One Small Gift Can Make a Difference
Planned gifts allow you to leave a legacy for the future, and provide for you and your family while supporting South Piedmont Community College. These types of gifts may help you reduce income taxes, increase your spendable income, receive guaranteed income for life, and avoid taxes on capital gains.
Types of Planned Gifts include:
Outright Bequest in Will
By naming SPCC as a beneficiary in your will, you may obtain a charitable estate tax deduction for the value of the bequest. Assets gifted to the SPCC Foundation will be excluded from your taxable estate. You will also know that your generosity will support SPCC for years into the future.
Contingent Trust Beneficiary in Will
Last Wills and Trusts typically provide for assets to be distributed to loved ones. However, you can name SPCC as a contingent beneficiary should the primary beneficiary pre-decease you. SPCC will receive the bequest only if the primary beneficiary is unable to take it.
Gifts That Pay You Income
Would you like to support SPCC but you are worried about having enough income for yourself and your loved ones? Life-income gifts such as gift annuities and charitable trusts provide donors an income stream for life, significant tax savings, and the satisfaction of supplying SPCC essential, long-term resources.
In establishing a gift annuity at SPCC, you make an irrevocable gift in exchange for a guaranteed lifetime payment stream to you, your spouse or both. You will receive an immediate income tax deduction. Also, annuity payments may generate more usable income than current investments provide. This can be a way to increase retirement income. At the same time, you will help meet the needs of future generations of students at SPCC.
Charitable Remainder Trust (CRT)
This gift allows donors to sell appreciated assets in a tax-favored manner. It pays an income to you, and assets remaining at the end of the trust arrangement pass to SPCC. This provides an income tax deduction upon contribution and the avoidance of capital gains when the trust sells assets. It can also provide a potentially higher income that can last for one or more lives. Assets are removed from estate.
You may designate SPCC as a beneficiary of your IRA while providing life income to you and your heirs. Donors can also make IRA rollover gifts to SPCC.
You can choose to leave a legacy through a gift of life insurance. You may gift a policy you already own that is no longer needed for its original purpose. You will receive an immediate tax deduction for the value of the policy. A donor may also choose to give annual premiums to the College, and these out-of-pocket contributions are tax deductible.