Types of Planned or Life Income Gifts
Gifts by Will (Bequest)
This is the most common form of planned giving. A gift is given by provisions made in the donor's will designating a dollar amount or percentage of the estate to the College. Bequests to Westminster College are free from federal estate tax and the estate and inheritance taxes of most states. Bequests should be drawn and executed with an attorney's advice.
Gifts through a Charitable Gift Annuity
You make an irrevocable gift of cash or securities, and the College agrees to pay you a guaranteed percentage of the asset annually for life. A gift annuity can also have more than one income beneficiary. The rate of return on a gift annuity is determined by donor age. Establishing a gift annuity requires the donor's signature, the College President's signature and the transfer of funds.
Gifts through a Charitable Remainder Trust
You contribute assets, such as securities, to Westminster College, while retaining the income for yourself, or others for life. A remainder gift permits you to take an income tax deduction for a portion of the value of your gift. Your gift will be credited for the fair market value of the contributed assets.
Gifts through a Pooled Income Fund
Your gift of cash or securities in invested by the College along with the gifts of others, and the College will distribute income from the pooled gift assets to participants based upon performance of the fund.
Gifts through a Life Insurance Policy or Retirement Fund
You may assign Westminster as beneficiary, co-beneficiary or a secondary, remainder or residual beneficiary of your life insurance policy or retirement fund. Annual life insurance dividends also may be assigned to the College. When Westminster is named as owner of a policy, the cash value of the policy may be deducted on your income tax return.
What Opportunities does a Planned Gift Offer to Donors?
- To make larger gifts during their lifetime than otherwise possible.
- To make a gift while assuring income for themselves, a spouse, a child or to others for whom they wish to make provisions.
- To create a memorial in their name or that of others close to them for those individuals who cannot afford outright gifts.
- To offer a tax benefit to the donor.
For more information on making a planned gift, other types of planned gifts, or for a gift calculation, contact:
Gloria C. Cagigas, (724) 946-7368
Sue Rudloff, (724) 946-7673