A bequest to Alice Lloyd College can be of an unrestricted or restricted nature. An unrestricted bequest helps the College meet its most urgent needs at the time the bequest is received. A restricted bequest identifies a special interest, such as scholarships, an academic department, or campus grounds and provides for future gift support. Testamentary wills and trusts containing bequest language should be created with guidance from legal professionals.

A bequest to the College can take the form of:

• A specific bequest which designates a specific dollar amount or the type of property which will be given.
• A residuary bequest which states Alice Lloyd College will receive all or a portion of one’s estate after other obligations have been paid (such as payments to other beneficiaries).
• A contingent bequest names Alice Lloyd College a beneficiary only in the event primary beneficiaries die before the donor.
• A testamentary trust, established by will, passes assets on to Alice Lloyd College only upon the death of the trust’s income beneficiary.

The following is suggested will language you and your attorney may wish to consider:

“I hereby give, devise, and bequeath to Caney Creek Community Center Inc. (d.b.a. Alice Lloyd College and The June Buchanan School), located in Pippa Passes, Kentucky, (the sum of $_____) or (_____% of my estate) or (specific items or property) or (the rest, residue, and remainder of my estate). This gift may be used to further the educational goals of Alice Lloyd College and The June Buchanan School in such manner as the trustees of the College may direct.”

A Charitable Gift Annuity contract between Alice Lloyd College and a donor involves transferring property (cash, securities, etc.) to the College in exchange for guaranteed life income. Benefits include an initial charitable deduction, partially tax-free income, and the potential for significant fixed income, particularly for senior adults.

A Charitable Remainder Unitrust (or CRUT) is a life income trust providing a variable income. Income is based on a payout rate (not less than 5%) of the fair market value of annually assessed trust assets. CRUTs funded by appreciated property are exempt from capital gains tax. Another benefit of this trust is a charitable deduction based on the value of the College’s remainder interest.

A Charitable Remainder Annuity Trust (or CRAT) is a life income trust featuring a fixed income. The annual income distribution for a CRAT is determined by the fair market value of trust assets at the time the assets are transferred to the trust. As with a Unitrust, the benefits of a Charitable Annuity Trust include a charitable deduction based on the value of the College’s remainder interest along with the bypass of capital gains tax on the appreciated property which funded the trust.

A Life Estate Contract makes it possible for a donor and one’s spouse to continue to live in their home or retain use of farm property for as long as they live. This gift involves the irrevocable transfer of title to Alice Lloyd College. Without any expenditure of cash or a reduction in income, the donor maintains their current lifestyle while receiving a substantial tax deduction based on the value of the College’s remainder interest.

We would be happy to personally discuss with you the variety of planning opportunities which can benefit you today while impacting the lives of Alice Lloyd College and June Buchanan School students tomorrow.