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Estate Gift Planning

Central College's Golden Years: Past, Present and Future

Dr. William L. (Bill) Rankin"Both of us live with a great measure of gratitude for the foundations that were laid for us in our educations at Central College."

As graduates of the class of 1960, Erv and Andrea Boat Roorda believe they experienced Central College at a golden time in its history. However, after a recent visit to campus they realize the best is yet to come.

The Roordas' fondest memories revolve around the people they encountered while at Central College. After their 50th reunion with the class of 1960, Andrea said, "We realize we were surrounded with remarkable classmates with high values and unique creativity."

But the Roordas were not only impacted by their classmates; they also say they will forever cherish the many professors who took a personal interest in the students and stretched the limits of possibility.

Through their bequest donation, the Roordas are able to express their gratitude for what they received. The Roordas say Central College equipped them well to step into their futures. By giving, they hope to contribute to the promising future of Central College.

"It is our desire and intention to continue to make it possible for future generations to attain ‘the Central experience,'" Erv says.

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A charitable bequest is one or two sentences in your will or living trust that leave to Central College a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

I, [name] of [city, state, ZIP], give, devise and bequeath to Central College [written amount or percentage of the estate or description of property] for its unrestricted use and purpose. 

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Central College or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Central College as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Central College as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Central College where you agree to make a gift to Central College and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

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