Leave Your Legacy
Leave your legacy through deferred or planned gifts.
Although outright gifts provide vital resources for CVCC today, deferred or planned gifts (bequests, wills and trusts) help insure CVCC’s future – and provide potentially advantageous tax benefits for the donor. Giving through estate plans may be particularly suitable for individuals who would like to provide significant support for the CVCC Foundation following their lifetime.
Bequests through a Will
The most common form of deferred or planned gift is a bequest contained in a person’s will or through a codicil to their will. A bequest to the CVCC Foundation is generally a revocable gift, which means it can be changed or modified at any time. You can designate the bequest be used for a general or specific purpose, and can allocate a specified amount or a certain percentage of your estate.
Bequests are exempt from Federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
In order to make a bequest, please speak with your attorney. He or she can help you include the CVCC Foundation in your estate plan. Sample bequest language is provided below to assist you and your attorney during your discussion.
Bequest of a Specific Dollar Amount – Unrestricted support
Foundation, Inc.; a qualified 501(c)(3) nonprofit organization located at 2550
Bequest of Specific Personal Property – Unrestricted support
If you are considering a bequest but would like to ensure your bequest be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help identify ways to most effectively meet your charitable objectives, as well as craft language to accomplish your goals.
When making a restricted request, we recommend your attorney include the following provision to give the CVCC Foundation flexibility should it no longer be possible for CVCC or the Foundation to use your gift as originally intended:
Addendum to a Bequest with Restricted support
Gifts from Retirement Plans
Naming the CVCC Foundation as a primary or contingent (after a spouse) beneficiary of a private pension fund (IRA, ESP, 401(k), etc.) can result in a ‘tax wise’ testamentary gift because these assets do not receive favorable tax treatment at their owner’s death. You or your retirement account’s ‘plan administrator’ (the company that manages the account) can designate the CVCC Foundation as a beneficiary on the plan’s “Beneficiary Designation” form. Please specifically use “Catawba Valley Community College Foundation, Inc.” as the beneficiary name, and “Tax ID 58-1598131” as the identifying number. Once complete, please provide a copy of the designation documentation to the Foundation office for our records.
Gifts from Life Insurance
Making the CVCC Foundation a beneficiary or owner of a life insurance policy can be an advantageous philanthropic strategy for some donors, potentially allowing for both short and long-term charitable deductions.
Additional Resources
Please contact us if you have any questions about how to make a bequest to the CVCC Foundation, or to request any additional information that might be helpful to you and your attorney.
If you have included the CVCC Foundation and/or Catawba Valley Community College in your estate plans, please contact us to let us know. We would like to thank you and recognize you for your gift.
For additional information, please contact Meg Spivey at 828-327-7000 ext. 4827.