Including Hudson Valley Community College in Your Estate Plans
The most common donations made to the college are outright gifts, made by cash or check, that the college’s Foundation receives immediately. But often, people want to hold on to a portion of their money and other assets to be sure they can meet their family’s future financial needs. Planned gifts, including endowing your annual gift in perpetuity, can allow you to do both.
Planned gifts can be revocable – a charitable bequest in your will, for example, so that you can change your mind at any time. Or, they can be irrevocable – just as outright gifts are – so that you benefit from an immediate income tax deduction. The attraction of irrevocable planned gifts is that they are deferred. You donate an asset today, but the actual giving of the asset to us is delayed for a while – often until after your lifetime (and that of a surviving beneficiary, if you wish). Until that time, you can receive benefits from the gift.
The charitable remainder trust is an example of a popular planned gift. With a charitable remainder trust, you receive lifetime income from the asset after it’s placed in a trust, and the college receives the remainder of the trust after you die. At any rate, the key feature of planned gifts such as this is that they provide the donor, and the charitable organization, with important benefits.
Individuals who remember the college in their estate plans, and notify the Foundation of such decisions, are included in the college’s Heritage Society. Members of the society are invited as special guests to events throughout the year, including the annual Leadership Donor Reception held each fall, and receive a specially commissioned crystal bowl in recognition of these generous gifts to the college.
Click here to learn more about planned giving programs at the college.