Planned Giving

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Retirement Assets

Tax-deferred savings plans such as Individual Retirement Accounts, Keogh Accounts, 401(K) and 401(B) plans, and others were created as savings tools for retirement, not as inheritance plans. When the plan ends (often at the end of the plan participant's life or that of a spouse), the proceeds are potentially subject to several forms of taxation: income tax, estate tax, and generation-skipping tax (if grandchildren are included in the estate settlement). An estate or inheritance tax may also be added, depending on where the participant lives. By naming Bard College as a plan beneficiary, tax-deferred retirement plans pass directly to the College outside of the estate and are not subject to income or estate taxes. This can be accomplished on a Change of Beneficiary form indicating the amount or percentage of assets to be contributed to Bard. The beneficiary can be changed again at any time.

 

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Life Insurance

If you own a life insurance policy and no longer require its protection, you may wish to consider transferring ownership of the policy to Bard College. It is also possible to purchase a new policy and transfer ownership to the College. Either gift will generate a charitable income tax deduction roughly equal to the cash surrender value of the policy on the date of the gift. In addition, any premium payments that are made on behalf of Bard College entitle the donor to additional charitable income tax deductions for the amount of the premiums. An alternative is to name Bard College as beneficiary (but not owner) of a new or existing policy. This would allow revocation of the gift should circumstances change. If completed, the eventual gift to the College would qualify as a federal estate tax deduction. The gift of a life insurance policy may allow you to make a larger donation to Bard than otherwise possible.

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Bequests

A bequest, the most common way for donors to provide for the future of Bard College, offers several advantages.

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A donor may be able to make a larger gift than otherwise possible, the estate may save on estate taxes, and the arrangement is revocable, allowing for changes as needed. You may designate a bequest for a specific purpose or leave it unrestricted. An unrestricted bequest provides general support for Bard and allows the College to use the gift where it is most needed at the time. You can make a bequest to Bard College by preparing a new will or revising an existing one. You can provide for the College in your will by:

• Making a specific bequest of cash, securities, or other property by designating an exact dollar amount, a particular asset, or a fixed percentage of your estate.
• Making a bequest of all or portions of your residuary estate after it has provided for all other beneficiaries by specific bequests.
• Making Bard a contingent beneficiary of the estate by stipulating that the College will receive all or a portion of the estate if named beneficiaries do not survive you.
• Making the College the remainder beneficiary of a trust established in the will to provide income plans previously described or a marital trust that pays all income to a spouse for life.

Sample language to include in a will or in a codicil to a will:

• For an unrestricted bequest: I give (the sum of ______ dollars) or (all or ______ percent of the residuary of my estate) to Bard College of Annandale-on-Hudson, New York, for its general purposes.
• For a restricted bequest: I give (the sum of _____ dollars) or (all or _____ percent of the residuary of my estate) to Bard College of Annandale-on-Hudson, New York, to be used for the following purpose: (state the purpose).
• For the bequest of residuary estate: I give (whatever remains) or (_____ percent of whatever remains) of my estate to Bard College of Annandale-on-Hudson, New York, after all specific bequests have been made and all expenses of administering my estate have been paid.

These descriptions provide general information only. For specific information on your personal situation, please consult your legal and financial advisors.

 

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Charitable Lead Trust

A Charitable Lead Trust (CLT) is an irrevocable trust designed to provide financial support to one or more charities for a period of time, with the remaining assets eventually going to family members or other beneficiaries.  Benefits of a CLT:

• May eliminate or reduce the estate tax liability of heirs
• When the original trust ends, the remainder of the trust can either pass to your heirs, or other designated beneficiary, or revert back to you.
• Can provide either a fixed or variable annual income stream
• Most effective in a low-interest-rate environment

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Charitable Remainder Trust

A Charitable Remainder Trust (CRT) is a tax-exempt irrevocable trust designed to reduce the taxable income of individuals. There are two basic types of CRTs:

• Charitable Remainder Annuity Trust (CRAT) - provides a fixed income stream based on the value of the trust when it was established. No additional contributions can be made to this fund.
• Charitable Remainder Unitrust (CRUT) - provides a variable income stream based on the annual valuation of the assets in the trust.  Additional contributions can be made to this trust.