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Types of Planned Gifts

There are lots of ways to give! Planned gifts to Alice Lloyd College include bequests made through a will provision as well as those gifts which allow donors to give a future interest in property (cash, securities, real estate, etc.) while retaining income or a benefit for life. Regardless of the arrangement, a planned gift serves to ensure quality learning opportunities for future Central Appalachian students served by Alice Lloyd College.

A gift to us is a gift to all of Appalachia, because you will have the satisfaction of knowing that you have helped make the region a better place by empowering its young people!

Will Bequest---Including Alice Lloyd College in Your Will

A clause may be included in your final will and testament to give either a specific amount or a percentage of the residue to Alice Lloyd College. This is a very simple way to provide a future, significant gift.

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 that 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.”

Download examples of typical will bequest language (pdf).

Trust Fund

There are various types of trust funds that can be created to benefit you, your family members, and Alice Lloyd College while providing tax advantages for you in the process. A trust document should be written by a qualified lawyer to make sure it is legal and reflects your wishes.

Give It Twice Trusts

The Give It Twice Trust is designed specifically to help those whose estate assets are under the federal exemption amount. This trust helps you leave both an estate to family and a legacy of philanthropy to charities like Alice Lloyd College.

And while it may seem impossible to give an asset or an entire estate away twice, this is a very simple plan – one that can be incorporated into a Last Will & Testament with ease.

Download the Give It Twice Trusts brochure (pdf).

Life Insurance

You probably purchased life insurance when your family was young in order to provide income for them should you die unexpectedly. If your children are now grown, the need for protection may not be as great. In that case, you could easily change the beneficiary to Alice Lloyd College. Insurance is also an easy way to gradually build a generous planned gift by purchasing a policy and naming Alice Lloyd College as the owner and beneficiary. Your annual payments could be tax-deductible.

Charitable Gift Annuity

A charitable gift annuity is a contract established between a donor — like you — and a charity — like Alice Lloyd College — where you invest a sum of money (cash or stock) with the College, and the College agrees to pay you a fixed annuity payment during your lifetime. When you die, the remaining annuity funds become a charitable gift to Alice Lloyd College. Annuities can be one-life or two-life, and can be easily written by Alice Lloyd College. They also provide a welcome tax deduction during the year established, and part of the income will be tax-free, as well. Benefits include an initial charitable deduction, partially tax-free income, and the potential for significant fixed income, particularly for senior adults.

Gift Annuity Options

There are excellent options for establishing a charitable gift annuity.

  • For current income, you may transfer property for a fixed income beginning as early as this year.
  • Perhaps you are not ready to begin receiving income until a fixed retirement date. You can establish a deferred gift annuity, take your charitable deduction and then plan to receive payments by a designated future date. A deferred gift annuity also offers the option to establish the gift annuity now and take a current deduction while maintaining a flexible future retirement date.

Download A Guide to Gift Annuities (pdf).

Charitable Remainder Unitrust

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.

Charitable Remainder Annuity Trust

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.

Life Estate Contract

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.

Endowment Gifts

Click here and here for more information about the ALC Endowment Fund.

The donor has the option to determine whether a gift for endowment is restricted or unrestricted.

Unrestricted Endowment Gifts

A donor wishing to allow the College to determine how endowment funds can best be utilized will make an unrestricted gift. This gift can be of any amount the donor desires.

Restricted Endowment Gifts

When a donor has a specific purpose or project in mind, the gift may be restricted as endowment for that particular objective as long as it agrees with the mission statement and policies of Alice Lloyd College. A gift of $10,000 or more is needed to establish a new restricted endowment fund. The new fund can be “named” for the donor or another person whom the donor wishes to honor. The donor will be asked to complete a formal Guidelines and Criteria form to assist ALC in appropriating the earnings. An existing endowment fund may be added to at any time.

Go here for more information about Endowed Scholarships.

We would be happy to discuss personally 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.

Questions? Need some assistance? Please contact:

Margo Sparkman, Director of Development
Phone: (606) 368-6039 or Toll Free 1-888-280-4252 ext. 6039