Planned Giving

What are Planned Gifts?

Planned gifts include provisions for Nazareth College in wills, trusts and other types of gifts. Using appreciated property such as securities when making a charitable contribution gives optimal tax savings. The allowable charitable tax deduction is calculated on the current market price.

Often the income from charitable trusts or a Pooled Life Income Fund is greater than that received from securities and no capital gains tax is payable on securities used in making a charitable contribution. Every donor who designates a planned gift is offered membership in the Founders Society of Nazareth College.

 

Examples of Planned Gifts

Bequest
A bequest is a gift to Nazareth College by will. This is a simple and popular method for remembering Nazareth College. You may specify that Nazareth College is to receive a certain dollar amount, a specific percentage of your estate, or a certain asset. A residuary bequest gives Nazareth College the remainder of your estate after all specific legacies have been distributed. This ensures that your desire to protect your loved ones is met before a contribution is made.

If you already have a valid, up-to-date will, your attorney can add Nazareth College as a beneficiary through a simple amendment to your will called a codicil. Bequests to Nazareth College should name "Nazareth College of Rochester" in the language of the will.

Pooled Income Fund
You may contribute to Nazareth College's Pooled Life Income Fund, receive an immediate charitable tax deduction and retain a lifetime income from the asset. Your gift is combined with other participants' gifts and you receive your share of the variable income earned by the fund quarterly. You may designate a second beneficiary who receives a lifetime income and then the gift is removed from the fund and given to the College. The minimum initial contribution to the Pooled Life Income Fund is $5,000 and may be added to in $1,000 increments.

Retained Life Estate in Home or Farm
You can make a gift of your home, farm or vacation home to Nazareth College so that you and, if applicable, your spouse can continue to use it for your lifetimes — while receiving a current income tax charitable deduction. Nazareth College would not utilize the home until the death of you and/or your spouse.

Trusts
A variety of trusts enable you to make a substantial gift to Nazareth College without compromising your financial needs. Your financial advisor can describe them to you in detail and discuss what your best choice would be. Trusts fall into two basic categories: those which supply income to you for life, either at a fixed rate or a rate that fluctuates with the earnings record, and then go to Nazareth College; and those which supply Nazareth College with income for your lifetime or a fixed period, and then revert to whomever you designate. There are advantages to both, depending upon your needs. Both are irrevocable gifts and both give substantial tax benefits.

 

For more information on planned gifts, please contact the Office of Development at 585-389-2415.

Office of Development
Nazareth College 4245 East Ave. Rochester, NY 14618
585-389-2415