Many financial assets, including life insurance, retirement plans (such as IRA accounts, pensions, annuities and 401K plans) and bank CD's, allow you to designate a beneficiary to receive the funds remaining in the account after your death.

Naming a charity, such as the SSCC Foundation, as the beneficiary of an account is an easy way to create a legacy gift. There is generally no need to change the terms of your will. The proceeds from the account are paid to the charity soon after your passing, avoiding the delay and potential expense associated with the probate process.

Simply contact the manager of your plan, policy or account and ask for a beneficiary designation form. In many cases you can even change your beneficiary by going online. Please contact us if you have any questions.

In cooperation with the Seattle Foundation, South Seattle Community College offers a popular and flexible gift annuity program that offers donors a chance to enhance their income and make a gift while enjoying significant tax benefits.

While securing a guaranteed lifetime income that won't shrink, you can also help South Seattle Community College deliver the very highest quality educational programs and training to meet students' needs.

Receive these and other benefits:

  • Fixed income for life
  • Partially avoid capital gains tax on appreciated assets used to fund the gift
  • Partially tax-free income
  • Current charitable income tax deduction


  • Single-Life Rates
    Age Rate % Age Rate %
    65
    66
    67
    68
    69
    70
    71
    72
    73
    74
    75
    76
    77
    6.0
    6.1
    6.2
    6.3
    6.4
    6.5
    6.6
    6.7
    6.8
    6.9
    7.1
    7.2
    7.4
    78
    79
    80
    81
    82
    83
    84
    85
    86
    87
    88
    89
    90 & over
    7.6
    7.8
    8.0
    8.3
    8.5
    8.8
    9.2
    9.5
    9.9
    10.2
    10.6
    11.0
    11.3
    (Two-life rates available. Subject to change.)

Learn more about charitable gift annuities. (If you have trouble opening this PDF document, please read PDF Help.)

Members of the development staff would be happy to provide you and your advisors with examples tailored to your personal goals. Please contact us.

To establish a charitable lead trust, donors transfer assets (generally cash or securities) to a trust that pays income from the fund to a charitable organization for a fixed number of years or for their lifetime. At the end of the designated time period, the trust terminates and the assets are given back to the donor or another person the donor names.

A charitable income tax deduction is available to the donor at the time of establishment of the lead trust. This giving vehicle can also help to lower estate and gift taxes that would otherwise be due on the assets. This option is especially attractive if you want to leave your children or grandchildren assets in the future, but not immediately.

Donors who establish a charitable trust and those who intend to make other forms of planned gifts are recognized as members of the SSCC Foundation's Legacy Club. They are invited to special events and given an honored place on our rolls of donors.

Members of the development staff would be happy to provide you and your advisors with examples tailored to your personal goals. Please contact us.

In a charitable remainder trust, donors transfer assets to a trust that invests the assets and then pays lifetime income to them, their spouse, or some other designated beneficiary. The donor selects the rate of return from these income arrangements and also chooses a fixed or fluctuating annual payment to be made to the designated beneficiaries. Most trusts are set up to provide income to the donor and spouse, but can benefit successive generations as well as non-family members. After the final beneficiary passes, the South Seattle Community College Foundation would be able to use the remaining funds in the trust to benefit students and programs at the College.

Charitable remainder trusts are helpful ways to assure a reliable stream of income for life - thereby reducing the risk that you might outlive your retirement assets - while still providing for a generous charitable gift in the future. The remainder trust can also be a way to provide for a surviving spouse, children or even grandchildren while minimizing exposure to estate and other transfer taxes.

A partial charitable tax deduction is available that can lower your income tax now; your gift will also avoid taxation in your estate in the future. As a further benefit of a charitable trust, capital gains tax may be delayed or partially bypassed. The trust does not pay tax on the accumulated capital gain, but a portion of the capital gain will be assigned to the income beneficiary as distributions are received from the trust.

Donors who establish a charitable trust and those who intend to make other forms of planned gifts are recognized as members of the SSCC Foundation's Legacy Club. They are invited to special events and given an honored place on our rolls of donors.

Learn more about charitable remainder trusts. (If you have trouble opening this PDF document, please read PDF Help.)

Members of the development staff would be happy to provide you and your advisors with examples tailored to your personal goals. Please contact us.

If you have owned an asset such as stocks or bonds (or in some cases, real estate) for more than one year and the asset has increased in value, a charitable gift can minimize taxes and leverage the full value of the asset.

By transferring the asset directly to a qualified charity, you may deduct the full fair market value of the asset at the time of the gift.

Consider this example: Mrs. Sample purchased a block of stock for $1,000 several years ago. Today the stock is worth $2,500. If Mrs. Sample transfers the stock directly to the SSCC Foundation, she will bypass the capital gains tax and in addition will receive a $2,500 tax deduction when she files her Form 1040 for this year.

For more information on gifts of appreciated assets, read brokerage instructions for gifts of stocks and bonds. (If you have trouble opening this PDF document, please read PDF Help).

The Pension Protection Act of 2006 created a new way to give to a favorite charity such as the South Seattle Community College Foundation. For the first time, donors 70 years old or older will be allowed to make direct transfers from their Individual Retirement Accounts (IRA’s) to benefit a charity.

This is a great way to benefit South and its students while enjoying significant tax benefits. IRA distributions are ordinarily subject at to federal income tax; but these distributions will be tax-free. Moreover, individuals who are 70 ½ or older are ordinarily required to take so-called minimum distributions (withdrawals) from their IRA each year. The charitable IRA rollover counts as a minimum distribution.

There are some restrictions:

  • The current law only allows IRA rollovers during 2006 and 2007. Your rollover must be completed by December 31 of the applicable year.
  • Charitable distributions are limited to $100,000. Couples can contribute up to $200,000.

If you are interested in making an IRA contribution or other form of charitable gift, please contact us.

Very few individuals decide one day to write a check for $100,000 or more to their favorite charity. But with life insurance, it effectively can cost very little to be so generous. Life insurance enables a charitable individual to make a substantial future gift by making small premium payments over time.

The advantages of funding a charitable giving plan with life insurance include prompt payment of death benefits to the Foundation; giving without disrupting other assets reserved for your family; and qualifying for income, gift and estate tax deductions. However, depending on the gifting strategy you choose, some of these advantages may not be applicable.

There are many ways to make a gift to the SSCC Foundation through life insurance. One of the simplest is to name the Foundation as a charitable beneficiary to receive all or a portion of the proceeds of a current policy. Simply contact your insurance agent and tell him or her of your wish either to replace the existing beneficiary or name an additional one to your existing, in-force life insurance contract. In this case, you can't deduct the premium payments from your income taxes, but you maintain control of the policy and could decide to change the beneficiary at any time. For wealthy individuals, designating a charity as beneficiary would also have the potential advantage of removing the insurance proceeds from their taxable estate.

You also may purchase a new policy naming the SSCC Foundation as the beneficiary. In this case, you also own the policy and pay the premiums. Again, you can't deduct the premium payments, but you maintain control of the policy and could decide to change the beneficiary at some point. Another very simple way to make a current charitable gift through life insurance is to donate policy dividends from cash values to the Foundation.

A third approach would be to give the SSCC Foundation outright ownership of a paid-up policy. In this case, the present value of the policy would be deductible in the year given.

An additional option is to make cash donations to the SSCC Foundation for the purpose of purchasing life insurance. Under this scenario you expressly direct the Foundation to use your gift to purchase insurance on your life. This provides you with a current income tax deduction for your gifts while the SSCC Foundation pays the premiums, maintains ownership of the policy and receives the proceeds of the policy upon your passing.

To learn more about making a charitable gift through life insurance, please contact us.

Here are five questions to consider:

  1. Do you have a vacation property or another parcel of land you are not using?
  2. Would you like your property to provide income for you?
  3. Would you like to avoid paying capital gains tax on the sale of your property?
  4. Would you like someone else to handle your property's sale?
  5. Would you like to support the mission of the South Seattle Community College?

If you answered yes to any of these questions, you may want to consider the fictitious scenario that follows: Al and Helen Jones own a piece of land that they purchased several years ago for $50,000. Today the property is paid for and is worth $200,000. They paid property taxes for years on the land and now could use some income for their retirement. They would like to sell the property and invest the proceeds, but the risk of hefty tax on the gains holds them back.

Al and Helen could use their real estate to fund a charitable trust that would avoid any tax on the sale of the property. What's more, once the property is donated to the trust, the SSCC Foundation (the trustee) arranges for the sale and handles the investments according to the written directions of the trust document. The trust will pay them, a lifetime income through quarterly payments. Since the property is donated to a charitable trust, the couple also receives a charitable tax deduction that may reduce their income taxes.

Like Al and Helen, you may own real estate that is paying little or no return. Perhaps you are interested in talking about the possibilities of using real estate to make a charitable gift that produces lifetime income. To learn more about making a charitable gift through real estate, please contact us.

By including the South Seattle Community College Foundation in your estate plan, you can create a legacy in the form of quality education. Some opportunities may provide significant tax advantages or offer ways to enjoy lifetime income while still providing for your charitable interests.

One simple way to help is to leave a gift to the college through your will or living trust. Many donors discover they are able to make more generous gifts from their estate assets than they can afford on a yearly basis during their life. They find it rewarding to know that after they pass, they'll leave a legacy in the form of educational opportunity.

A gift made by a will or living trust is often called a "bequest." There are several different ways to make a bequest. Many people simply designate a percentage of their estate to go to one or more charitable organizations. Some name specific property or a specific dollar amount. Still others name one or more charities to receive whatever remains in an estate after other heirs are provided for.

Learn more about wills and living trusts. (If you have trouble opening this PDF document, please read PDF Help.)

Your gift could be applied to the area of greatest need in the college - to areas such as scholarships, tutoring, student success and retention programs, or faculty development. At South, like other community colleges, we pride ourselves on being cost-efficient. The college would make every penny count! Or you could direct your gift to a particular program or use it to establish an endowed scholarship that would continue to support students in perpetuity.

Find sample bequest language you could include in your will or living trust. (If you have trouble opening this PDF document, please read PDF Help.)

Donors who include a gift in their will or living trust and those who intend to make other forms of planned gifts are recognized as members of the SSCC Foundation's Legacy Club. They are invited to special events and given an honored place on our rolls of donors.

Members of the development staff would be happy to provide you and your advisors with examples tailored to your personal goals. Please contact us.

Location:

Robert Smith Building
(RSB 1)
map

Hours:

Monday - Friday:
8 am to 4:30 pm

Phone:

(206) 934-5809

Fax:

(206) 934-5393
ATTN: Foundation

Email:

ssccfoundation@seattlecolleges.edu