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Planned Giving

Many people believe that the positive impact made by philanthropy is reserved for the wealthy; however, with a little planning, people of all ages and income levels can make a meaningful difference in perpetuity to the future of students by establishing a legacy gift. Legacy gifts are often referred to as “gifts anyone can afford” — the commitment you make now won’t impact your lifestyle today, yet it can provide benefits for you, your family and the future of the College and its students.

A planned gift may enable you to make a more significant gift than you thought possible while at the same time allowing you to achieve your financial, philanthropic and estate planning goals. To that end, there are a myriad of simple giving options from which you can choose, such as naming Polk State College Foundation as a beneficiary in your will to a more complex trust arrangement.  Below are some examples:

Charitable Bequests

A charitable bequest is simply a distribution from your estate to a charitable organization through your last will and testament.  The lasting impact of bequests – both large and small – will help shape the future of Polk State College and its students.  A charitable bequest is the easiest and best way to make a planned gift to Polk State College Foundation. There are different kinds of bequests. Bequests can be:

1.     Cash Bequest – Polk State College Foundation receives a specific dollar amount from your estate.

2.     Bequest of Property – Polk State College Foundation receives specific assets, such as securities, real estate, or tangible personal property (for example, works of art or antiques).

3.     Residuary Bequest – Polk State College Foundation receives all or a percentage of the remainder of your estate after the payment of any specific bequests and expenses.

For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes.  Here is some bequest language that will help you in your planning.

Beneficiary Designations

You can make Polk State College Foundation a whole or partial beneficiary of your retirement plans (401K, IRA, etc.), life insurance policies, checking and savings accounts, etc.

Life Insurance

You can make Polk State College Foundation the sole owner and beneficiary of a paid-up policy and you may receive an income tax deduction. If your policy is not fully paid, you can continue to pay premiums and receive a tax deduction for annual premium amounts.

 

Tangible Personal Property

You may gift to Polk State College Foundation valuable assets that you may no longer need or want.  Tangible personal property may include: artwork, collectibles, books and/or equipment.

Real Estate

You can make an extraordinary gift to Polk State College Foundation by making a gift of a residence, farm, or vacation home. This removes the burden of managing and maintaining your property and may remove a large asset from your taxable estate.  Other options are available.  Please contact our Director of Planned Giving for more information.

These are just some of the many options that can help you create a legacy while maintaining your financial future and supporting Polk State College students in attaining their dream of a college degree.

This information is intended only to provide general information.  Donors are highly encouraged to consult with professional advisors for legal and financial advice.

If you have any questions on your charitable options, we encourage you to contact Tracy Porter at 863.297.1071 or by emailing at tporter@polk.edu.