Common planned giving vehicles:
Bequests: Through a simple provision in your will, you can make a gift to Concordia College-New York, which may result in estate tax reductions as well. Gifts may be for a specific dollar amount, a percentage of the total estate, or the residuum after debts, taxes, expenses, and other bequests have been paid. Specific bequests of property such as art objects, rare books, equipment, or real estate may also be made. The needs of the College do change over time, so unrestricted bequests are especially appreciated, although you may designate a particular purpose.
Trusts and Annuities
Charitable Gift Annuities: Establishing a charitable gift annuity allows you to make a charitable gift to Concordia and also provide guaranteed payments for life to you and/or another person. In addition, the fact that you are making a charitable gift may entitle you to income, gift, and estate tax deductions. Documentation of charitable gift annuities is very simple.
A deferred gift annuity is very popular with younger donors in their peak earning period. There is an immediate tax reduction for the gift, but the annuity payments do not start until a future date—usually upon retirement, thereby providing extra retirement income on a potentially tax sheltered basis.
Charitable Lead Trusts: These are good tools through which to make significant gifts of assets that either generate income or are likely to appreciate substantially. Income from such assets comes to the College for a designated period of time (typically 10 to 20 years or more). At the end of that period of time, the assets are returned to you, your heirs, or any other individuals designated by you. In this way, you can direct a sizable amount of annual income to Concordia while guaranteeing that your heirs will ultimately benefit from the asset.
Charitable Remainder Trusts: These trusts provide donors with certain tax benefits and a return on the true assets. After your lifetime, the remainder of the trust would come to Concordia for your designated purposes.
Life Insurance: Concordia accepts gifts of life insurance, preferring that they be in the form of paid-in-full policies. You can make Concordia the beneficiary (or contingent beneficiary) of a life insurance policy, retaining lifetime ownership and control of the policy, which may create tax benefits for your estate; or, you may wish to transfer ownership of a policy to Concordia. If you make Concordia the owner and beneficiary of a policy, you may be entitled to certain tax advantages. If you elect to donate annually to cover the premiums, those donations can provide charitable donations as well.
Retirement and Pension Plans: By using your retirement plans, you can also make a charitable gift to Concordia. Income and estate taxes may substantially reduce certain retirement plan assets, but many of those taxes can be significantly reduced or eliminated through a properly planned contribution of the retirement plan assets. Depending on your personal circumstances, there are many options available to you. Tax laws in this, as in other areas of gift planning, are complex and subject to continual change, so be sure to consult with your personal tax, legal, or financial advisor before making any decisions.
Real Estate: Real property that has appreciated in value over the years may, if sold, incur a sizable capital gains tax. Under certain circumstances, it may be beneficial to gift property to Concordia and eliminate capital gain taxes. It should be noted, however, that not all gifts of real estate will be accepted by Concordia.
Tangible Personal Property: Gifts of personal property (gifts-in-kind), such as art, antiques, collections of rare items, and jewelry are also accepted by Concordia. In many cases, these items will be marked for immediate sale and the proceeds will go toward the purpose specified by the donor.
It is important to note that, before you make a planned gift to Concordia, you consult your personal attorney or financial advisor. Tax law can be incredibly complex and your personal circumstances will dictate which option is the most beneficial for you and your family.