Planned gifts are by definition, extraordinary. A planned gift is the best way to ensure that your loved ones are provided for and that your preferred philanthropies, such as the Georgia Teach Catholic Center, are supported as you intend. Your planned gift will further GTCC’s mission and leave a lasting legacy of your dedication to developing and supporting our future Catholic business and community leaders.
Some of the many benefits of Planned Giving:
- You may receive a charitable tax deduction now – even for future gifts.
- You may avoid or reduce capital gains tax.
- You lower estate taxes.
- You can give an asset now and continue to use and enjoy it for the remainder of your life.
If you have already included the Catholic Center at Georgia Tech in your estate plans, please let us know by calling us or filling out our estate intention form. We would like to assist you in making certain your intentions will be carried out.
Types of Planned Gifts
Wills: A simple designation in your willcost you nothing during your lifetime and will leave a legacy of your belief in the essential need of Catholic ministry on college campuses. You can leave a dollar amount, a percent of your estate or leave the remainder of your estate to GTCC’s Endowment Fund. Personal property may also be left to benefit the Endowment Fund.
Securities: You can donate appreciated securities to benefit GTCC’s Endowment Fund or Annual Fund. You will avoid capital gains tax and thus be able to make a larger contribution.
Retirement Accounts: You can name the Catholic Center at Georgia Tech Endowment Fund as one of the beneficiaries of your IRA, 401K or other retirement account. If left to heirs, the gift amount is subject to income taxes and possible estate taxes. A gift to GTCC is tax-free.
Charitable Gift Annuities: A CGA is a contract between you and a financial institution such as the Catholic Foundation of North Georgia. You will receive a fixed guaranteed income during your life and at your death the remainder will go to the GTCC Endowment Fund. These fixed payments may be higher than income earned from CD’s or low paying securities. The donor also receives a tax deduction. A charitable gift annuity may be funded with cash or securities.
Insurance: You can make the Georgia Tech Catholic Center the owner and beneficiary of a paid up policy or a policy with a cash value. You get an immediate tax deduction. GTCC can surrender the policy for the cash value or keep the policy in force to collect the death benefit. You can also name The Catholic Center at Georgia Tech Endowment Fund as a beneficiary of an insurance policy.
Charitable Remainder Trusts: A CRT allows you to move assets from your taxable estate, receive an income for life, and receive tax deductions. At your death the remainder of the trust will go to GTCC. There are two types of CRTs.
- A Charitable Remainder Annuity Trust that pays a fixed amount to you for life.
- A Charitable Remainder Unitrust pays you a variable amount based on the value of the trust each year.
A financial planner will help you determine the best type of CRT for you. Both of these are more beneficial to the donor than selling an asset outright and then contributing the proceeds to the the Endowment Fund.
Real Estate: When gifting real estate you can make an extraordinary gift, transfer the burden and expense of managing or selling the property and remove a large asset from your taxable estate at the same time. There are excellent tax benefits in donating property to benefit the Catholic Center at Georgia Tech.
Retained Life Estates: You can deed your home, farm or vacation house to the Catholic Foundation of North Georgia for the benefit of GTCC’s Endowment Fund, save taxes with a current deduction and still use the property for the rest of your life.
Lead Trusts: You can place assets in a lead trust that will pay income to the Georgia Tech Catholic Center for a set number of years. At the termination of the trust, all appreciation that takes place in the trust goes tax-free to the individuals named in your trust.