Legacy Gifts

With the enactment of the SECURE Act in 2019, if you are 72 or better, you must take a Required Minimum Distribution (RMD) from your IRA. Please consider making a direct charitable distribution to the College, an eligible charitable organization. This type of charitable gift will lower your taxable income. This is a wonderful way to make a charitable gift.  Also under the SECURE Act, you can now add to your IRA after you turn 70 1/2, which is great news for those who are still bringing in income, want to grow retirement savings, and enjoy that tax deduction.

The Secure Act still allows you to make a Qualified Charitable Distribution (QCD) of up to $100,000 annually to a eligible charitable organization. This gift type will also help you meet your Required Minimum Distribution.

Your IRA, 401k, 403b, TSP, or other retirement plan is a practical way to leave a legacy.  You can name the College a full or partial beneficiary on a “change of beneficiary form.”  Did you know retirement plans left to individuals or family trusts are some of the most heavily taxed upon death? Up to 70% of your plan’s value could be lost to taxes. Plus, under the SECURE Act enacted in December 2019, non-spousal beneficiaries (children, nieces/nephews, etc.) MUST take all proceeds within ten years. In the past, beneficiaries could stretch withdrawals over a lifetime. As a 501(c)(3) charitable organization, the College receives these same assets free of taxes.

If you have a Donor Advised Fund (DAF) with a community foundation or charitable giving account with a financial institution like Fidelity, Vanguard, etc., please consider supporting the College, an eligible 501 c (3) nonprofit organization. You may be able to set up a recurring gift.

Hard-earned assets are worth protecting and various charitable strategies safeguard family assets while providing security for loved ones and your favorite charities, like the College.  Consider having a conversation with your advisors about whether a charitable trust is right for you.  The two most common types are the Charitable Remainder Trust and Charitable Lead Trust.

Most people do not realize that they can leave assets from their accounts to their favorite charitable organizations.  You may name a charity as a full, partial or contingent beneficiary to a brokerage, savings or other accounts.  Simply fill out a “change of beneficiary form” offered by your account representative.

Consider naming the College a beneficiary of an insurance policy. You can also leave a significant legacy by donating a paid-up policy you may have outgrown.  Life insurance paid to a charity is not subject to Federal estate tax and you may be able to receive an income tax deduction for your premium payments. 

Your IRA, 401k, 403b, TSP, or other retirement plan is a practical way to leave a legacy.  You can name the College a full or partial beneficiary on a “change of beneficiary form.”  Did you know retirement plans left to individuals or family trusts are some of the most heavily taxed upon death? Up to 70% of your plan’s value could be lost to taxes.  As a 501(c)(3) charitable organization, the College receives these same assets free of taxes.