Leave a Legacy


Bequests

A charitable gift from your estate is a favored method of giving that enables you to achieve your financial goals and benefit Letourneau University. No other planned gift is as simple to make or as easy to change should you ever need the assets during your lifetime.

A bequest may be right for you if:

  • You want to make a gift to LeTourneau University through the LeTourneau University Foundation.
  • You want the flexibility to change your mind.
  • You want continued access to your wealth, should you need it.
  • You are concerned about outliving your resources.
 

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Remembering LeTourneau University in your will is a wonderful way for you to make a lasting gift. Large or small, your bequest will make an important contribution to our long-term strength and our ability to carry on with our activities.

But what if you don't have a will or living trust? You are not alone. Most Americans don’t have a will.

If you die without a will, the laws of your state will decide how your estate is divided. Typically, the probate court will divide your estate among your closest surviving family members according to a formula, and none of your estate can go to LeTourneau University or any other charity. If you wish to have a say in how your estate is distributed, you must have a will or living trust. We encourage you to work with an experienced attorney to create a will or living trust that accomplishes your goals for your estate.

Ways you can define a charitable gift in your estate plan
There are several ways that you can define the amount of your charitable gift to The LeTourneau University Foundation. They are:

  • A gift of a particular amount of money.  For example, you give $25,000.
  • A gift of a specific item or items.  For example, you give 1,000 shares of ABC Corporation.
  • A gift that will be made only if one or more conditions are met.  For example, you give $25,000 provided we still offer a particular program or service your spouse does not survive you.
  • A gift that will be made from the remainder of your estate once all other bequests, debts, and taxes have been paid.  For example, you give 25% of the remainder of your estate. Often called a "residuary bequest," this approach assures that your family will be taken care of before your estate makes a bequest to us.  

Ways to specify how we may use your bequest
You have several options for telling The LeTourneau University Foundation how we may use your bequest once we receive it. They are:

  • An unrestricted bequest – This is a gift for our general purposes. This can be the most useful kind of gift because it allows us to put your gift to the best possible use at the time we receive it.
  • A restricted bequest – This is a gift for a specific use, such as a special project or program that is important to you. It is best for you to consult with us before placing restrictions on your bequest to be sure we can carry out your wishes.
  • An endowed bequest – This is a gift where our organization invests your donation along with the rest of our endowment. We distribute these funds in accordance with our endowment spending policy. This approach assures that your gift will continue to benefit us long after you're gone. An endowed bequest can be restricted or unrestricted.
  • An honorary bequest – This is a gift made in honor of someone else. Any form of bequest can also be an honorary bequest. We would be pleased to recognize the people you wish to honor with your gift.

Make sure we can carry out your wishes
It is very important that your bequest be accurately and clearly described in your estate plan so that we can carry out your wishes as you intended. We are pleased to consult with you regarding the terms of your bequest to make sure that we will be able to carry out your intentions. In order to avoid any possible question that your bequest is to our organization, be sure to include our full legal name and our federal tax identification number in your bequest.

Legal name: The LeTourneau University Foundation

Current Address: 2100 S. Mobberly Avenue Longview, TX 75602

Tax identification number: 83-2155629
    
We are happy to provide you with sample bequest language to assist you and your attorney. 
You have complete flexibility to change your bequest at any time. If circumstances change in a way that makes you want to revise your gift to us, you can.

Tax benefits
Because your bequest is revocable, you do not receive an income tax charitable deduction when you create it. Rather, your estate will receive an estate tax deduction for the full value of your bequest in the year it is made. Depending on a variety of factors, including the size of your estate and estate tax law at the time your estate is settled, this deduction may or may not save estate taxes.

Bequest alternatives
In addition to adding bequest language to your will, here are a few other simple ways for you to make a bequest to us:

  • Make The LeTourneau University Foundation a designated beneficiary of a life insurance policy.
  • Make The LeTourneau University Foundation a designated beneficiary of an IRA or other retirement plan.
  • Make The LeTourneau University Foundation a designated beneficiary of savings bonds.
  • Instruct your bank to "pay on death" to The LeTourneau University Foundation some or all of a specific bank account.
  • Instruct your brokerage firm to "transfer on death" to The LeTourneau University Foundation some or all of a specific brokerage or other financial account.

Please let us know if you have included The LeTourneau University Foundation in your estate plans. We would welcome the opportunity to thank you for your thoughtful gift and to confirm that we can carry out your wishes.

Example

Susan Thomas, a widow, has been a supporter of The LeTourneau University Foundation for many years. Susan is in good health now, but does not want to be a financial burden to her children should she require expensive health care in the future.

The LeTourneau University Foundation is one of two charities to which she has been most dedicated. She would like to make a lasting gift to each of them in memory of her husband. After discussing her options with her estate planning advisor, she decides to create a residuary bequest in her will for each of her two favorite charities. Each charity will receive 50% of the remainder of her estate after all other obligations, such as taxes and bequests to her children and grandchildren, have been taken care of.

Benefits

  • Susan’s assets will remain available to her should she need them.
  • The revocable nature of her gift will minimize the possibility that she will ever need financial help from her children.
  • If her estate is worth what she expects when it is settled, she will be able to provide generous legacy gifts to the two charities that have meant the most to her and her late husband.

 

“Estate and Legacy Planning” – Does it Really Matter?

Think about this: early in the life of Israel we see the Lord repeatedly reminding them about the importance of passing on to “their children and their children’s children” God’s testimony of faithfulness (Deuteronomy 4:9 and following).  God went on to tell the children of Israel that He wasn't’t talking directly with their children, but rather with them – because “their eyes had seen” all that the Lord had done (Deuteronomy 11:2-7). 

Estate planning, when done with intentionality and by including a narrative of one’s life, can be an incredible means of motivating future generations.  Further empowering such planning with tax wise strategies that endow heirs as well as those ministries that have had an impact upon you and your family assures there is a means by which that consistent behavior is facilitated!

Watch for our next installment where we will purpose to unpack …

  • what estate and legacy planning is
  • why it’s important
  • what it looks like

and most importantly,

  • how it can be a compelling motivation for succeeding generations when it is empowered with an integrated level of charitable gift planning

As always, if we can be of service to you in this area, or for any questions you may have, please do not hesitate to email us at leavealegacy@letufoundation.org or call us toll-free at 903-500-2972 and ask for Tom Bevan.

And always a proper disclaimer: When considering what we might point to by way of a benefit to you in any given situation, always assure to consult your legal and tax advisor for what qualifies as the actual tax treatment of that scenario in your unique situation.

Scholarships play a major role in the lives of LETU students. More than 90% of the student body receives financial assistance from scholarships, grants, and loans. But with graduating seniors incurring significant financial debt, it is our goal to lessen the burden and increase our scholarship aid. Endowed scholarships play a vital role in decreasing the debt burden on students.

Why do LETU alumni and friends choose to establish Endowed Scholarship Funds?

  • To perpetuate the memory or legacy of a loved one;
  • To honor positive role models who have significantly influenced others;
  • To invest in today's students who will influence every workplace and every nation for Christ tomorrow.

Endowed Scholarships provide significant impact:

  • Equip leaders for tomorrow today;
  • Recruit and retain outstanding students seeking the hands-on, Christ-centered education that has for decades been the strength of LETU;
  • Recognize and reward outstanding performance by students with demonstrated financial need.

Endowed professorships, chairs, programs and schools are also available. Call 903.233.3833 to establish your endowment today.

Many companies will match their employees' charitable gifts. Some will even match the donations of retirees or employees' spouses! You can make your money double or even triple and at the same time invest in students' lives.

If your company is eligible, request a matching gift form from your employer's Human Resources department. Complete, sign and send in the completed form with your gift- every time you give a gift! Inform your employer of your donation and give them LeTourneau University's mailing address (2100 S. Mobberly Ave. Longview, TX 75607) so they can make the match. We will do the rest.

Giving a cash gift isn't the only way you can support LeTourneau University students. All you have to do is sign up for all the programs below and then let your shopping do the donating. It's that easy! Your normal, everyday shopping will help the LETU Annual Fund provide scholarship aid to deserving students. Thank you!

Give by Shopping

You're going to buy things anyway, right? Here are some ways your purchase can benefit LeTourneau University.

Amazon Smile
Start your shopping at smile.amazon.com, choose LeTourneau University as your selected organization, and the AmazonSmile Foundation will donate 0.5% of the price of your eligible purchases.

Kroger
If you are a KrogerPlus member, Kroger's Community Rewards program donates a portion of your eligible purchases to the organization of your choice. Choose LETU! Visit https://www.kroger.com/topic/kroger-community-rewards-3 to enroll with your membership card and choose LeTourneau University (NPO# 84780). Don't forget to re-enroll each year to continue in the Community Rewards program.

Tom Thumb
Tom Thumb's Good Neighbor Program allows customers to direct donation dollars to a favorite church, school or other non-profit organization. Visit the courtesy booth at your local store to link your reward card to our account (use our Charity# 9090).

Give by Donating Goods (Gifts-in-Kind)

CONTACT:

Breaking News: New legislation has passed that can grant continued tax incentives for giving in 2021.
Click here for info.  

800.259.LETU [Toll-Free]

903.233.3801 [Fax]

Email
leavealegacy@letufoundation.org

Mailing Address
Office of Development
LeTourneau University
P.O. Box 7333
Longview, Texas 75607-7333