Although some charitable gifts (i.e., cash or assets) currently affect your estate, most planned gifts are deferred. Deferred gifts may be made through a testament or a life income arrangement, which means that they are arranged now and fulfilled later. A personally tailored planned giving program can assure maximum impact from your gifts for both you and the college.
The following is a brief description of the most popular vehicles that you may use to facilitate your giving:
- Bequest: A provision made in your will to make a charitable donation.
- Charitable gift annuity: Legal contract between you and the College where you exchange cash, stocks, and other assets in exchange for an agreed-upon income for life.
- Charitable remainder trusts: Transfer of assets to a trust. The assets are subsequently transferred to the College after the death of the last beneficiary. You retain a fixed or variable income for life.
- Life estate contract: You agree to transfer the deed of real property to the College. You reserve for yourself and/or someone else the right to reside and use the property for life.
- Charitable lead trusts: Transfer of assets to a trust, which provides income to the College for a period of years. At termination, the assets revert either to you or to someone you designate.
- Life insurance policy (two types): (a) You may transfer ownership of the existing policy to the College. (b) You may purchase a policy where the College is the named beneficiary or owner.
Other charitable gifts include:
In-kind gifts: equipment, computer software, printed materials, food for sponsored dinners, personal property, fine art, etc. You must submit appraisal when donating fine art.
Real estate: You must provide the appraisal and environmental review.