Planned Giving Matrix

Age 50 or below

At this stage in life, you may be considering financial planning issues that will enable you to make substantial charitable contributions.

Outright Bequest
If you would like to make a substantial gift to Central Piedmont Community College (CPCC) but you do not have the current disposable income or assets to do so, consider naming CPCC as a beneficiary in your will. You will receive a charitable deduction for the estate tax minimization.
Life Insurance
If you do not have the income or assets to make a current gift as large as you would like to CPCC, consider a deferred gift of a life insurance policy. You may gift a policy that is no longer needed for its original purpose and receive an immediate tax deduction. You may also gift a new policy while premiums may still be reasonably low. You may gift the premium to CPCC, and it is tax deductible.
Contingent Trust Beneficiary
Whether you are making a will now or updating one, consider naming CPCC as a contingent beneficiary should the primary beneficiary pre-decease you. CPCC will receive this bequest only if the primary beneficiary cannot take it. This will provide a comfortable 'fall-back' or safety-net position for you at this stage of your financial planning.)
 

Age 51 to 69

At this stage in life, you may be considering financial planning issues that will enable you to make substantial charitable contributions.

Outright Bequest
If you would like to make a substantial gift to Central Piedmont Community College (CPCC) but you do have the current disposable income or assets to do so, consider naming CPCC as a beneficiary in you will. You will receive a charitable deduction for the estate tax minimization.
Retirement Plan/IRA
You may want to designate CPCC as a beneficiary of your IRA. This will enable you to make a future gift to CPCC while providing life income to heirs. This will fulfill your charitable intent after your income needs are met. You can receive an annual income and give leftover balance to CPCC. Heavily taxed assets can be left to CPCC without income or estate tax.
Life Insurance
If you do not have the income or assets to for the substantial gift that you would like to currently make to CPCC, consider a deferred gift of life insurance. You may gift a policy that is no longer needed for its original purpose and receive an immediate tax deduction. You may also gift a new policy. You may contribute premiums to CPCC, and any out-of-pocket expenses are tax-deductible.
Contingent Trust Beneficiary
Whether you are making a will now or updating one, consider naming CPCC as a contingent beneficiary should your primary beneficiary pre-decease you. CPCC will receive this bequest only if the primary beneficiary cannot take it. This will provide a comfortable fall-back or safety-net position for you at this stage in your financial planning.
Gift Annuity
You can make a gift in exchange for a guaranteed lifetime income. You irrevocably transfer money and/or property to CPCC in exchange for a guaranteed payment stream for you, your spouse or both.

A gift annuity is easy to establish, and you receive an immediate tax deduction. Annuity payments may generate more usable income than current investments provide. Any capital gains incurred may be allocated over the life of the annuity.
 

Age 70 or above

At this stage in life, you may be considering financial planning issues that will enable you to make substantial charitable contributions.

Outright Bequest
If you would like to make a substantial gift to Central Piedmont Community College (CPCC) but you do have the current disposable income or assets to do so, consider naming CPCC as a beneficiary in you will. You will receive a charitable deduction for the estate tax minimization.
Retirement Plan/IRA
You may want to designate CPCC as a beneficiary of your IRA. This will enable you to make a future gift to CPCC while providing life income to heirs. This will fulfill your charitable intent after your income needs are met. You can receive an annual income and give leftover balance to CPCC. This allows heavily taxed assets to be left to CPCC without income or estate tax implications.

Individuals who are 70 ½ years of age or older, can continue to enjoy tax savings by making charitable gifts directly from their individual retirement account (IRA). On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 which included an extension of legislation allowing a charitable gift to be made from an IRA without counting it as income to the donor. Your gift, however, must be made from your IRA directly to charity. The total amount of gift(s) disbursed must be $100,000 or less.
Charitable Remainder Trust
Consider a trust arrangement. Transferring property does not have to be an either/or proposition. With careful planning, you may be able to arrange your transfers to accomplish more than one objective. You can sell appreciated assets in a tax-favored manner and the designated beneficiary(ies) receive annual payments of a specified percentage at least 5% of the value of the trust each year. Since the value may vary year to year, the payments may vary. Remaining assets pass to a charitable organization such as CPCC. You will receive an income tax deduction upon contribution and avoid capital gain taxes when the trust sells assets. This potentially may provide higher retirement income that can last for one or more lives. Assets in the trust are removed from your estate.
Life Insurance
If you do not have the income or assets to for the substantial gift that you would like to currently make to CPCC, consider a deferred gift of life insurance. You may gift a policy that is no longer needed for its original purpose and receive an immediate tax deduction. You may also gift a new policy. You may contribute premiums to CPCC, and any out-of-pocket expenses are tax-deductible.
Contingent Trust Beneficiary
Whether you are making a will now or updating one, consider naming CPCC as a contingent beneficiary should your primary beneficiary pre-decease you. CPCC will receive this bequest only if the primary beneficiary cannot take it. This will provide a comfortable "fall-back" or safety-net position for you at this stage in your financial planning.
Gift Annuity
You can make a gift in exchange for a guaranteed lifetime income. You irrevocably transfer money and/or property to CPCC in exchange for a guaranteed payment stream for you, your spouse or both.

A gift annuity is easy to establish, and you receive an immediate tax deduction. Annuity payments may generate more usable income than current investments provide. Any capital gains incurred may be allocated over the life of the annuity.