Planned giving provides a vehicle for you to ensure the financial well-being of KCC. Your planned gift will provide a benefit to the college while reducing the income, estate and gift tax burden on your estate and heirs.
With the guidance of your tax and legal counsel, the KCC Foundation can assist you in your philanthropic goals. Following are common types of planned gifts.
For more information, contact Kelly Myers at 815-802-8260 or email firstname.lastname@example.org.
Revocable planned gifts
If you want to provide a future benefit to the KCC Foundation, but are not yet comfortable giving away assets you may need in the future, consider these options:
- Including a bequest to the KCC Foundation in your will or living trust; or
- Naming the KCC Foundation as a beneficiary of your retirement plan or life insurance policy.
While providing a future benefit to KCC, you retain maximum lifetime flexibility to respond to changing family and other circumstances and can adjust your beneficiary designation accordingly. The assets you designate for the KCC Foundation will be eliminated from your taxable estate at your death, and you will also eliminate income taxes owed on selected retirement plan assets. The defined amount will be applied for the purposes you choose at KCC.
Irrevocable "Life Income" planned gifts
If you are comfortable making a donation of assets now, but would like to receive a regular payment stream for the rest of your life, a "life income" gift plan might be perfect for you.
Charitable Gift Annuity. A Charitable Gift Annuity is a simple contract with the KCC Foundation to pay you and/or your designated beneficiary a fixed annuity for life.
Charitable Remainder Trust. Similar to a CGA, a Charitable Remainder Trust offers more flexibility by allowing you to identify multiple beneficiaries and choose how the annual payment is calculated.
Charitable Lead Trust: payments to the KCC Foundation now; remainder to your family
A Charitable Lead Trust provides a current payment stream to the KCC Foundation with a remainder interest to you or a designated beneficiary, with these benefits
- You may be eligible for a current income tax deduction.
- You may transfer assets to your family free of transfer tax.
- Contributed assets are removed from your taxable estate.
- You will witness the tangible impact of your contribution.
You can use real estate to fund a life income gift, or you can give real estate to the KCC Foundation through your will or living trust. And if you want to receive a current income tax deduction for the gift of your home—and live there for the rest of your life—you can donate a “remainder interest” in your home and retain a “life estate” for yourself.
Contact Kelly Myers
Executive Director of the KCC Foundation