Naming LSSU as a Beneficiary
By naming Lake Superior State University in your will or living trust, your assets are not diminished during your lifetime and taxes owed by your estate may be reduced by the amount of the gift.
Bequests to the University can provide funding for general support to the University, strengthen academic and athletic programs, support building campaigns, or provide scholarship assistance to deserving students.
Alumni and friends who name LSSU in their wills, trusts, charitable gift annuity, life income funds or life insurance are members of the Superior Legacy Society.
Bequests can be:
- a specific dollar amount, a percentage of your estate, residual of your estate, or a contingent bequest
- for the unrestricted or restricted use of the University
- directed to establish an endowment to benefit an academic, scholarship or athletic program
To ensure your gift intent is met, it is very important that the appropriate bequest wording is used. Your bequest can be used for a specific purpose (restricted bequest) within the university (i.e. scholarships, academic or athletics program, etc.) or as an unrestricted bequest that is directed for the general support of the University.
The following are examples of general bequest statements:
Donors may restrict the use of their bequests and may read as follows:
“I bequeath to the Lake Superior State University Foundation, Sault Ste. Marie, Michigan the sum of ______ or ______%, to be used (state purpose, e.g, the purchase of library materials for the Kenneth J. Shouldice Library or its successor'). If in the opinion of the University and LSSU Foundation, all or part of this bequest cannot be usefully applied to this purpose, they may use the bequest for any purpose that will most nearly accomplish my wishes and purposes.”
An unrestricted bequest is for the general use of the University at the discretion of the University President and LSSU Foundation Board of Directors:
“I bequeath to Lake Superior State University Foundation, Sault Ste. Marie, Michigan the sum of _______ or ______% of my estate, to be used for the general purpose of the University.”
Lake Superior State University may be named as a contingent beneficiary upon the death of the primary beneficiary and may read as follows:
“I bequeath the residue of the property owned by me at my death, real and personal, to (PERSON’S NAME) if he or she survives me. If (PERSON’S NAME) does not survive me, I bequeath my residuary estate to Lake Superior State University Foundation, Sault Ste. Marie, Michigan to be used to for the general purpose of the University or (named endowment).”
Bequests may be designated for the University's general endowment or the establishment of an endowed fund named after a named person(s) or an organization. Endowed funds are perpetual whereby only the principal's earnings are distributed.
“I bequeath the sum of _____ or _____% of my estate, to the University's General Endowment. The income from which shall be used for the general purpose of the University.”
Establishing a New Named Endowment through an estate gift:
“I bequeath the sum of _____ or _____% of my estate, to establish the ____________________ Endowment, the income from which shall be used for the general support of the University or (specific designation, i.e. scholarship).”
Please consult with your attorney or estate plan advisor so that the bequest language meets your estate planning goals. It is recommended to contact the LSSU Foundation before finalizing your will provisions to ensure your intent can be implemented according to your wishes.
For more information, contact the LSSU Foundation office at 906-635-2665 or email firstname.lastname@example.org