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Making a commitment to give to a charitable organization is a highly personal decision. In doing so, you must think carefully about your money and your present and future priorities.
For many, the final words left for others are written in a last will and testament. These words reflect the most meaningful people and experiences in your life. They let others know what was important to you and how you wish to be remembered. For some, this is the means chosen to make a gift to charity.
For example, a bequest, noted in your will through a specific mention of money or property or a percentage of what is left of your estate after expenses and outright bequests are paid, can affect the College in a number of positive ways. You can bequeath money for student scholarships, campus beatification or specific academic centers. You might even consider creating a named endowment that lives on to serve future generations.
If you presently have a will but don’t want to employ an attorney to update it, you can name the College as beneficiary in a life insurance policy or retirement fund.
Alternately, you can make an immediate gift to the College from your individual retirement account (IRA). Those who are 70 1/2 or older are eligible to move money—up to $100,000—from their IRAs to qualified charities without paying income tax on that money through Dec. 31, 2013.
Some deferred gifts can even pay you an income during your life, with the remainder directed to the College. These contributions include Charitable Gift Annuities (CGA) and Charitable Trusts. If you don’t need the income today, but might in retirement, you can fund a deferred payment CGA and earn a more beneficial payout rate while qualifying for an immediate charitable income tax deduction.
Visit the College’s gift planning website for information and, for personal assistance, contact me at email@example.com or 717-361-1545. Before moving forward, always discuss your thoughts and plans with your family and financial advisor.
If you already include the College in your estate planning, thank you. In addition to supporting the College now, your estate intention will underwrite tomorrow’s needs.