Make a Difference in the Future
Making a charitable gift to Hawkeye Community College is an important and very personal decision. The following information may be helpful as you consider the various ways to support the College and to benefit from the tax advantages associated with certain types of charitable gifts.
Deferred gifts will benefit Hawkeye in future years.
Leaving a gift to charity in your will may significantly reduce the estate tax burden on your heirs. You also influence the future and build a bridge to coming generations.
One way to make a deferred gift is to include specific language in your will naming the Hawkeye Community College Foundation as the recipient of your planned gift. Your will can include gifts in the following forms:
- Cash, stocks, bonds, real estate or personal property;
- A percentage of your estate; and/or
- The residue of your estate-property remaining after other bequests have been fulfilled.
Gift of Life Insurance
You can make a substantial deferred gift while you pay relatively modest premium payments. This type of gift will not be delayed during the administrative process of your estate and proceeds for the policy can be paid promptly to the Foundation.
A gift of a fully paid insurance policy may be advantageous if your family responsibilities are no longer as substantial as they were in the past.
You will receive a charitable deduction in your estate if Hawkeye Foundation is the beneficiary. A reminder that if you are the owner of the policy when you die, it is counted as an asset of your estate and is subject to estate taxes.
Please ask your life insurance agent for further details on the numerous types of insurance gifts you can make.
By donating retirement assets, those funds avoid estate and income taxes and you can be certain that 100% of your retirement funds support your philanthropic objectives. You may also use these assets before you die to fund a deferred gift that pays a life income to yourself.
Be sure to contact the administrator in charge of your IRA, profit sharing account, or other retirement plan to list the Hawkeye Community College Foundation as the beneficiary.
As a reminder on retirement accounts, they are taxed at the personal level and may also be taxed at the estate level.