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.
Retirement Plan Assets and Life Insurance Policies
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.
Wills, Bequests, or Estates
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."
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.