09/22/14 2:23 PM

Giving to Spelman

Deferred Gifts

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.