Edith R. Bullock left a legacy at the University of Alaska. A generous gift from the "Tugboat Queen of the Arctic" is at the heart of one of the most prestigious awards at the University of Alaska. The Edith R. Bullock Prize for Excellence was established in 1988. The University of Alaska Foundation Board of Directors awards the Bullock Prize to a student, faculty, alumni, staff member or volunteer who has made a significant contribution to further the university's mission of inspiring learning, and advancing and disseminating knowledge through teaching, research and public service.
Each fall, a sudden symphony, as a gaggle of estate planning professionals in V-formation transit National Estate Planning Awareness Week (NEPAW) and trumpet the accessibility of estate planning, Oct. 19-25.
Estate planning provides the opportunity to reflect on what we give versus what we leave behind. Giving implies active, intentional action. You can't wing it. Planning with a giving mindset is a choice to demonstrate your family values, acknowledge a stroke of fortune, or fledge a lifelong passion.
Consider the legacy of Edith R. Bullock. A pioneering businesswoman, Territorial legislator and UA Regent, Bullock devoted her life to advancing Alaskans. Decades later, one piece of her estate gift, the Edith R. Bullock Prize for Excellence, continues to honor individuals who demonstrate extraordinary commitment to education, research and public service across Alaska.
Like so many others who transformed the causes and communities they cared about most, Bullock's planning didn't require immense wealth or complex maneuvers. It can be as simple as updating the beneficiary designation on your financial account or adding a simple paragraph to your will to bring your most meaningful causes under your wing.
Charitable estate planning also offers practical advantages. Gifts structured through retirement assets or living trusts can reduce tax and administrative turbulence. For instance, an IRA left to an individual is taxed as income upon withdrawal. Charities don't pay income taxes. Planning with tax-deferred assets can maximize your philanthropic gifts while preserving the rest of your nest egg for your heirs.
This October and during NEPAW, take the time to discuss your estate plan with your flock. If you are in the 60% of Americans without an estate plan, you are not a straggler! Your charitable and financial professionals offer free planning resources and will provide referrals to legal professionals who can help you stay on course and offer tailwinds to those who follow.
Harry Need, CFRE, is a philanthropic advisor at the University of Alaska Foundation. Nothing in this article should be taken as tax or investment advice. For your specific circumstances, please consult with your professional advisors.
