Carolyn H. Brown
Vice President for Institutional Advancement
252-399-6358
chbrown@barton.edu
LIFE INCOME & ESTATES
Planned giving is part of a larger estate planning process designed to ensure that your loved ones and the causes you care about are provided for. A planned gift is simply a charitable gift, funded either during your lifetime or after, which enables you to dictate how certain assets are distributed.
The advantages of making a planned gift include:
- The satisfaction of making a difference. You can be honored during your lifetime for what you've done for the future of the College.
- Substantial tax advantages. The total income, estate, and capital gains tax savings and the probate expense savings can come close to the amount transferred. And, depending on the arrangement of your gift, you can receive income for life.
- Removal of property from probate, thus reducing or eliminating probate expenses.
- Professional management of your donated assets.
- Preservation of your capital. You can provide income for an unreliable or incompetent family member while making a charitable gift.
- The comfort of knowing your gift will be used exactly as you wish.
We encourage you to consider Barton College in this process. You can leave a specific gift or percentage of your total estate in your will to Barton and specify the purposes you want these monies to serve. Your generosity enables you to leave a legacy, to help future Barton students, and to improve the quality of our institution.
Click here to see a list of our Heritage Society members.
Retirement Plan
If you have a retirement plan, such as an IRA, you can name Barton as
the beneficiary. Barton will receive the assets of the retirement plan,
and the gift is fully deductible from estate taxes. You are thus able to
maintain the plan's value rather than have it reduced by taxes it would
incur if passed on to a family member.
Life Insurance
Have you purchased life insurance but find that you no longer need the
protection? The policy can become an ideal tool for charitable giving.
You can establish any type of fund with a gift of life insurance. To
give through a life insurance policy, simply irrevocably assign the
policy to Barton College and also name the College as the policy's
beneficiary. Annual contributions to cover the policy's annual premium
are tax-deductible. If the policy is paid up, you will receive an
immediate tax deduction in an amount equal to the policy's cash
surrender value.
Retained Life Interest
By giving your home to Barton now, you and your spouse gain a current
income tax deduction while continuing to live in your residence for
life. Vacation homes may also be contributed. Barton will ultimately
sell the residence and use the proceeds to support the College and
specific purposes you identify.
Current Will
By making a bequest to Barton, you can establish a legacy in your name
and avoid estate taxes. Other benefits of naming Barton in your will
include having the certainty that your property is distributed according
to your wishes and that such an arrangement is not irrevocable and it may be
adjusted as circumstances dictate.
Charitable Lead Trust
A charitable lead trust benefits Barton students during your lifetime
and guarantees that your heirs receive the assets you've accumulated. By
placing assets in a trust of this type, you are providing a certain amount
of income to Barton for a predetermined number of years while preserving
the assets in the trust for your heirs. You can also benefit from a
substantial reduction in your income tax and future estate tax.
Living Trust
With a living trust, you receive the income from the trust's assets, but
name Barton as the beneficiary who will receive the remaining principal.
Because you name the trustee and because the provisions are fully
revocable and amendable at any time, you can make a sizeable gift while
retaining control of your assets.
Charitable Remainder Trust
This vehicle offers a unique way to give to Barton College that provides
you with substantial tax savings and annual income. A unitrust is funded
with assets, usually appreciated securities or property. These assets
may be sold and reinvested within the unitrust to produce greater yield
for you or the College. Your income is a fixed percentage not less than
5% of the trust's net asset value. As that value increases, so will the
payout to you. The immediate benefits of a unitrust include a current
income tax deduction, bypassing capital gains taxes, and typically an
increase in current income.
Gift Annuities
A gift to Barton College through an annuity is one of the simplest forms
of planned giving available. When you transfer a specific amount of
funds to the College, you will in turn receive an income for life and
immediate tax relief.
