alumni and friends
have pledged parts of their personal estates in support of the university.
Because of their belief in the continued excellence of Northern through
private financial support and the building of the endowment fund, these
dedicated individuals are providing, in perpetuity, for future generations
of students. This can be an important consideration of those whose estates
might otherwise be subject to higher estate tax rates. With a gift through
your will or living trust, you retain full use of your gift property
during your life.
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- Types of charitable bequests, include:
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- General Bequest
The most familiar type of bequest is the general bequest, which specifies
that NIU will receive a designated sum. For example, you might make
a general bequest of $10,000. You may prefer this arrangement because
it is considered a primary charge against your estate, which means it
will almost certainly be fulfilled.
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- Percentage Bequest
This is an excellent alternative to the general bequest. The percentage
bequest states that NIU will receive a certain predetermined percentage
of your estate. By making a percentage bequest of 10%, for example,
you assure yourself that inflation will not reduce the true value of
the bequest you intended for our benefit.
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- Specific Bequest
When making a specific bequest, you are directing that one particular
property be transferred to NIU, such as a certain piece of real estate,
the stock from one specific company or some other specific property.
This type of bequest is ideal for individuals wishing to give particular
stocks or a valuable art object.
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- Caution: A specific bequest can be satisfied
only with the property designated. If that property has been sold or
otherwise removed from the estate, NIU would receive nothing in its
place.
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- Residuary Bequest
This bequest directs that NIU receive either everything remaining in
your estate or a designated percentage of your estate after all necessary
costs, all general bequests, and all specific bequests are satisfied.
This type of bequest allows you the flexibility of making several primary
bequests while still giving you the assurance that NIU will be a secondary
beneficiary of your estate. But the residuary bequest has the drawback
of uncertainty. NIU would receive only as much, or as little, as is
left after all primary obligations are satisfied.
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- Contingent Bequest
As the name implies, this bequest is "contingent" on some
event. Usually, you might make a primary bequest for a relative, with
the contingency that if that relative is not living at the time of your
death, the bequest would pass to NIU. The contingent bequest is often
used in the case of a husband or wife who stipulates that if his or
her spouse is not living at the time of his or her death, then the bequest
specified for the spouse will pass to a contingent charitable beneficiary.
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- Northern strongly encourages those persons considering
a bequest, which is to be directed to the creation of a new student
scholarship or program endowment, discuss their intentions with a senior
staff member of the NIU Foundation. It is our goal that you are assured
of the maximum effective use of your bequest.
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- A bequest is a lasting memorial to your dedication
to Northern and its wonderful students. If you have previously made
plans for the university or have the intention to do so, we hope you
will share that information with us at this time.
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- For more information, please contact John Sentovich,
Director of Gift Planning, at 815-753-1344 or e-mail sentovich@niu.edu.
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