Bequests and Planned Gifts
Some gifts require special planning. These planned gifts can allow a donor to make a significant gift to NJIT, generate a charitable income tax deduction, provide life income, and reduce estate and gift taxes.
Planned Gifts
Donors who make planned gifts to NJIT are recognized through membership in the 1881 Society.
Bequests
By including NJIT in your will, you can make a significant future gift without affecting your current lifestyle. You can also reduce estate taxes and retain control over your assets during your lifetime.
Life Income Gifts
Life income gifts such as gift annuities and charitable remainder trusts can provide donors with an income stream, significant tax savings, and the satisfaction of providing NJIT with vital long-term resources.
Life Insurance
Life insurance may fund a gift or replace the value of a gifted asset. An important but frequently overlooked role of life insurance is the one it can play in charitable gift planning. Life insurance itself can be the direct funding medium for a gift, permitting the donor to make a substantial gift (face value of policy) for a relatively modest annual outlay (the premium payment).
Retirement Plans
Your retirement-plan benefits are very likely a significant portion of your net worth. And because of special tax considerations, they could make an excellent choice for funding a charitable gift. Retirement-plan benefits include assets held in individual retirement accounts (IRAs), 401(k) plans, profit-sharing plans, Keogh plans, and 403(b) plans.
Gifts from an IRA
In December 2015, Congress passed the Protecting Americans from Tax Hikes (PATH) Act, which makes permanent the IRA charitable rollover. Certain individuals are eligible. When you choose to make a gift from your IRA account, the distribution is mailed (or wired) directly to NJIT. The total you distribute under this plan – to NJIT and all other charitable organizations – cannot exceed $100,000 in a given calendar year.
For more information about planned gifts, please visit njit.giftplans.org or contact Beth Kornstein, Interim Vice President, Development & Alumni Relations, at 973-596-8548 or elizabeth.s.kornstein@njit.edu.
