In joining the Legacy Society at Westminster College, you are investing in the College’s heritage, ensuring its mission “to help men and women develop competencies, commitments and characteristics which have distinguished human beings at their best”, is accomplished. We are appreciative of your inspirational partnership which guides and strengthens Mother Fair’s future.
Contact Rob Klamut in the Office of Institutional Advancement to learn more:
Ways of making a Planned Gift
- A bequest is a gift that you make through your will.
- A bequest can be easy to arrange.
- A planned bequest is flexible, allowing you the option to change your mind and change your will if you choose to do so. A bequest to a charity is not subject to inheritance tax.
- Your bequest (gift) will be given to Westminster College) after your death.
- The language about the bequest in your will is important: We suggest: “I give and bequeath _____(description of the gift) to ________(name and address of individual or Westminster College, and if to Westminster College, the Tax ID of Westminster College), or, “all [or a percent of the value of] the rest, residue and remainder of my estate”, or, “if my daughter Jane Doe predeceases me, I give such property to Westminster College” (contingent bequest).
- You may choose to designate Westminster College as a beneficiary of a life insurance policy.
- You might also choose to designate Westminster as a policy rider.
Some terms that will be helpful to know:
- Insured: The person whose life is covered by the insurance contract.
- Owner: The person who owns and controls the contract. The owner can make material changes to the contract such as changing beneficiaries.
- Payor: The person, company or trust that pays for the life insurance policy.
- Beneficiary: The recipient of the death benefit, which is paid out when the insured dies.
Retirement Plan Benefits
Your retirement-plan benefits may represent a significant portion of your net worth. Retirement-plan benefits include assets held in individual retirement accounts (IRAs), 401(k) plans, profit-sharing plans, Keogh plans, and 403(b) plans. Because of special tax considerations, they could provide an excellent choice for funding a charitable gift.
Charitable Gift Annuity
A gift annuity agreement is a lifelong contract, not a trust, between Westminster College and an individual or couple, who are referred to as annuitant(s). The terms of this agreement will lock in the rate, amount and timing of all payments the annuitant(s) receive. The fundraising or planned giving department of the nonprofit you are interested in supporting will be able to provide information about whether it offers charitable gift annuities and at what rate; the fundraising or planned giving departments are typically the point of contact.
Because a gift annuity agreement is a contract with Westminster College, there is no way to establish a charitable gift annuity that can support multiple charities at the same time.
Benefits of a charitable gift annuity
- Income stream for the rest of your life.
- Immediate (partial) tax deduction, based on your life expectancy and the anticipated income stream.
- Potential for a portion of the income stream to be tax-free.
- Possibility of donating many types of assets: cash, securities plus personal property.
- Reduced or eliminated capital gains tax liability for gifts of appreciated securities and personal property.
- Supporting an organization you care about.
Charitable Lead Trust
A charitable lead trust is an irrevocable trust designed to provide financial support to Westminster College and other charities for a period of time, with the remaining assets eventually going to family members or other beneficiaries.
- Make a contribution to fund the trust.
- Payments are sent to the charity.
- After the specified trust term, the remaining charitable lead trust assets are distributed to the designated non-charitable beneficiaries.
Charitable Remainder Trust
A charitable remainder trust (CRT) is an irrevocable trust that generates a potential income stream for you, as the donor to the CRT, or other beneficiaries, with the remainder of the donated assets going to your favorite charity or charities.
- Make a partially tax-deductible donation.
- You or your chosen beneficiaries receive an income stream.
- After the specified timespan or the death of the last income beneficiary, the remaining CRT assets are distributed to the designated charitable beneficiaries.
Legacy Society Members
Legacy Society Honor Roll
*Please consult your estate advisor to discuss personal options.