Bequests Through Your Will
A bequest is one of the simplest ways to give through your estate. Leave your legacy by making a gift in your will to Phi Theta Kappa for a specific dollar amount, a percentage of your estate or the remainder of your estate after you have provided for others. When you name the Phi Theta Kappa Foundation as a beneficiary in your will, your estate will receive a charitable estate tax deduction when the gift is made.
Retirement Account Assets
Retirement account funds, whether individual retirement accounts or employee’s company plans, may be given to the Foundation by a simple beneficiary designation. Naming the Phi Theta Kappa Foundation as the beneficiary of an IRA, 401K, Keogh or other retirement plan can result in favorable estate tax reductions.
Retained Life Estate
Retained life estate is when you make a gift of a personal residence, vacation home, land or farm to Phi Theta Kappa Foundation and retain the right to live there for the remainder of your life, your spouse’s life or other survivor. You receive an immediate income tax deduction for the gift. Upon death, the Foundation can use or sell the property.
You can make a significant life insurance gift by naming the Foundation as a beneficiary of all, or a portion, of the proceeds of an existing policy. For the gift of a paid policy, you will receive an income tax deduction equal to the lesser of the cash value of the policy or the total premiums paid. The Foundation must be named as owner and beneficiary to qualify for the federal charitable contribution deduction on a gift of an existing policy.
Charitable Remainder Trust
A charitable remainder trust makes payments, either a fixed amount (annuity trust) or a percentage of trust principal (unitrust), to whomever you choose to receive income. You may claim a charitable income tax deduction and may not have to pay capital gains tax if the gift is of appreciated property. At the end of the trust term, the Phi Theta Kappa Foundation receives whatever amount is left in the trust.
Charitable Lead Trust
A charitable lead trust allows you to designate a charity as the beneficiary of a trust for a term of years that you choose, with the assets passing on to your heirs. This trust makes payments, either a fixed amount (annuity trust) or a percentage of trust principal (unitrust), to the Phi Theta Kappa Foundation during its term. This type of charitable donation is ideal for circumstances when you do not need the income for a period of time and would like to make a significant charitable gift but ultimately want to provide an inheritance for your children.