Many donors find that a planned gift is an inviting option. While the gift to the College is deferred, the donor takes an action as part of estate planning to provide for this gift at a later time, usually after death. Many planned gifts provide favorable tax benefits.
Planned gifts include:
Bequests - naming Ferrum in your will for a percentage of your estate or for a specific amount.
Retirement Plans – naming Ferrum as a beneficiary of your 401(k), 403(b), etc.
Life Insurance – naming Ferrum as a beneficiary
Charitable Gift Annuities – transferring assets to Ferrum in exchange for a fixed income to yourself. Example of current annuity rates are listed below.
Charitable Remainder Trusts – giving assets to a trust to provide income to you or other beneficiaries for life, with the remainder balance coming to Ferrum at your death
| Annuity Rates
||Joint Annuitants' Age
Charitable Lead Trusts – transferring assets to a trust to provide income to Ferrum for a fixed period of time, then reverting back to you or other beneficiaries
The best plan for you and your family depends on your personal circumstances. Your legal or tax advisor should be consulted during the decision-making process. Also, see the Estate Planning Council document (pdf), a list of attorneys, CPAs, and financial planners who volunteer counsel for Ferrum College, and can help you with your estate planning.
For more information about planned giving please contact:
George W. Seals
Director of Planned and Principal Gifts