Ways Individuals/Couples Have Included Elder in Their Estate Plans


• One couple’s utmost concern was to insure that the balance of their estate went to their children/grandchildren. When they learned that a bequest to a charity is not irrevocable and their children could receive their settlement first, they bequeathed the residual of their estate to Elder.

• Joe wanted to include Elder and other charities in his estate plans and decided that of the total amount he wanted to give to charity would be distributed by percentage. The other portion went to his family. Of the total portion he gave to charities, he directed varying percentages to five different organizations including Elder.

• A grad had a relatively small estate but wanted to continue giving to Elder beyond his lifetime. He had a paid-up life insurance policy valued at $20,000. He decided to change the ownership of the policy to Elder so that when he died the proceeds would be paid directly to Elder.

• While planning the sale of a relatively large family business, a grad created an irrevocable charitable remainder annuity trust. Upon the sale of the business, he transferred $1 million into the trust and earmarked the proceeds for the creation of a permanent scholarship at Elder. From that time, he received income from the trust and upon his death, the proceeds of the trust went to Elder to create his lasting gift of the scholarship.

• Realizing his IRA counts as part of his estate, a donor learned he could avoid estate taxes and income taxes for heirs by donating his IRA to charity. So, in his will he directed that Elder be beneficiary of his IRA upon his death. In doing so he avoided estate tax and income tax for his heirs, and he was able to give a significant gift to Elder.

• As the owner of a diversified portfolio of stocks, a graduate selected 500 shares of one of his holdings to bequeath to Elder. Upon his death, the stock was transferred to the school and in turn liquidated and placed in a school endowment.

• A couple wanted to leave money to Elder through insurance. They bought a $100k policy with Elder as owner and beneficiary. In order to assure Elder had no expense, they created a paid-up second to die policy and donated half the paid-up premiums to Elder over two years. Elder then made a check each year to the insurance company for the premium.

• A grad and his wife want to provide for their four children, Elder, their parish church and another favorite cause. In their will they divide their estate in the following manner; 20% to each of their children, and the remaining 20% split three ways to Elder, their church and other favorite cause.

Will Codicil - One of the ways to modify a will is to add a “codicil” to it. A codicil is a sort of legal “P.S.” to the will. Revoking part of it or adding a provision such as charitable contributions, an item of property, etc. If you want to make multiple corrections or complicated changes the will should be rewritten. Whenever making or changing a will, one should consult with appropriate legal and/or financial advisors.

For any questions or to further discuss please contact:

Tom Reiring, Director of Planned Giving
3900 Vincent Avenue
Cincinnati, OH 45205
Phone: (513) 921-3425
Fax: (513)921-8123
rieringtw@elderhs.net