Planned giving provides a variety of options for individuals with appreciated assets to support the academic programs, students, and faculty of Converse College. Through planned giving, the donor can benefit from income and estate tax deductions and in some instances make a gift which provides a stream of income. The options listed here may make it easier for you to decide which method is best for you. The one option available to everyone is to include Converse in their will.
Bequest
- For every alumna or friend of Converse, a bequest is a means of contributing to the continuing success of Converse College and its students and faculty.
- Converse is included in the will of the donor for either a specified amount, a percentage of assets, or the residue of the estate.
- The Donor's estate benefits from estate tax reduction.
- The Donor can designate a specific use for the funds by the College.
Charitable Remainder Annuity Trust
- The Donor transfers assets to a trust, controlled by a trustee.
- The trust pays a fixed stream of income, based on a percentage of the original gift.
- The Trust provides monthly, quarterly, or annual payments.
- Donor, spouse, and children may benefit from the income but must be designated in the Trust document.
- The Trust provides a substantial up front tax deduction.
- The Trust by-passes capital gains taxation at the time the Trust is established; reduced amount of capital gains is realized annually as part of income stream.
- At passing of donor, Converse receives the Trust assets.
- Converse can serve as Trustee.
- Small annual management fee.
Charitable Remainder Unitrust
- The Donor transfers assets to a Trust, controlled by a Trustee
- The Trust pays a stream of income based on a percent of net fair market value, valued annually. Allows income stream to grow with Trust growth
- Monthly, quarterly, or annual payments
- Donor, spouse, and children may benefit from the income but must be designated in the Trust document
- Substantial up front tax deduction
- The Trust by-passes capital gains taxation at the time the Trust is established, reduced amount of capital gain is realized annually as part of income stream
- At passing of donor/beneficiary, Converse receives the Trust assets
- Converse can serve as Trustee
- Small annual management fee
Charitable Gift Annuity
- The Donor transfers assets to Converse
- Converse pays the Donor a stream of income which assumes the return of a portion of the original principal, providing a substantial rate of return which is based on the life expectancy of the donor
- Substantial up front tax deduction
- A portion of the income may be exempt from federal taxation for a period of years.
- Quarterly payments
- Donor reports capital gain over several years
- At the passing of the donor, Converse has asset already in its funds under investment
- No management or set-up fees
Charitable Lead Trust
- The Donor transfers asset to a trust established for a specified period
- The Donor retains future rights to the asset for their heirs, or in some cases the asset returns to the donor.
- Converse benefits from income during the life of the Trust.
- The Donor may benefit from an income tax deduction on income paid to Converse
- The College has use of income now!
- Small annual management fee
Recognition by the College
- All Planned Giving Donors are members of The Converse Legacy Society
- Annually the Legacy Society is recognized in the College's Annual Report, if the Donor allows this public form of recognition.
For more details on any of these options including tax deductions and income calculations, and wording for a bequest, contact the Office of Development at (864) 596-9018.
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