The most popular planned gift is the charitable bequest. All bequests – large or small – can have a significant impact on our programs and our students. When you make a charitable bequest, you retain full use of your property during life. There is no disruption of your lifestyle and there are no immediate out-of-pocket costs.
Through various types of bequests to Franklin College, you may secure a charitable estate-tax deduction for the value of the gift. Best of all, you will know that your generosity will support our mission for years to come.
Some helpful advantages of bequests include the following:
- Bequests are flexible and easy to prepare for inclusion in your original will or trust, or as an amendment or codicil to your will or trust. We realize that wills and trusts are often reviewed by you to account for changes in your estate value, personal needs of you and loved ones, and your charitable interests.
- Bequests may, and often do, establish lasting memorials in honor of the donor or family members.
- Bequests may establish permanent endowment funds that provide perpetual scholarship aid, faculty chairs, program support, etc.
- Bequest gifts qualify for the unlimited estate tax charitable deduction, which means every single dollar is deductible for estate tax purposes.
- Bequests of certain assets such as retirement plan benefits (IRAs, etc.) and U.S. Savings Bonds offer two significant tax advantages: avoidance of income tax for heirs and an unlimited estate tax charitable deduction.