Legacy Giving

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Planned giving is an investment in the future. There are many ways to give and gifts of all sizes qualify. Whichever you chose, 100% of your gift will benefit Wake Tech students, faculty and staff, and your generosity will create a legacy for generations to come.

Legacy Society

The Legacy Society is a community of donors who have chosen to include Wake Tech in a planned or estate gift – through a will, a trust, or other avenues. Planned giving allows donors to create a lasting legacy that may not otherwise be possible during a donor’s lifetime.

Legacy Society members are recognized in the annual report and on the donor wall outside the President’s office as well as highlighted on the college website and in newsletters. Donors can remain anonymous if they so choose; however, we encourage them to share their names as an inspiration to others.

Contact the Foundation today if you already have a planned gift or to get started.

Gift Options

Planned gifts take many forms and permit donors to designate a specific dollar amount, a percentage of an estate or retirement plan, or a piece of property. Your attorney or financial planner can help you prioritize your gift for the greatest impact and most favorable tax benefits.

Bequest

Bequest made through your will do not affect your assets during your lifetime. You can also name the Wake Tech Foundation as beneficiary of a revocable trust or life insurance policy.

A bequest, a gift given through your will, can support the college far into the future. You can give a lasting gift without affecting your assets during your lifetime.
 
Kinds of Bequests
- Outright bequests go directly to Wake Tech when your estate is settled. Outright bequests can take several forms:

  • A specific dollar amount
  • A specific property (securities, real estate, paintings, antiques)
  • A residuary amount (some or all of your remaining estate after other bequests, debts, taxes, and expenses are paid)

- Contingent bequests go to Wake Tech only if your primary heir or heirs do not survive you.

- Testamentary Trust bequests fund a lifetime income for your beneficiary before the principal goes to Wake Tech.

- Benefits 

  • Qualified charitable gifts by will are fully deductible for federal estate tax purposes
  • Bequests can reduce the taxable portion of your estate and lower your estate tax bracket
  • Your assets remain available to you during your lifetime
  • You can establish a perpetual endowment fund in your own name or in honor of an another person
  • You can become a member of the Heritage Society

- Making a bequest to Wake Tech
You can make a bequest to Wake Tech by modifying your current will through a codicil or writing a new will. You can also name the Wake Tech Foundation as beneficiary of a revocable trust or life insurance policy.


*Consult with an attorney knowledgeable in estate planning before writing or revising your will.
 


Life Insurance

Life Insurance may be tax deductible if the Wake Tech Foundation is listed as beneficiary and owner of the policy.


Retirement Plans

Retirement Plans naming the college as beneficiary can minimize estate and income taxes on the plan.


Charitable Gift Annuities

Charitable Gift Annuities offer lifetime income and significant tax benefits. The donor makes a gift (cash or marketable securities) and the Foundation pays a named annuitant a fixed annual sum for life. When payments end, the principal passes to the Wake Tech Foundation. A deferred gift annuity allows a donor to give and qualify for an immediate charitable deduction, while postponing receipt of the income. 

A charitable gift annuity is a contract in which a donor gives the Wake Tech Foundation an irrevocable gift of cash or marketable securities, and the Foundation pays a named annuitant (or annuitants) a fixed annual sum for life. Payment is guaranteed by Foundation assets. The greater the age of the annuitants, the greater the sum paid by the Foundation; for example, an 80-year-old annuitant would receive a 7.1% annual annuity, and a 60-year-old would receive 5%. (For joint annuitants, the rate would be lower.) Because annuity payments typically include a return of principal, part of each payment is tax free; consequently, the annuity’s after-tax value is greater. Upon termination of payments, the Foundation uses the gift’s remaining principal for the benefit of the college. 

Deferred Gift Annuities

deferred gift annuity allows donors to give to the Foundation and qualify for a charitable deduction, while postponing receipt of the income until a future date – often their date of retirement. The greater the age of the annuitant at the time of the gift and the longer payments are deferred, the greater the sum paid by the Foundation. In most cases, part of the payment will be tax free, and the donor will pay only partial capital gains tax, spread over many years. Rates for a deferred gift annuity are generally quite good. 

Benefits

  • A guaranteed, fixed income for life.

  • Capital gains savings: If you fund your gift annuity with appreciated stock, you will pay capital gains tax on only part of the appreciation. If you name yourself annuitant, tax on the partial capital gains will be spread out rather than due in the year of your gift. 

  • Current income tax deduction: A portion of your gift is deductible in the year of your gift, based on the ages of the annuitants.

  • Higher return on existing assets: You can increase your return on low income-producing assets through a charitable gift annuity. 

  • Estate tax savings: Your estate may enjoy reduced probate costs and estate taxes.

Annuity Payments
The Wake Tech Foundation uses rates set by the American Council on Gift Annuities. The Foundation can help donors create sample gift scenarios showing the annuity rates they will receive, along with tax information. 

*Consult with your accountant, tax advisor and/or legal advisor before initiating or amending your financial investments.


Charitable Remainder Trust

Charitable Remainder Trust with Wake Tech as beneficiary allow you to retain an income while making a charitable gift. When these trusts end, the principal passes to the Wake Tech Foundation. Charitable remainder annuity trusts and charitable remainder unitrust are used most often. An attorney knowledgeable in estate planning can help you decide which is right for you.

A charitable remainder trust, or CRT, allows you to retain an income for yourself or others while making a charitable gift. There are two kinds of CRTs: the charitable remainder annuity trust and the charitable remainder unitrust.
Charitable Remainder Annuity Trust (CRAT).

To set up a CRAT, a donor transfers cash, securities, or other appreciated property into a trust. The trust makes fixed annual payments to you or to anyone you name, for your lifetime or for a fixed number of years. When the trust ends, the principal passes to the Wake Tech Foundation.
Charitable Remainder Unitrust (CRUT).

To set up a CRUT, a donor transfers cash, securities, or other appreciated property into a trust. The unitrust pays income to multiple beneficiaries for a lifetime or for a term of up to 20 years. The donor or the designated trustee manages the trust assets and pays you (or others you have chosen) a variable income for life or for a term of years. When the trust ends, the remaining assets are transferred to Wake Tech Foundation.
Benefits:

  • An immediate income tax deduction for a portion of your contribution to the trust
  • Protection from capital gains taxes
  • Stable, predictable income for life or a term of years for you or your beneficiaries
  • Trust assets are not counted as part of your estate for probate or estate taxes 

*Consult with your accountant, tax advisor and/or legal advisor before initiating or amending your financial investments.


Donor Stories

Learn about how other legacy donors have made an impact with their charitable gift planning.

CONTACT

All correspondence and consultations will be held in strictest confidence.

Roxanne's Photo
Roxanne Miller
Director of Development
919-866-5926
[email protected]
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Margaret (Meg) Stradling, CPA
Director of Finance
919-866-5924
[email protected]