What to Give
Stocks and Bonds
Donating appreciated securities, including stocks and bonds, is an easy and tax-effective way for you to make a gift to Carl Sandburg College.
Benefits of gifts of stocks and bonds:
- Avoid paying capital gains tax on the sale of appreciated stock
- Receive a charitable income tax deduction
- Further our mission today
Real Estate
Donating appreciated real estates, such as a home, vacation property, undeveloped land, farmland, ranch or commercial property can make a great gift to Carl Sandburg College.
Benefits of gifts of real estate:
- Avoid paying capital gains tax on the sale of the real estate
- Receive a charitable income tax deduction based on the value of your gift
- Leave a lasting legacy to Carl Sandburg College
Retirement Assets
Donating part or all of your unused retirement assets such as a gift from your IRA, 401(k), 403(b), pension, or other tax-deferred plan is an excellent way to make a gift to Carl Sandburg College.
Benefits of gifts of retirement assets:
- Avoid paying potential estate tax on retirement assets
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis
- Receive potential estate tax savings from an estate tax deduction
Gifts of Insurance
A gift of your insurance policy is an excellent way to make a gift to charity. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy.
Benefits of gifts of insurance:
- Receive a charitable income tax deduction
- If Carl Sandburg College cashes in the policy, you will be able to see firsthand how your gift supports our institution
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to Carl Sandburg College so that we can use the proceeds to further our mission of providing everyone the opportunity of education
Gifts of Cash
A gift of cash is a simple and easy way for you to make a gift.
Benefits of gifts of cash:
- Make an immediate impact on our mission
- Benefit from a charitable income tax deduction
How to Give
Bequest
You designate Carl Sandburg College as the beneficiary of your asset by will, trust, or beneficiary designation form. A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends, or Carl Sandburg College as part of your estate plan, or you can make a bequest using a beneficiary designation form.
Benefits of a bequest:
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to charity
Here are some of the ways to leave a bequest to Carl Sandburg College
- Include a bequest to Carl Sandburg College in your will or revocable trust
- Designate Carl Sandburg College as a full, partial, or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
- Name Carl Sandburg College as a beneficiary of your life insurance policy
A bequest may be made in several ways
- Percentage bequest - make a gift of a percentage of your estate
- Specific bequest - make a gift of a specific dollar amount or a specific asset
- Residual bequest - make a gift from the balance or residue of your estate
IRA Rollover
Congress has enacted a permanent IRA charitable rollover. As a result, you can make an IRA rollover gift this year and in future years. If you are 70 ½ or older you may be interested in a way to lower the income and taxes from your IRA withdrawals. An IRA charitable rollover is a way you can help continue our work and benefit this year.
Benefits of an IRA charitable rollover:
- Avoid taxes on transfers of up to $100,000 from your IRA to Carl Sandburg College
- Satisfy your required minimum distribution for the year
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the 50% deduction limits on charitable gifts
- Help further the mission of Carl Sandburg College
How an IRA charitable rollover gift works:
- Contact your IRA plan administrator to make a gift from your IRA to Carl Sandburg College.
- Your IRA funds will be directly transferred to our organization to help continue our educational mission.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
- Please contact our office if you wish for your gift to be used for a specific purpose, 309.341.5349.
Beneficiary Designation Gifts
A beneficiary designation gift is a simple and affordable way to make a gift to support Carl Sandburg College. You can designate us as a beneficiary of a retirement, investment, or bank account or your life insurance policy.
Benefits of a beneficiary designation gift:
- Support Carl Sandburg College
- Continue to use your account as long as you need to
- Simplify your planning and avoid expensive legal fees
- Reduce the burden of taxes on your family
- Receive an estate tax charitable deduction
How a charitable gift annuity works:
- You make your gift, contact your financial advisor, broker, insurance agent or banker.
- Ask them to send you a new beneficiary designation form.
- Complete the form, sign it, and mail it back to the appropriate person.
- When you pass away, your account or insurance policy will be paid or transferred to Carl Sandburg College, consistent with the beneficiary designation.
If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are about the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment, or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help.
Charitable Gift Annuity
You transfer your cash or appreciated property to our organization in exchange for our promise to pay you fixed payments (with rates based on your age) for the rest of your life.
Benefits of a charitable gift annuity:
- Receive fixed payments to you or another annuitant you designate for life
- Receive a charitable income tax deduction for the charitable gift portion of the annuity
- Benefit from payments that may be partially tax-free
- Further the mission of Carl Sandburg College with your gift
How a charitable gift annuity works:
- You transfer cash or property to Carl Sandburg College.
- In exchange, we promise to pay fixed payments to you for life. The payment can be quite high depending on your age, and a portion of each payment may even be tax-free.
- You will receive a charitable income tax deduction for the gift portion of the annuity.
- You also receive satisfaction, knowing you will be helping further our mission.
If you decide to fund your gift annuity with cash, a significant portion of the annuity payment will be tax-free. You may also make a gift of appreciated securities to fund a gift annuity and avoid a portion of the capital gains tax. Please contact us or your attorney to inquire about other assets you might be able to use to fund a charitable gift annuity.
Charitable Remainder Unitrust
You can transfer your cash or appreciated property to fund a charitable remainder unitrust. The trust sells your property tax-free and provides you with income for life or a term of years.
Benefits of a charitable remainder unitrust:
- Receive income for life, for a term of up to 20 years or life plus a term of up to 20 years
- Avoid capital gains on the sale of your appreciated assets
- Receive an immediate charitable income tax deduction for the charitable portion of the trust
- Establish a future legacy gift to Carl Sandburg College
How a charitable remainder unitrust works:
- You transfer cash or assets to fund a charitable remainder trust.
- In the case of a trust funded with appreciated assets, the trust will then sell the assets tax-free.
- The trust is invested to pay income to you or any other trust beneficiaries you select based on a life, lives, a term of up to 20 years, or a life plus a term of up to 20 years.
- You receive an income tax deduction in the year you transfer assets to the trust.
- Carl Sandburg College benefits from what remains in the trust after all of the trust payments have been paid.
Charitable Lead Trust
You fund a trust that makes gifts to Carl Sandburg College for a number of years. Your family receives the trust remainder at substantial tax savings.
Benefits of a charitable lead trust:
- Receive a gift or estate tax charitable deduction
- Pass inheritance on to family at a reduced or zero cost
- Establish a vehicle from which you can make annual gifts to charity
How a charitable lead trust works:
- You make a contribution of your property to fund a trust that pays Carl Sandburg College income for a number of years.
- You receive the gift of estate tax deduction at the time of your gift.
- After a period of time, your family receives the trust assets plus any additional growth in value.
Life Estate Reserved
Benefits of a life estate reserved gift:
- Receive a federal income tax deduction for the value of the remainder interest in your home or farm
- Preserve your lifetime use and control of your home or farm
- Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child
How a life estate gift works:
- You deed your home or farm to Carl Sandburg College. The deed will include a provision that gives you the right to use your home or farm for the rest of your life and that of any other life estate party named in the deed.
- You and Carl Sandburg College sign a maintenance, insurance, and taxes (MIT) agreement to explain you will do your best to keep the property in good condition and that you will maintain property insurance and pay the property taxes.
- When the owners of the life estate have passed away, your home or farm will belong to Carl Sandburg College. We will use or sell the property to further our educational mission.
Please note: The life estate can last for your life or based on your life and that of another person, such as a spouse or loved one. It is possible for you to make a gift of your property even though there is a mortgage upon the residence. You will be responsible for the maintenance, insurance, and taxes on the property, just as you were prior to creating the life estate gift. If at some point in the future, you are no longer able to live independently in your home, we may be able to help you use your life estate to create a lump sum cash payment (with joint sale) or create an income stream (using the life estate to fund a charitable remainder trust or charitable gift annuity).