Why Leave a Legacy?
Making a planned gift is a great way to show your support and appreciation for Lewis-Clark State College and its mission while accommodating your own personal, financial, estate planning, and philanthropic goals, as well as becoming a member of the Heritage Society. With smart planning, you may actually increase the size of your estate and/or reduce the tax burden on your heirs. Just as important, you will know that you have made a meaningful contribution to LC. Familiarize yourself with the various gift options and consult a tax professional to determine what option is best for you:
You can make a bequest or gift through your estate by including provisions in your will or living trust, or by naming Lewis-Clark State College as a beneficiary of a retirement plan or life insurance policy. The amount left to college can be expressed in a dollar amount or a percentage of the assets given.
The benefits of making a bequest gift include the fact that donors do not have to part with any money until they pass, and do not owe any estate tax on the amount of the bequest.
A charitable gift annuity involves a contract agreement between you and Lewis-Clark State College where you agree to make a gift to the college in the form of securities, real estate, or personal property, and the college, in return, agrees to pay you a fixed amount each year for the rest of your life. Deferred gift annuity annual payments start at a later time specified by the donor, and not when the gift is received. The donor will receive a fixed annual income for life and avoid capital gains tax, as well as an income-tax break on a portion of the earnings from an annuity; the exact amount depends on the donor’s age.
Real Estate & Stocks
A donation of appreciated real estate or stock can help increase tax benefits. The deduction for a donation of property to charity is equal to the fair market value of the donated property. When the donated property is a "gain" property, the donor does not have to recognize the gain on the donated property. These rules allow for the "doubling up," so to speak of tax benefits: A charitable deduction, plus avoiding tax on the appreciation in the value of the property. Shares of the stock have to be held for more than one year and qualify for the "qualified appreciated stock" deduction.