Creating a charitable remainder trust allows you to transfer assets to Union College after your lifetime. Through this trust, you can direct income from the trust's investment earnings to be paid to you or another person you designate, either for a stated time period or for a lifetime, before the College actually receives the principal left in the trust.
Trusts provide a vehicle for bypassing probate and are usually professionally managed.
Assets transferred to an irrevocable trust, with Union College as the ultimate beneficiary, are generally removed from your estate at the time the trust is established and usually are not subject to estate tax. For advice or assistance with your estate plan, the services of a professional advisor should be obtained.