Individuals may invest in a student’s future by including the Foundation for Florida Gateway College in their will or making a charitable gift through other means that provide a future benefit to FGC through the Foundation for Florida Gateway College. Deferred gifts may be designated for scholarships or program enhancement and targeted to a particular program or county.

Opportunities to Invest Through Planned Giving

 

Bequests

The most common planned gift is a bequest made through your will. You may name the Foundation for Florida Gateway College, Inc. as either a primary or contingent beneficiary. Please contact the Foundation office for specific wording in the will or trust document.

Charitable Remainder Trusts

Establishing a charitable remainder trust provides a variable or fixed income for one or more lives, a tax deduction, and the remainder at death of the donor goes to the Foundation for Florida Gateway College to be used as specified.

Charitable Lead Trusts

The income from this trust benefits Florida Gateway College for a specified term and the remainder reverts to the donor or another beneficiary upon completion of the specified term. The donor receives a charitable deduction and may pass the remainder on to future family generations without estate or generation-skipping taxes.

Gift Annuities

A gift annuity is a contract between the donor and the Foundation for Florida Gateway College. The Foundation for Florida Gateway College will pay you (and a successor beneficiary if you desire) a fixed income for life. At the end of the life (or lives) the Foundation for Florida Gateway College receives the remainder of the donation for use as agreed upon. The donor also receives a tax deduction at the time of establishment and on a portion of the income. Interest rates are attractive and based upon the age of the donor.

Life Insurance

Life insurance is an excellent way to make a major gift at a portion of the cost of the total benefit. Existing policies may be changed to make the Foundation for Florida Gateway College the owner and beneficiary. The donor will receive a charitable deduction for the cash surrender value, if any, and any future premiums would be tax deductible. New policies may also be purchased naming the Foundation for Florida Gateway College as owner and beneficiary. The Foundation for Florida Gateway College will bill the donor for premiums which are tax deductible. Life insurance may also be used to replace the value of an asset you wish to gift to the College. The tax savings produced by the charitable gift may be used to purchase a policy to benefit your heirs. The donor is able to benefit the College and still provide for heirs.

Gifting a Residence

A primary residence or vacation home may be gifted and the donor may retain a life estate. The donor(s) receives a charitable deduction in the year the property is deeded to the Foundation for Florida Gateway College, retains the right to live in the home, and benefits the College at a future date. If you move after making the gift, you will receive additional tax benefits for the remainder interest in the property.

Gifting Retirement Assets

Certain retirement assets may be used to fund a planned gift, relieving the donor of taxes and penalties for any early withdrawals.

Your gift is tax-deductible as allowed by law.

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