Jerome and Ramona Lang's deep commitment to Union College is evidenced through many tangible ways. From Jerome's service as a respected member of the Board of Trustees and the board's finance committee to providing invaluable bus service for Union College touring groups, the Langs have consistently been there to champion the mission and values of Union College.
The Langs recently supplemented their tradition of philanthropic support by purchasing a $300,000 life insurance policy and naming Union College as owner and beneficiary. Jerome and Ramona have always enjoyed working with young people and have a great desire to strengthen Christian education. They have designated the proceeds from this gift to be used for student scholarships, capital improvements and to establish an operating endowment to provide transportation funds for Union College touring groups.
There are several ways to make life insurance a part of your charitable giving. 1) You can donate a paid-up policy, which will remove it from your taxable estate and give you a current income tax deduction, 2) you can buy a new policy and make Union College the owner and beneficiary, which also removes it from your taxable estate and gives you a current income tax deduction for the amount of the premiums, or 3) you can name Union College as sole beneficiary, co-beneficiary or contingent beneficiary of a term life insurance policy. Even though you won't receive a current income tax benefit, your estate will be able to claim an estate tax charitable deduction. All of these methods provide a charitable gift without depriving your family of their share of your estate.
Through a properly structured gift plan, the use of life insurance may provide many advantages to you and your family as well as Union College .
If you would like further information about how gift planning can benefit you, contact Scot Coppock, Director of Leadership Giving at Union College, 3800 South 48th Street, Lincoln, NE 68506, 402.486.2503 or e-mail sccoppoc [at] ucollege [dot] edu.