Make a Legacy Gift

Legacy Gift Types

Charitable giving planning can help you meet your philanthropic and financial goals. Whether it’s safeguarding your assets, providing for your loved ones, diversifying your retirement portfolio, or ensuring your estate is managed efficiently, your charitable gifts can leave a lasting impact and enduring legacy for Vassar.

There are two types of legacy gifts: those that are passed on to Vassar from your estate after your death, and those that provide you with income during your life while ownership is transferred to Vassar now.

Gifts That Cost Nothing Today

You can support Vassar with gifts that don’t impact the way you live, by designating Vassar to receive estate assets in the future, using one of the following methods:

Wills and Trusts

  • Include a gift to Vassar College in your will or trust.
  • Indicate that you would like Vassar to receive a percentage of the balance remaining in your estate or trust, or state a specific amount.
  • Tell us about your gift so we may celebrate your generosity now.
  • If you want to direct your gift to a particular purpose, be sure to check with us to make sure your gift can be used as intended.

Retirement Plans

  • Name or designate Vassar College as a beneficiary of your IRA, 401(k), or other qualified retirement plan.
  • Pass the balance of your retirement assets to Vassar by contacting your plan administrator.
  • Important! Tell us about your gift to ensure your intentions are honored, as your plan administrator is not obligated to notify beneficiaries.

Life Insurance

  • Name or designate Vassar as a beneficiary to receive all or a percentage of your life insurance policy proceeds.
  • Tell us about your designation, which ensures that we can locate the policy upon your death and honor any specific, restricted, or intended use of the funds.
  • You may also transfer ownership of a paid-up life insurance policy to Vassar. We may elect to cash in the policy now or hold it.

Gifts that Pay You Income While You Are Living

You can transfer certain assets to Vassar now and receive income on those assets, with the remainder going to Vassar after your death. There are two ways to accomplish this goal.

Charitable Gift Annuity (CGA)

How it works:

  • Transfer a minimum of $10,000 in cash or securities to Vassar.
  • You, yourself and a spouse, or any two beneficiaries you name will receive fixed payments for life.
  • Beneficiaries must be at least 60 years of age.
  • When the contract ends, the remaining balance passes to Vassar to be used for the purpose you specify.
  • If you are 70½ or older, you can make a one-time, tax-free Qualified Charitable Distribution of up to $55,000 from your IRA to fund a CGA.
  • You can choose to defer payments for a minimum of one year to receive a higher payout rate.
  • You can also choose a date range in the future to start receiving income, with progressively higher payout rates.

Benefits:

  • Receive dependable payments for yourself or loved ones.
  • Payment amounts never change.
  • A portion of your gift is tax-deductible if you itemize.
  • If you create a gift annuity using appreciated stock or mutual fund shares you may also save on capital gains tax.
  • A portion of your annuity payment may be tax-free for a number of years.

Not available for residents of Alabama, Arkansas, Hawaii, North Dakota, Tennessee, or Wisconsin

Charitable Remainder Unitrust

A Charitable Remainder Unitrust offers maximum flexibility with regard to the investment and benefits of your gift plan.

How it works:

  • You transfer a minimum of $100,000 in cash, securities, or other appreciated property into a trust.
  • The trust pays between 5 - 6.5% of the market value of the trust, recalculated annually, to you or beneficiaries you name.
  • You may use real estate or other illiquid assets to fund a trust, which may be structured to provide lifetime income for you and/or others, or income for a term of years.
  • You can make additional gifts of any amount to the trust.
  • When the trust terminates, the remainder passes to Vassar to be used for the purpose you specify.
  • Unlike a CGA, payouts vary each year based on how the market performs for a lifetime or a term of years.

Benefits:

  • Receive income for life or a term of years in return for your gift.
  • Receive an immediate income tax deduction for a portion of your contribution.
  • Pay no up-front capital gains tax on appreciated assets you give.
  • Generate additional income and tax benefits if you make additional gifts over time, a feature not available with other planned gift arrangements.

The gift planning information presented on this Vassar Gift Planning website is not offered as legal or tax advice.