Charitable Remainder Annuity Trust
A Gift To GLCC With Predictable Benefits To You
If you’re uncomfortable letting your future retirement dollars ride the ups and downs of the stock and bond markets, try a charitable remainder annuity trust.
This plan will pay you a fixed dollar amount every year for the rest of your life, with no investment worries or responsibilities. The charitable remainder annuity trust is more than an eventual gift to GLCC. It lets you give away the tree and still keep the fruit, because you receive lifetime income from your donation.
Benefits
- A fixed and certain dollar income for life
- Immediate charitable deduction
- A way to increase income from a low-yield holding
- Freedom from investment responsibilities
- Avoidance of capital gains tax on appreciated assets used to fund the trus
Charitable Gift Annuity
A way to Boost Your Rate Of Return
The concept of a Gift Annuity is simple. You donate assets which we reinvest. We guarantee to pay you a fixed income for life (and, if desired, for another beneficiary’s lifetime). The funds are then available for our use.
A charitable gift annuity is particularly attractive because the rates (based on your age) typically produce higher income than the yields from investments in the stock and bond markets. When this aspect is combined with partially tax-free income, the effective rate of return is even higher.
Benefits
- Lifetime income for yourself and possibly another person
- Charitable deduction for a portion of the value of the gift
- Part of the annual income is considered a tax-free return of capital
- Capital gains tax savings when you contribute appreciated securities
- Sample Charitable Gift Annuity [PDF]
Life Insurance
A Versatile Tool for Many Purposes
When you first bought your life insurance policies, you obviously felt a need for them. Perhaps you don’t need all that coverage today, yet you still have those policies.
If you’re thinking about a contribution to us, a gift of your life insurance could be a sensible as well as generous course of action. You can also use life insurance to replace the value of a different gift. For example, you could donate stock to us because of the tax advantages and purchase life insurance to benefit your heirs in the amount they would have received had you left them the stock.
Benefits
- Charitable deduction when you name GLCC beneficiary and assign GLCC ownership
- Flexibility through naming GLCC beneficiary but keeping ownership
- Security for your family by naming GLCC contingent beneficiary
- Reduction in estate taxes because proceeds are removed from your estate
A Living Trust
You Keep Control Of Your Assets
A revocable living trust lets you provide for yourself and your family before and after your death. It has a built-in flexibility that can work very well with your overall estate plans because it allows you to stay in control of your assets.
Like wills, revocable living trusts may be changed or terminated at any time during your life. Additionally, living trusts avoid the delay and expense of probate and provide for lifetime management should you become incapacitated. You can also arrange a contribution to GLCC through a living trust by naming GLCC as the ultimate beneficiary. This method of giving is attractive because you still have complete control of the assets during your lifetime.
Benefits
- You or a beneficiary receive the income from the trust assets
- You remain in control of your assets
- You name who will ultimately receive the trust remainder
- The trust assets bypass probate, avoiding costs and delays
Learn more about living trust services through GLCC.
A Current Will
The Foundation of a Solid Plan
Have you put off making or updating your will? Maybe you think it costs too much to make a will. Perhaps you’re having a hard time deciding about how to leave your assets. Or you may simply have an aversion to confronting your mortality.
Drafting a will may seem like a headache at first, until you realize all the good that comes from having a will. A bequest in your will lets you pass any amount you wish to GLCC free of estate tax. You can give cash or specific property, a dollar amount or a percentage of your estate. To design a will that benefits the people and organizations you care about most, we recommend that you obtain the professional counsel of an attorney who specializes in estate planning.
Benefits
- Lets you provide for your family after your death
- Allows you to distribute your assets according to your wishes
- Saves on estate taxes, with proper planning
- Lets you leave a legacy without giving up assets now
In addition to the income and tax benefits of making a planned gift, there’s the knowledge that your thoughtful planning will benefit the students and faculty of an outstanding college. GREAT LAKES CHRISTIAN COLLEGE staff has the resources to help you incorporate charitable giving into your financial and estate plans. However, before making a planned gift, and throughout the gift process, you should consult with your advisors about the applicability to your own situation of the legal and financial consequences of making a gift.
Questions?
Feel free to contact Phil Beavers with any questions. Phil may be emailed at: PBeavers@glcc.edu.[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]