Your Planned Giving Options
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.
A Current Will
• Insures that your property is distributed according to your wishes
• Allows flexibility in carrying out your wishes
• Fully deductible from estate taxes
• Not irrevocable, may be adjusted as circumstances dictate
Sally and John’s children were now independent. At age 62, their retirement was just beginning in a new home and in a new state. This was an important time to review their will and to consider changing earlier provisions. An attorney helped them clarify their assets and ensured that their will met state requirements. Bequests were identified for their heirs and for charitable considerations. Upon both their deaths, Barton College will receive a bequest to create a scholarship endowment in their name. It will provide a wonderful legacy to their alma mater.
Charitable Gift Annuity
• Provides a fixed income for life for yourself and perhaps one other person based on age
• Considerable tax-saving consequences
• Remainder transferred to Barton upon death
Deb and Jessie desire a fixed income for both of their lives to supplement their social security and other retirement funds. They hold under-performing, but highly appreciated assets. By creating a charitable gift annuity and naming Barton College as the recipient of the assets, they are eligible for a rate of return of over seven percent since they are both over seventy years old. Their new-found annual income even allows them to provide a year-end gift to Barton College’s Annual Fund.
Charitable Lead Trust
• Enhances your ability to make larger gifts to Barton College
• Trust pays selected amount of income to charity for predetermined number of years
• Preserves assets for your family
• Reduces your taxable income
• Reduces your estate tax
John wanted to make significant annual gifts to Barton College to fund a scholarship in his father’s memory. It was important, however, that his three children inherit the assets he had accumulated. The Charitable Lead Trust accomplished both goals, and he established significant tax savings. John will enjoy helping students receive educational benefits offered by Barton College to deserving students during his lifetime.
Charitable Remainder Trust
• Trust provides flexible investment
• A significant charitable deduction is realized
• Capital gains tax is eliminated
• Your trust is professionally managed
• Trust pays selected percentage of at least 5% income for life
• Remainder of Trust transferred to Barton at death
Jane’s late husband left her with a huge block of appreciated stock currently yielding a 2% dividend. By creating a Charitable Remainder Trust, she earns a significant charitable deduction, an annual yied of 6%, and she doesn’t have the worries of how her portfolio is performing. Most importantly, Barton College will receive the remainder, which will endow a faculty chair in honor of her favorite professor.
• By naming Barton College as the owner and beneficiary, you are entitled to charitable deductions
• Funds are paid to Barton upon death and are removed from estate
• May be an inexpensive way to replace the value of another gifted asset
• Names Barton irrevocable owner and beneficiary
Greg is recently widowed. The children are out of college and gainfully employed. Both sets of parents are deceased leaving Greg with a sizable paid up life insurance policy no longer needed for family protection. By gifting the policy to Barton College and making Barton the owner and beneficiary, Greg has accomplished a lifelong goal of helping build his alma mater’s endowment.
• The provisions are fully revocable and amendable at any time
• You name the beneficiary of the income of the trust
• The remainder goes to those you have named
• You name the trustee
As middle aged alumni, Joan and Ted had achieved early financial security, had no children, and now wanted to travel without worrying about their personal financial matters. By working with a trust officer at their bank and creating living trusts, they can fulfill their dreams and accomplish their charitable goals. Barton College has been named to receive the remaining principal upon their deaths. This endowment will provide earnings doubling the amount of their Annual Fund gift in perpetuity.
Retained Life Interest
• Gift of personal residence or farm
• Continue to stay in your residence for life
• Immediate deduction for present value of remainder
• You may gift a segment of your property and still receive charitable deductions
• Home used or sold at death by college
Al and Judith wished to make a significant gift to Barton College, continue to live on their farm, receive sizable tax deductions, and lessen their estate tax. The retained life gift was the perfect answer. It also provided Al and Judith a way to make an even larger commitment to the capital campaign.
• Fully deductible from estate tax
• Barton receives assets of retirement plan
• Avoids income tax
Sally has an estate made up of her home and other assets over $10 million, a life insurance policy of $1 million, and her husband’s IRA of $1 million. Sally has named Barton College beneficiary of her husband’s IRA. Upon her death, Barton receives the remainder of the IRA without having to pay income tax. If Sally had named a family member as the beneficiary, the family member would owe income tax on the IRA, thereby reducing its value as a gift.