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Remembering Green River Community College Foundation in Your Will: Charitable Bequests
Charitable bequests allow you to contribute to Green River without giving away assets you may need during your lifetime. We can provide you and your legal advisor with language to include in your will that ensures that your wishes will be carried out. As with any gift, you can designate a program to support, or you can make an unrestricted bequest and allow GRCC Foundation to determine the area of greatest need for support.
Please inform GRCC Foundation of your bequest so the Foundation can assure you that your gift is properly structured and will be used according to your wishes. We honor those who remember Green River in their wills with membership in the Heritage Society.
Types/examples of bequests include cash and real property, retirement plan assets, and income producing gift plans.
Cash and Real Property
In your will, you can designate GRCC Foundation as the beneficiary of either a specific legacy or a bequest that is a fixed percentage of your estate.
- You can bequeath securities, real estate, or other property.
- You can make your gift contingent on other conditions of the will being fulfilled before the Foundation receives a gift.
- You can also bequeath the assets that remain after other bequests are met. Your estate receives the benefit of freedom from federal estate taxes for the full value of the gift.
If your life changes, you can alter a bequest at any time by signing a new will or amending your will or trust.
Retirement Plan Assets
Assets you hold in individual retirement accounts, such as IRA's or Keoghs, can be bequeathed to GRCC Foundation. The advantage of bequeathing such retirement assets to a charitable institution is that the legacy escapes both deferred income tax and estate tax that come due if the assets are transferred to individuals.
Income Producing Gift Plans
Donors have been able to support programs they value highly while contributing to their own financial security and peace of mind. With the help of GRCC Foundation, income producing gift plans can allow you to make a gift to Green River and provide income for yourself or your beneficiaries at the same time. These plans are designed to encourage philanthropy. They offer current income tax deductions and may provide an opportunity to avoid or reduce capital gains tax on assets that have substantially appreciated. Plans can also be used to minimize estate taxes.
Please contact GRCC Foundation for more information on income producing gift plans such as charitable remainder trusts, charitable lead trusts and gift annuities.