You've probably seen the bumper sticker on an RV that reads: "We're Spending Our Kids’ Inheritance." Some people poke fun at the idea that they should live conservatively so they can leave more money for their children.

Not everyone, however, feels that way. Many seniors remember the tough times they had and want to pass their hard-earned wealth on to their family. So when they are confronted with the idea of giving some of their wealth to an organization like the Black Hills State University Foundation, they balk a bit.

Truth is, you don't necessarily have to decide between BHSU and your family. There are ways you can give to BHSU without jeopardizing your family. Consider these possibilities:

Insurance. A second-to-die policy placed in a special trust can be quite reasonable and provide your beneficiaries with proceeds that approximate the amount given to BHSU and which are not subject to estate tax.

A Lifetime Charitable Trust. You can establish a charitable trust now and receive income for the remainder of your life, and then have the income directed to your children. At the end of the trust, the principal will go to BHSU.

A Testamentary Charitable Trust. You can arrange in your will for income to be paid to BHSU for a limited time and then have the principal go to your loved ones. Or, you can provide income to your loved ones for a limited time and then have the principal go to BHSU. In both cases, estate taxes will be reduced.

For information on making a gift to the BHSU Foundation, contact Steve Meeker at or call (605) 642-6385.

This article is not intended for legal advice. For legal advice, consult an attorney.

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