Bequest, Insurance, Other Estate Plans
Put Phillips Community College in your will. Name the Foundation as beneficiary of Qualified Retirement Plans or IRA’s and /or as the beneficiary of a checking or savings account, bonds or certificates of deposits.
- One of the easiest ways to make a gift is to designate the PCC Foundation as the primary or co-beneficiary of a policy no longer needed for its original purpose. A simple phone call or visit to your local agent asking her or she to help you make the change of beneficiary is all it takes.
- Many people make major gifts through a bequest in their will. Bequests are fully deductible from your estate, thus reducing your tax liability. Your estate saves taxes and the PCC Foundation receives the full amount of your bequest.
Bequests fall into four general categories:
- Specific Bequest-Provides a specified dollar amount, a specific asset, or a percentage of the estate.
- Residuary Bequest-Provides the PCC Foundation the balance of your estate after other obligations of the estate have been met. This allows you to take care of your family and friends first.
- Contingent Bequest-Provides a gift to the PCC Foundation only in the event of the prior death of another beneficiary.
- Testamentary Trust-Postpones your gift to the PCC Foundation allowing you to support the financial needs of other beneficiaries. Trust assets can provide income for a surviving spouse with the principal paid to the PCC Foundation upon the death of the surviving spouse.