Planned Giving: The Power of Planning
Your gift can transform lives
Planned giving helps ensure that resources are in place to provide KCC students with a quality education. Your planned gift will allow KCC faculty and staff to continue their transformative work with students. At the same time, you will be reducing the income, estate and gift tax burden on your estate and heirs.
With the guidance of your tax and legal counsel, the KCC Foundation can assist you in your philanthropic goals. Following are common types of planned gifts.
Revocable planned gifts
If you want to provide a future benefit to the KCC Foundation but are not yet comfortable giving away assets you may need in the future, consider these options:
- Including a bequest to the KCC Foundation in your will or living trust
- Naming the KCC Foundation as a beneficiary of your retirement plan or life insurance policy
While providing a future benefit to KCC, you retain maximum lifetime flexibility to respond to changing circumstances and can adjust your beneficiary designation accordingly. The assets you designate for the KCC Foundation will be eliminated from your taxable estate at your death, and you will also eliminate income taxes owed on selected retirement plan assets. The defined amount will be applied for the purposes you choose at KCC.
Irrevocable "Life Income" planned gifts
If you are comfortable making a donation of assets now but would like to receive a regular payment stream for the rest of your life, a "life income" gift plan might be perfect for you.
- Charitable Gift Annuity. A simple contract with the KCC Foundation to pay you and/or your designated beneficiary a fixed annuity for life.
- Charitable Remainder Trust. Offers more flexibility by allowing you to identify multiple beneficiaries and choose how the annual payment is calculated.
Charitable Lead Trust
A Charitable Lead Trust provides a current payment stream to the KCC Foundation with a remainder interest going to you or a designated beneficiary. Benefits include:
- You may be eligible for a current income tax deduction
- You may transfer assets to your family free of transfer tax
- Contributed assets are removed from your taxable estate
- You will witness the tangible impact of your contribution
You can use real estate to fund a life income gift, or you can give real estate to the KCC Foundation through your will or living trust. If you want to receive a current income tax deduction for the gift of your home—and live there for the rest of your life—you can donate a “remainder interest” in your home and retain a “life estate” for yourself.
Contact Kelly Myers
Executive Director of the KCC Foundation