Planning a gift creates a legacy that will benefit COM students for generations without affecting cash flow during your lifetime. We welcome the opportunity to work with you and your attorney, tax advisor or financial planner to ensure your goals are achieved.
Thank you for your interest in College of the Mainland and investing in the future.
Basic Planned Giving Options
Bequest in a Will or Trust
A bequest is a gift of money or other assets made through your will or trust, and it is the easiest and most common way our supporters make a planned gift. A bequest can be a dollar amount, a percentage or a specific item or asset.
The gift of a life insurance policy is a great way to combine the desire to give with tax advantages. The following are several common options:
- Give an Existing Policy – Naming COM Foundation as the owner and beneficiary of a paid-up life insurance policy entitles you to a charitable tax deduction equal to the policy’s fair market value or the cost basis in the policy, whichever is less.
- Adding a Beneficiary – By naming the foundation as the primary or joint beneficiary, you can make a sizeable future gift while retaining ownership over the policy during your lifetime. Another option is naming the foundation as a contingent beneficiary. In this situation, you will not be able to receive a charitable income tax deduction; however, your estate should benefit from an estate tax deduction.
- Buying a New Policy – Purchase a new life insurance policy and designate the foundation as owner and beneficiary of the policy.
Retirements Plan Assets
Retirement plans are a frequently overlooked way to give. Naming COM Foundation as a beneficiary of your retirement accounts creates a lasting impact and avoids both income and estate taxes that usually accompany the transfer of retirement assets to inheritors.
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* The material provided on this page is a limited overview of various charitable giving opportunities and is not intended to serve as tax or legal advice. For specific information and planned giving opportunities, please consult your tax advisor or lawyer.