What You Need to Know About This Year's New Laws
2023's new laws include retirement changes, known collectively as "Secure 2.0," that may affect your saving and your giving. They may even make it easier for you to make a difference at organizations you care about. Click Here to learn more.
Create a Lasting Legacy
In addition to outright gifts that benefit City College now, you have the opportunity to make planned gifts that will benefit the school in the future. These types of gifts include wills (bequets), annuities and trusts that pay income for life, retirement plan assets, and life insurance policies. Some of these vehicles will also allow you to receive income throughout your life. Many of the planned gifts can help you make a larger gift to City College than you would have thought possible. We recommend that you speak with your financial or legal advisor.
Planned Giving Vehicles:
Charitable Remainder Trust
This planned gift gives you tax advantages and income for life and may remove assets from your estate. Please consult with your attorney or financial advisor about transferring assets such as stocks, mutual funds or real estate to City College that will best meet your goals.
Did you know you may have additional assets not covered in your will or trust?
If you have an IRA, 401 (k), life insurance policy, or any additional accounts, these are called “non-probate assets” and need to be planned separately. These vehicles are also excellent ways to enhance the quality of education at City College. IRAs, 401(k)’s, 403(b)’s and other retirement plans are the most heavily taxed assets that can be left to your heirs, with the exception of your spouse. Income, estate and excise taxes can lead to a loss of more than 75% of your plan’s assets. Naming City College your survivor beneficiary removes these assets from your estate and enables you to leave lesser-taxed assets to your heirs.
For life insurance policies, you can donate a fully paid-up policy by naming City College as irrevocable owner and beneficiary and receive an income tax deduction equivalent to its cash value.
With this secure online tool, you can log all of your assets, name City College as a beneficiary to inspire hope for future generations of students, and receive instructions on how to set each one up with your broker.
Wills, Bequests, or Estates
City College has partnered with FreeWill, an online tool that guides you through the process of creating a legally valid will in under 20 minutes 一 completely free of charge. In addition to taking care of your loved ones and their future; you can use this tool to support City College students and continue our mission for years to come. Get started on your free plans today.
You can include City College in your will, or estate plan, by simply adding the following language:
"I give, devise and bequeath the sum of _____________ (insert dollar amount or share of stocks to be donated) to The Foundation for City College, EIN #84-3867573, or its successor organization, a nonprofit corporation, whose address is 160 Convent Avenue, New York, NY 10031, for its general corporate purposes."
Already made a gift to City College in your will or trust? Please fill out this form so we can keep our records up to date and thank you for your lasting commitment!
Charitable Gift Annuities
This vehicle allows you to donate to City College while establishing a source of guaranteed income for yourself or a loved one. You receive an immediate tax deduction and, if you give through appreciated securities, you can avoid capital gains taxes.
Last Updated: 03/30/2023 10:36