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A charitable bequest is a specific donation to ����Թ� that is made in your will or revocable trust. In addition to the impact the planned gift will have on ����Թ� State, a bequest reduces taxes on income passed to your heirs and could also potentially reduce estate taxes.

Types of Bequests

• A percentage bequest is a gift of a certain percentage of your estate
• A specific bequest is a gift of a certain dollar amount or asset
• A residual bequest is a gift made from the balance of your estate after the bequests to your heirs are honored

How To Leave A Bequest to ����Թ�

To leave a bequest to ����Թ� State, include a bequest directive to ����Թ� State in your will or revocable trust; designate ����Թ� as a full, partial or contingent beneficiary of your retirement account; or name ����Թ� State as a beneficiary of your life insurance policy.

A Charitable IRA Rollover gift is a simple way to make a big difference. If you are aged 70 ½  or older, you can make a tax-free Qualified Charitable Distribution from your IRA to ����Թ� State.

In any given year, you can transfer up to $100,000 from your IRA to ����Թ� State and other qualified charities. Additionally, this gift can satisfy the Required Minimum Distribution for those aged 73 and older. Please note that IRA Charitable Rollover Gifts do not qualify for a charitable deduction.

To make a gift from your IRA to ����Թ� State, please contact your IRA administrator to complete the appropriate forms and contact us at giftplan@kent.edu or 330-672-1000 to let us know what specific area you would like your gift to support. Your IRA funds will transfer directly to us.

An easy and affordable way to support ����Թ� is through a Beneficiary Designation Gift, which designates ����Թ� State as the beneficiary of a retirement, investment account, bank account or life insurance policy.

A Beneficiary Designation Gift is an excellent option that allows you to direct support to the area of your choosing, retain access to your funds during your lifetime, reduce taxes on income passed to heirs and potentially reduce estate taxes. You do not need to consult an attorney for set-up, can support ����Թ� State while also supporting other heirs and can adjust the gift throughout your lifetime if your circumstances change.

To make a Beneficiary Designation Gift, contact your broker, bank or insurance agent to request a new beneficiary designation form and complete, sign and return the form - keeping a copy for your records – that designates ����Թ� State as a beneficiary of your account or insurance policy. Once complete, contact us at giftplan@kent.edu or 330-672-1000 to inform us that you have included ����Թ� State in your estate plan. Upon your passing, your account or insurance policy will be paid or transferred to ����Թ� State in keeping with the wishes you outlined in the beneficiary designation form.

A charitable gift annuity is a gift made to ����Թ� State that can provide you with a secure source of fixed payments for life, regardless of any stock market fluctuations. Charitable Gift Annuities require a minimum investment of $25,000 and can be in the form of cash or property such as stock or appreciated securities. The gift is partially tax deductible and the payments you receive are dependent on your age. A portion of each payment you receive may be tax-free, especially if you make a cash gift, and you may also avoid capital gains taxes if your annuity is funded with appreciated stock.

Types of Charitable Gift Annuities  

Current Charitable Gift Annuity

If you choose a Current Charitable Gift Annuity, payments begin within one year of your gift. You transfer cash or property in exchange for our promise to pay you fixed payments beginning as early as the same year and you will receive an income tax charitable deduction this year for the value of your gift to ����Թ�.

Deferred Charitable Gift Annuity

If you choose a Deferred Charitable Gift Annuity, payments begin at a fixed future date. This type of annuity allows you to delay payments until a future date of your choosing and you will receive a charitable income tax deduction this year. This type of annuity is especially useful to those currently earning a high income who want to receive tax benefits from the gift now while deferring payments until a later time.

Flexible Deferred Charitable Gift Annuity

If you choose a Flexible Deferred Charitable Gift Annuity, you have flexibility in deciding when the annuity will begin making payments to you. As with a deferred gift annuity, you establish the annuity today and receive a charitable deduction this year, but the payments are deferred until you elect to begin receiving them. If you are unsure when you will retire, this may be a good option for you.

For more information about establishing a Charitable Gift Annuity, please contact us at giftplan@kent.edu or 330-672-1000. 

A charitable remainder unitrust or annuity trust are effective ways to make a gift to ����Թ� State while saving money on taxes and planning for retirement. It is an ideal option for those planning on selling an appreciated asset or property. A charitable remainder unitrust or a charitable remainder annuity trust require a minimum investment of $50,000.

Establishing a charitable remainder unitrust or annuity trust provides you with an income for a set number of years. A charitable remainder unitrust can be established to make payments for life, for a term of up to 20 years or for life plus a term of up to 20 years. A charitable remainder annuity trust can be established to make payments to you or any other trust beneficiaries you select based on a life, lives or a term up to 20 years.

To form the trust, you transfer the cash or assets and the trust is invested to pay you or any other beneficiaries. You will receive an immediate charitable income tax deduction for the charitable portion of the trust during the year the trust is formed and ����Թ� State benefits from what remains of the trust once all payments have been made.

For more information about establishing a Charitable Remainder Unitrust or a Charitable Remainder Annuity Trust, please contact us at giftplan@kent.edu or 330-672-1000.

A Charitable Lead Trust is a great way to support ����Թ� State now while reducing or eliminating the estate taxes your family will pay upon your passing.

When you establish a charitable lead trust, you will receive a gift or estate tax charitable deduction for your gift. The gift is invested and continues to grow while paying ����Թ� State for a number of years. After a period of time, your family receives the trust assets plus any additional growth in value at a reduced or zero cost. 

This is the only type of planned gift that can be used by ����Թ� to fund capital projects.

There are various types of lead trusts to choose from and the minimum amount to fund a charitable lead trust varies. 

Please contact us at giftplan@kent.edu or 330-672-1000 to discuss the best option for your needs or with any other questions. 

A Testamentary Charitable Remainder Unitrust is often called a “give it twice” trust because it allows you to transfer your IRA or another asset upon your death to fund a trust that first pays income to your family for a certain number of years and then distributes the balance to ����Թ� State.

A testamentary charitable remainder unitrust is a useful option that allows you to retain control of your funds during your lifetime, provide income for heirs for a longer period as opposed to an outright gift of your IRA and can potentially qualify for an estate tax deduction.

If you choose to establish a testamentary charitable remainder unitrust, we will work with you and your attorney to create the trust and name it as the beneficiary of your IRA account. Upon your passing, the IRA is transferred to the trust and payments begin to your beneficiaries for the agreed upon period. At the end of that period, the balance of the trust is then transferred to ����Թ� State.

Please contact us at giftplan@kent.edu or 330-672-1000 to discuss establishing a testamentary charitable remainder unitrust or with any other questions.

A life estate is when you leave your home or farm to ����Թ� upon your death while receiving a charitable tax deduction in the current year.

Establishing a life estate that benefits ����Թ� allows you to retain use and control of your home or farm throughout your lifetime and for the life of a designated heir. You agree to maintain the property and continue to pay home insurance and property taxes during your lifetime. Upon your passing and the passing of any additional designated heir, ownership of your home or farm will then transfer to ����Թ� to use or sell in accordance with the purpose stipulated in your life estate.

Please contact us at giftplan@kent.edu or 330-672-1000 to discuss establishing a life estate or with any other questions.

A gift of life insurance can be made in two different ways: by making ����Թ� State a beneficiary of your life insurance policy or by transferring ownership of your policy to ����Թ� State. Making a gift of life insurance is easy and only requires you contact your insurance agency.

If you choose to make ����Թ� State a beneficiary of your policy, you can elect for ����Թ� State to become a partial or full beneficiary. And if your needs change in the future, you can choose to update your beneficiaries.

If you choose to transfer ownership of your policy to ����Թ� State, you will receive a charitable deduction for the transfer depending on whether the status is fully or partially paid or is a new policy.

Please contact us at giftplan@kent.edu or 330-672-1000 to discuss establishing a life estate or with any other questions.