GCC Legacy Society

1. It is easy. 

Making a bequest is as simple as inserting a few sentences in your will, such as, "I give $25,000 to Glendale College Foundation."

2. It is revocable.

Wills and trusts are not written in stone and can be changed at any time.

3. It creates a Legacy.

You can direct your bequest to a particular purpose...make a gift that has special meaning for you.

4. You can still put Family first.

By choosing either a specific bequest or residual bequest, you will only bequeath assets you are comfortable giving.

5. It may be Tax-wise.

Your estate or trust is entitled to an unlimited estate tax charitable deduction for bequests to qualified charitable organizations.

1. Gather information on your assets, including retirement funds.

2. Think about the people and organizations that matter most to you.

3. Who do you want to serve as your trustee?

4. Meet with an estate planning professional.

5. Talk your decisions over with your loved ones and family.

Bequest

• Your Goal: Defer a gift until after your lifetime
• Your Benefits:
  • gift exempt from federal estate tax
  • control of asset for your lifetime
• How to Make your Gift: Name Glendale College Foundation in your will or revocable living trust (designate a specific amount, a percentage, or a share of the residue.)
  Language to Insert Into Your Estate Plans

Revocable Living Trust

• Your Goal: Make a revocable gift during your lifetime.
• Your Benefits:
  • control of the trust for your lifetime
  • gift in trust exempt from federal estate tax
• How to Make Your Gift: Name Glendale College Foundation the beneficiary of assets in a living trust.

Securities

• Your Goal: Eliminate tax on capital gains.
• Your Benefits:
  • immediate charitable deduction of full fair market value
  • elimination of capital gains tax
• How to Make Your Gift: Contribute long-term appreciated stock or other securities by contacting your broker.

Life Insurance

• Your Goal: Make a large gift with little cost to yourself.
• Your Benefits:
  • current income tax deduction
  • possible future deductions through gifts to pay policy premiums
• How to Make Your Gift: Contribute a life insurance policy you no longer need.

Retirement Assets

• Your Goal: Eliminate the twofold taxation on IRAs or other qualified retirement plans.
• Your Benefits:
  • make the gift from the most highly taxed assets, leaving more for family
  • eliminates income and estate taxes

• How to Make Your Gift: Name Glendale College Foundation as the beneficiary on the balance left after your lifetime, using the plan's beneficiary form. 

Charitable Remainder Trust

• Your Goal: Create a hedge against inflation over the long term and supplement your retirement income.
• Your Benefits:
  • variable income for life
  • immediate income tax charitable deduction
• How to Make Your Gift: Create a trust that pays a fixed percentage of trust's assets as revalued annually.

Charitable Lead Trust

• Your Goal: Reduce gift and estate taxes on assets you pass to children or grandchildren.
• Your Benefits:
  • reduces your taxable estate
  • property given back to your family, often with reduced gift taxes

• How to Make Your Gift: Create a charitable trust that pays fixed or variable income to Glendale College Foundation for a specific term of years; thereafter the balance is given to loved ones.