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Planned Giving

The Tower Society (Planned Giving)
The Tower Society was established to recognize and honor those individuals who have provided for Catawba College through a planned gift. These commitments represent gifts that the college will receive in the future. Examples of planned gifts include charitable bequests through wills, gift annuities, charitable trusts, life insurance and other gift agreements.

Many of these gifts will ultimately increase the college's endowment and provide scholarship assistance for the growing student body. The donor may choose to direct the gift to support a specific program or department or may permit the college to apply the gift at its discretion.

Membership in The Tower Society is extended to those who have notified Catawba of their intent and have provided documentation of their estate planning.

 

Planned Giving Opportunities
Catawba's Planned Giving Program enables many donors to make substantial donations to the college that will complement their personal financial planning.

Such a donation can also have financial benefits to you. Planned Gifts can generate guaranteed income for your life; convert low-yielding assets to a higher income producer at a reduced capital gains cost; create significant income tax deductions; and reduce or eliminate estate taxes.

Many donors combine different types of planned gifts to produce the maximum advantage. A Catawba Development representative will be happy to meet with you and your financial planner to design a giving program that will benefit both you and Catawba.

For more information on Planned Giving, please contact the Development Office at (704) 637-4394.

 

Types of Planned Gifts

Bequests   
Giving through an individual's will is the most common type of planned gift and is important to Catawba's charitable support. These gifts can be made in the form of cash, securities, real estate and other ways. There are several types of bequests:

  • Specific bequest: a specific item is designated as a bequest which can be a certain amount of money or securities, a stated percentage or a piece of real estate.
  • Residuary bequest: after all expenses from the estate are paid and all other bequests are fulfilled, the remainder can be given to Catawba.
  • Contingent bequest: if bequests cannot be fulfilled for some reason, such as heirs do not outlive the donor, these designations can be given to Catawba.
  • Charitable bequest: a charitable remainder trust can be established through a bequest as well as other planned giving agreements.

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Charitable Gift Annuity   
A donor transfers assets to the college who, in turn, serves as the trustee of those assets and agrees to pay a fixed, regular amount for the life of the donor. This is essentially a contract to provide a fixed income for life.

Deferred Charitable Gift Annuity:
This gift is treated the same as a charitable gift annuity except the payment to the donor is deferred until a later date. In many instances it coincides with retirement.

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Charitable Remainder Trust   
A charitable remainder trust can be created during an individual's life or through a will. There are two types of charitable remainder trusts:

Charitable Remainder Annuity Trust:
a donor irrevocably transfers assets to the college who serves as a trustee of these assets. The college will, in turn, pay the donor and designated beneficiaries a fixed amount. Upon the death of the last beneficiary or when the term of the trust expires, the remainder assets are passed to the college for the purpose the donor previously determined.

Charitable Remainder Unitrust:
a donor irrevocably transfers assets to the college who serves as trustee of those assets. The college will, in turn, pay the donor and designated beneficiaries a percentage of the assets valued annually. This type of payment can act as a hedge against inflation as trust values usually increase in the long term. Upon the death of the last beneficiary or when the term of the trust expires, the remainder assets are passed to the college for the purpose the donor previously determined.

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Charitable Lead Trust    
A donor transfers assets to the college who serves as trustee for a term of years. The trust pays an annual amount, fixed or a percentage, to the college. Upon the completion of the term, the assets are returned to the donor or the beneficiaries. 
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Real Estate    
A donor can give the college their personal residence or farm through deed and continue to live there for life or a set number of years. Upon the death of the donor or last occupant, the property is transferred to the college for a previously determined purpose.
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Life Insurance
A donor can make a gift of life insurance by making the college owner and beneficiary of an existing policy or establishing a new policy.
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Gifts of Retirement Plans    
Created by favorable tax treatment, many retirement plans such as IRA, SEP, and 401(k) plans, can be subject to federal (and perhaps state) estate taxes.  Because of their previous favorable tax treatment, these retirement plans are not ideal assets for family members to inherit. By making Catawba College the beneficiary, estate taxes can possibly be avoided.  
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