The Lake Logan Legacy Society recognizes individuals who have made a bequest for Lake Logan in their estate planning. If you have provided for Lake Logan in your will or trust or created a life-income gift, we wish to show our gratitude and invite to be recognized as a member of the Lake Logan Legacy Society. Your recognition encourages others to consider Lake Logan in their estate planning. Please contact Michelle Robinson for more information.
WHAT IS BEQUEST?
A bequest is a gift from your estate—a transfer of cash, securities, or other property made through your estate plans. You can make a bequest to Lake Logan by including language in your will or living trust leaving a portion of your estate to the university, or by designating Lake Logan as a beneficiary of your retirement account or life insurance policy.
Remembering Lake Logan with a bequest from your estate will help sustain and strengthen this ministry in years to come. Some of the advantages of creating a bequest include:
• A bequest costs nothing now and gives you the satisfaction of knowing you have provided for Lake Logan’s ministry in the future
• You retain control of and use of your assets during your lifetime
• You may modify your bequest if your circumstances change
• Gifts to Lake Logan from your estate are exempt from federal estate taxes
• If you let Lake Logan know of your plans, we will be able to thank you now and recognize you as a member of our Legacy Society
MAKING A BEQUEST
A bequest to Lake Logan can be made for a specific amount, for a percentage of your estate, or for all or a portion of what is left after you have made bequests to your family. To make a gift to Lake Logan from your estate, you must sign a new will or living trust instrument, add a codicil to your present will, or make an amendment to your present trust instrument.
Alternatively, you can designate Lake Logan as a beneficiary of a retirement plan or life insurance policy. To do so, contact the retirement plan administrator or life insurance company and complete the appropriate beneficiary designation form. You can designate a specific purpose for such a gift with a separate letter prepared with assistance from our staff.
PLANNING YOUR BEQUEST
When planning for a bequest, you will need to consider how you would like your gift to be used to benefit Lake Logan—whether unrestricted in purpose or restricted to a specific purpose, and whether you would like it to be an expendable fund (to be spent when received) or an endowed fund (to last in perpetuity).
An unrestricted bequest allows the Lake Logan to determine how to use the funds based on its most pressing needs. Unrestricted bequests are extremely valuable because the Lake Logan can use them to flexibly meet its future needs.
A restricted bequest directs assets to a specific fund or particular purpose. A restricted bequest may be for an expendable or endowed fund. Because each restricted bequest is unique, we encourage donors considering this type of gift to speak with a member of our staff about the appropriate language.
Expendable funds are used in their entirety, generally within a relatively short time frame. Some larger expendable gifts are used over longer periods.
Endowed funds provide income every year in perpetuity to carry out the designated purpose of the fund. Lake Logan has an endowment fund in place. Note that establishing new endowed funds have minimum required amounts. Please speak with a member of our staff if you are considering a bequest to establish an endowed fund.
CREATING A LASTING LEGACY
Endowed funds may be established by bequest for many purposes. A fund created by your bequest can carry your name or the name of another person you wish to honor. Named funds, because of the support they offer to programs and people, are a way to share what is meaningful to you well into the future. Note that minimum gift amounts required for creating named, endowed funds vary, so please contact us for further information.
LET US THANK YOU
If you have included Lake Logan in your estate plans, please let us know. We would like to thank you for your generosity, make sure the purpose of your gift is understood, and recognize you as a member of the Legacy Society.
We are happy to help you explore options for designating a bequest to Lake Logan. Please contact Michelle Robinson to begin the discussion.
Those considering a planned gift should consult their own legal and tax advisors. Our staff is happy to speak with advisors as well.
NAME AND I.D. NUMBER
The official name of Lake Logan is Lake Logan Conference Center and Camp Henry, Inc. Our federal tax I.D. number is 56-0797521.