We are grateful to each of our generous donors for their investment in Kankakee Community College.
Planned giving provides a vehicle for you to ensure the financial well-being of KCC. Your planned gift will provide the largest benefit to the College while reducing the income tax, estate and gift tax burden upon your estate and heirs.
With the guidance of your tax and legal counsel, KCC Foundation can assist you in your philanthropic goals.
Below are some of the most common types of planned gifts. Contact Kelly Myers, executive director, at 815-802-8260 or email@example.com, for more information.
Revocable planned gifts
If you want to provide a future benefit to the Kankakee Community College Foundation but are not yet comfortable giving away assets you may need in the future, consider 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 Kankakee Community College.
Irrevocable "Life Income" planned gifts
If you are comfortable making a current 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 CGA is 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 CRT 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 CLT 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 gift 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, but would like to continue living there for the rest of your life, you can donate a “remainder interest” in your home and retain a “life estate” for yourself.