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With the help of your accountant or financial advisor you may: Leave a legacy while also generating additional income, tax savings, and other financial benefits through a Charitable Gift Annuity (CGA). When you list the KCC Foundation as a beneficiary, the College will receive guaranteed, fixed payments for the life of the institution. Because a portion of the gift annuity will be used for charitable purposes, you may claim an income tax deduction at the time you make the gift.Gifts from an Individual Retirement Account (IRA)
If you are over 70 ½ years of age, you may:- Give directly from an Individual Retirement Account (IRA) completely free of federal income tax;
- Make tax-free gifts of any amount up to $100,000 per person per year or $200,000 for a couple with separate IRAs;
- Give directly from your IRA without increasing your adjusted gross income and possibly subjecting your Social Security income to a higher level of taxation;
- Offset your Required Minimum Distribution and avoid taxes on the extra income;
- Make a generous gift to the KCC Foundation that might not be possible using other assets.
Give Later
How a Legacy Gift Works
With the help of an attorney, you can include language in your will, trust, or beneficiary designation form that stipulates a legacy gift, or bequest.Types of Legacy Gifts
- Percentage legacy gift - leave a percentage of your overall estate to charity.
- Specific legacy gift - leave a specific dollar amount or a specific asset to charity.
- Residual legacy gift - leave the balance or residue of your estate to charity.
How to Leave a Legacy Gift to the KCC Foundation
- Include a legacy gift to the KCC Foundation in your will or revocable trust.
- Designate the KCC Foundation as a full, partial, or contingent beneficiary of your retirement account.
- Name the KCC Foundation as a beneficiary of your life insurance policy.