The Gecko Legacy Society provides an opportunity to join others like you who are out to make a difference in our community through enhanced education while impacting lives. Smart gift planning can provide you with benefits and opportunities beyond the impact of their gift, including:
- Income to the donor for life
- Memorializing a loved one
- Teaching philanthropy to future generations
- Tax benefits beyond an income tax deduction
- Opportunity to enhance the impact of their gift
To be a Gecko Legacy Society member, we ask that you remember us when you are making your legacy plans or make a planned gift. It is easy to designate a percentage of your estate in your Will or Trust, and planned giving can provide smart tax advantages for your gifts of stock, IRA assets, real estate, or other assets. You can create a real impact for the students we serve and create your own legacy to be remembered for generations.
Creating your Legacy
A Gift in Your Will
A gift in your Will is an easy way to leave your legacy. A gift of 10%, 50%, or even 1% can make a distinct and lasting impact on your community! Here is some sample language to include in your Will or Trust.
“I hereby give, ____ percent (___%) of my total estate, determined as of the date of my death, to GateWay Community College via the Maricopa Community Colleges Foundation, a nonprofit organization located at 2419 West 14th Street, Tempe, AZ 85281, Federal Tax ID #86-0327449, for GateWay Community College general use and purpose.”
Beneficiary Gift
Making GateWay Community College the partial or full beneficiary of your IRA or other retirement assets is a smart way to give! Retirement assets are taxable to heirs, whereas other assets can be included in your estate tax exemption and will not be taxed to heirs.
You may also want to consider making GateWay Community College a beneficiary of a life insurance policy or annuity contract.
Gifts that Provide You Income
You could receive income from your generosity? There are tools like Charitable Gift Annuities and Charitable Remainder Trusts that can provide income for life and have additional tax benefits and savings. Please contact us today to see if one of these tools may be appropriate for you!
Giving an asset provides the same tax deduction as cash gifts, but also has other tax savings and benefits. You can give all or part of an asset and save capital gains taxes, income taxes, net investment income taxes, state taxes, and depreciation recapture taxes. We may accept gifts of:
- Stocks, Bonds, and/or Equities
- Required Minimum Distributions (RMD) from your IRA
- Real Estate
- Business Interest
- Personal Property
- Other Assets
Please contact the GateWay development office for more information.
Giving from your IRA is a very smart way to contribute. Most retirement assets will be taxed to heirs while other assets qualify for the estate tax exemption and can be passed to heirs tax advantaged.
Qualified Distribution from Your IRA:
After the age of 70.5, you can give gifts directly from your IRA and not have to take your Required Minimum Distribution (RMD) which can provide good tax benefits. (RMDs are required at age 72.) You can give up to $100,000 per year to GateWay Community College and other charities. You will not have to pay taxes on the RMD and gifting it could also reduce your tax bracket and save on Social Security and Medicare Taxes.
Beneficiary Designation:
You can also make GateWay Community College a full or partial beneficiary of your retirement accounts. Because we are a nonprofit organization, we will not have to pay taxes on the retirement assets like other heirs would have to pay.
Please contact us for more information.
Help Future Generations Today!
Learn more about gift planning and the many smart ways to give at our Maricopa Community College Foundation’s website.
There are many ways you can make a create your legacy. We would like to help you and your advisors discover ways to give that benefit you. Please contact us and we will be honored to hear how you want to make a difference!