Gifts by Will or Living Trust

Bequests continue to account for a major portion of the university’s endowment and provide significant funding for NJIT’s programs, services and student scholarships. Gifts by bequest have enabled the NJIT to achieve its status as one of the nation’s leading universities.

The following language is an example of how a bequest to benefit to NJIT may be worded:

I give, devise and bequeath to the Foundation at NJIT, a qualified 501(c)(3) charitable organization located in Newark, NJ _____ percent of my residual estate (or a specific bequest of $__________, or other personal or real property appropriately described) for (a specific college, school, program or unrestricted use), to be used in accordance with the terms of the most recent written directive or fund agreement I have signed with the University, otherwise to be used as directed by the (e.g. President, Provost, Athletic Director, School of ___) at NJIT.

Gifts of Retirement Plans

Retirement Plans
A combined estate and income tax can deplete your retirement account by as much as two-thirds. By naming the NJIT as a beneficiary of your retirement plan, the remainder of your plan is not taxed and your heirs have no 'hidden' income tax liability. Another option is to have your retirement assets transferred to a charitable remainder trust, providing valuable income to an heir for life.

Life Insurance Policies
There are several ways in which a donor may use life insurance to make a gift to NJIT:

• Make a gift of an existing life insurance policy
• Establish a new policy and name NJIT as the owner and beneficiary of the policy
• Use life insurance to replace the value of gifts to NJIT
• Fund a Short-Term Endowment Policy (STEP)

Retained Life Estate

Through a retained life estate, a donor makes a gift of a personal residence to NJIT and the donor retains the right to live in the home for life.  Making a gift of property while retaining a life estate, provides the donor with a charitable deduction based on the value of the property, the age of the donor, and his or her life expectancy. Contact NJIT's Office of Gift Planning to discuss this gift opportunity in more detail.