Yes, the legacy you leave can be tailored to represent your wishes.
In fact, The Richmond (KY) Register recently published an article, titled "Anonymous couple bequeath $1 million to alma mater EKU," detailing one such donation.
Although they chose to remain anonymous, the couple gave a total of $1 million to Eastern Kentucky University to set up endowed scholarships.
In a press release, the couple expressed sentiments that may match yours.
"Our time at EKU was wonderful, some of the best times in our lives," they said. "We feel so fortunate to be able to pay it forward."
What parameters did they establish?
Half is for students seeking art or art design studio degree. The other half is for elementary education majors.
They established criteria for the scholarship.
The recipient be must be a rising sophomore, junior or senior with demonstrated financial need.
He or she must maintain a minimum 3.0 cumulative grade point average.
Finally, the student must meet geographic criteria.
They defined the nature of the scholarships.
These scholarships are renewable each semester.
If funds are available, the couple explained their desire for these large awards to cover half- to full-tuition scholarships in any given year.
If you want to set guidelines lines for your gift, seek the guidance of an experience estate planning attorney
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify. Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Richmond (KY) Register (April 29, 2016) "Anonymous couple bequeath $1 million to alma mater EKU"