Common Objections

I am too young
Once you are an adult, you are never too young to start thinking about your estate planning. Generally, the arrival of children and the need to insure guardianship sparks the need for a person's first will. Including RIT in your will at this time is a simple way to leave a lasting legacy at RIT that will not have any effect on your financial wellbeing during your lifetime. As you move into later stages of youth, 35-45, and as you begin to accumulate wealth, the primary need for planning tends to shift its focus.

You may consider ways to make a gift from your current assets but in a way that allows you to take an immediate tax deduction and will provide you with a steady stream of income that can start at a later age that you can select. This would provide you with a payout during your retirement years.

RIT doesn't need it
Tuition only covers 55% of costs associated with educating a student at RIT. Additional sources of funding such as philanthropic gifts and returns from a strong endowment enable many of RIT's programs to exist. Economic markets impact the ability of our endowment to meet the needs on campus. The largest costs are those relating to the Faculty and staff that make an RIT education what it is today. There are always additional expenses involved as we purchase equipment needed to keep our training current and relevant for our students as they anticipate entering the job market. Tuition cannot cover all of this. Support must come from individuals as well as from other traditional sources such as corporate, governmental and foundation giving.

I'm leaving everything to my family
Your family is your first priority. Your family, however, benefits from strong communities with strong institutions and organizations. You already contribute time and financial support to these organizations that are meaningful to you. How appropriate it is, then, to have an estate plan that reflects this balance in your life by including not only your family but also continuing or perpetuating your support of those charities and causes that have been meaningful to you during your lifetime.

I need the money to live on
There are ways to make commitments that do not require money today. Something as simple as including RIT in your will preserves your money to live on today, while providing a gift to the RIT students of tomorrow.

There are also planned giving tools we can show you that let you make a gift that will provide a charitable deduction immediately, and provide you or your beneficiaries with income for life.

It's too expensive to change my will
Most advisors recommend that you review your estate planning and its related documents any time there is a family, financial, or workplace "event," or every 2-3 years. There are fees that accompany creating and updating your will; however, the cost can be minimal when compared to what might be lost or wasted if your affairs are not in order. Without a will that currently reflects your thinking and your assets, your heirs may be subject to costs and taxes that can be avoided by having a periodic estate planning "check-up."