Gifts from your estate leave a lasting legacy at Concordia without compromising your financial security. Estate gifts can be made in a variety of ways and can include a variety of assets:
Gifts by Will (Bequests)
By naming Concordia in your will, you can bequeath a specific amount or percentage of your estate or specific assets (jewelry, art, real estate, securities). Making a gift in this manner allows you to control the asset during your lifetime. Under the current tax code, your donation may be exempt from Federal estate tax laws. After taking care of family and loved ones, you are also making a lasting and meaningful gift to future generations.
Here is the type of simple language that may be used in your will to make a bequest to Concordia College - New York. It is intended only as an example, and should be tailored to your specific needs.
- • I give, devise and bequeath to Concordia College - New York, a non-profit corporation existing under the laws of the state of New York and located in the village of Bronxville, New York, ______________ (fill in the percentage of your estate, a certain sum of dollars or a description of particular property).
An existing life insurance policy that has served its original objective might be given new life with a charitable purpose. The simplest way to use life insurance to make a future gift to Concordia is to retain ownership of the policy and name the College as either:
- • The sole or a partial beneficiary of your policy; or
- • As the contingent beneficiary, in which case we receive the death benefits only if your primary beneficiary dies before you do.
You may also transfer the ownership of a life insurance policy to Concordia during your lifetime. If the policy has a cash surrender value, such a gift would qualify for a charitable deduction. When you make a donation of the annual premium amount, your contribution receives favorable tax treatment.
Retirement plans, IRA accounts, or tax-sheltered annuities are assets that contain income that has yet to be taxed. These assets can be subject to estate taxes and income taxes at your death. This may be a reason to consider giving your loves ones less heavily taxed assets and leaving your retirement plan assets to Concordia instead. This represents a very efficient and tax-advantaged way to leave a legacy for Concordia.