Types of Planned Gifts

Bequests

The easiest way to make a planned gift is by including a provision for the TC3 Foundation in your will. A bequest allows you to support TC3’s mission with a gift of a specific amount, a percentage of your estate, or the residual amount remaining after you have cared for the needs of your family or other loved ones. You don’t have to be a millionaire to leave a gift to the College in your estate and you may also bequeath stocks, bonds, tangible personal property, real estate, or other assets to the College. Remember to notify TC3 in writing that a provision has been made for the College in your will; your leadership may impact others’ decisions and we would like to recognize your support of the College by including you in The Shaw Legacy Society for TC3.

Retirement Plan or Pension Fund

Name the TC3 Foundation as beneficiary of your retirement plan or pension fund.   TC3 will receive a specific amount or a percentage of this fund after your death.  The gift will not diminish the resources available to you during your lifetime.

Individual Retirement Account (IRA).

Name the TC3 Foundation as beneficiary of your IRA. TC3 will receive a specific amount or a percentage of this fund after your death. The gift will not diminish the resources available to you during your lifetime.

Bank Account

Name the TC3 Foundation as beneficiary of a bank account.  TC3 will receive a specific amount or a percentage of this account after your death. The gift will not diminish the resources available to you during your lifetime.

Life Insurance

Do you have a life insurance policy you no longer need to ensure your family’s security in the event of your death? By making TC3 Foundation the sole beneficiary of an idle insurance policy, the face value becomes available to support the mission of the College. You may also purchase a new policy and name the Foundation as the owner; your annual premium is a tax-deductible gift to the College.

Life Income Gifts

Secure a life income for yourself, your spouse or perhaps another individual by establishing a charitable gift annuity or charitable remainder trust. These types of gifts may be funded with cash, securities, or other highly appreciated (low cost basis) assets and often have a higher rate of return than traditional investments. As a donor you will receive payments for life, a portion of which may be tax free, with the remainder passed on to the TC3 Foundation at the end of your lifetime.

Charitable Gift Annuity

Charitable Gift Annuity
A Charitable Gift Annuity (CGA) is a contractual agreement between a donor and the TC3 Foundation, Inc. in which the donor transfers assets in exchange for the Foundation’s promise to pay lifetime annuity payments. The TC3 Foundation administers the gift through the SUNY Research Foundation (SUNYRF) who invests the gift with TIAA – CREF; TIAA – CREF also provides the Foundation and the annuitant(s) with the IRS documents needed for income tax purposes.

By donating through a CGA, you can accomplish two things: (1) contract for fixed payments for life for yourself, or yourself and another individual, and (2) make a gift to the TC3 Foundation, Inc. Thus, your donation is divided into two parts: the amount of the donation attributable to the gift portion, and the amount attributable to your annuity payments. If you itemize deductions on your tax return, savings from the charitable deduction of the gift portion may reduce your gift's net cost.
 
For a period of years, based on a government table of life expectancies, a portion of each annuity payment received is considered a nontaxable return of your contribution. This may further increases your after-tax dollars available for spending or investing.

In addition to the annuity payments you receive, an annuity funded with appreciated property result can in these advantages: (1) the gain allocated to the gift portion completely avoids the capital gains tax and (2) the portion of gain to be recognized can be spread over the life expectancy of the person(s) receiving the annuity payments (provided that the donor is the primary annuitant and the annuity interest is assignable only to the charitable organization).

Charitable Remainder Trust

With a charitable remainder trust, you can be paid the income from the trust assets for the rest of your life. The year you establish the trust, you receive a charitable deduction for the portion expected to remain for us after your lifetime. Plus, the trust assets will be removed from your taxable estate, so they're not subject to estate tax. Here are two types of life income gifts:

● Charitable Remainder Annuity Trust You place assets into a trust (usually a minimum of $100,000) from which you receive a life income at a fixed amount. After your lifetime, and the lifetime of a surviving beneficiary, if desired, the trust remainder goes to The State University of New York or one of its campuses.

●Charitable Remainder Unitrust This works like an annuity trust, except that the income you receive varies each year based on a set percentage of the value of the trust assets, redetermined each year.

Please consult your professional legal and financial advisor during the estate and gift planning process.