Day: April 3, 2018

Invest, Plan, Provide for Your Future

As a young alum you are on your way to great success in life. And, time is your greatest asset in terms of investing and planning for your future. One of the best things you can do right now is consider the steps you will take to provide for yourself, your family, and causes that are important to you.  Small steps you can take today:

  • Name beneficiaries for your retirement plan assets and life insurance.
  • Designate Pay on Death or Transfer on Death beneficiaries for your investments, checking or savings accounts.

For more information on providing for your family and planning for your future, please visit our website at mtulegacy.org for free tools.  

Northern Trust manages the Michigan Tech Fund endowment and other investments and offers this information as an educational service.


Eleven Reasons to Update Your Estate Plan

You’ve completed your estate plan and health care directives and put all the documents in a safe place. You’re done! Or are you? One thing we know for sure, is that change is constant and changes in your life can impact your estate plan.

Estate plans are affected by changes in the value of your assets, changes in your family, and potentially by changes in federal or state law. Therefore, it’s a good idea for you to sit down with your attorney every three to five years and review your plan. Given all the potential areas that can change, it’s quite likely that you may wish to modify some portion of the plan.

Here are a number of reasons to consider revising or updating your plan.

  1. New children, grandchildren, or other heirs
  2. Move to a different state
  3. Sale or purchase of a major asset
  4. Reaching age 70½
  5. Your selected beneficiary is deceased
  6. Divorce or remarriage
  7. Substantial change in value of your estate
  8. Adding a major property to a living trust
  9. Selected executor or trustee is no longer available
  10. You’re considering a bequest for Michigan Tech or other charities
  11. Your planning was done before the estate tax laws/thresholds were changed in 2017.

Now is the perfect time to review your estate plan – or if you don’t have one, to get started. Many of the documents you have gathered to file your income tax return may be useful in reviewing your plan. Please visit our website at mtulegacy.org for free estate planning tools.

Email giftplan@mtu.edu to request our new brochure, Your Guide to Effective Giving After Tax Reform.