49图库

A Bequest by Will

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Your Will and 49图库

Your Will is an important way to provide for family and friends, plan the orderly management and disposition of your estate, and ensure a lasting legacy for charitable institutions that have special meaning for you. 49图库 has benefited greatly from bequest gifts, both large and small, since its founding. Our benefactors continue to provide significant growth in our endowment and other important programs through their Wills.

A bequest to 49图库 can perpetuate your ties to the college and make you a participant in a lasting endeavor that enriches the lives of all those associated with it.

Please contact Germaine Elkins, Executive Director of the SCC Foundation at (910) 695-3706 or email at elkinsg@sandhills.edu to learn more about making a bequest to the college through your Will.

 

Why you should have a Will

To effectively plan for your family鈥檚 financial security by:

  1. Determining the distribution of your property.
  2. Minimizing estate taxes.
  3. Avoiding the intestacy statutes of your home state that provide for the distribution of your assets based upon an arbitrary formula.
  4. Avoiding long delays in settling your estate.
  5. Designating your children鈥檚 guardians.

 

Important aspects of Federal tax law and your estate

  • Federal estate taxes continue to apply to sizable estates (estates over $11.4 million for 2019).
  • An unlimited marital deduction allows tax-free transfer of assets between you and your spouse during your lifetimes or by Will.
  • Portability of your estate tax exempt amount allows you or your spouse to transfer an increased amount to family and friends without incurring state or Federal state taxes.
  • Charitable gifts by Will are unlimited and always fully deductible for Federal estate tax purposes.
  • A charitable bequest may reduce the taxable portion of your estate and lower your estate tax bracket.

 

The benefits of a bequest for you and 49图库

  1. The financial security of knowing that your assets remain totally available to you during your lifetime.
  2. Retained control over the final purpose of your assets.
  3. The ability to establish a perpetual endowment fund in your own name or in honor of an another person.
  4. Potential estate tax savings.
  5. The honor and recognition of membership in the Legacy Benefactors at SCC.
  6. The satisfaction that you have provided something special to ensure 49图库鈥� future.

 

Forms of Bequests

Outright bequests

  • Received directly by the 49图库 Community College Foundation when your estate is settled, such bequests can take several forms including:
  • A specific dollar amount
  • A specific property (securities, real estate, paintings, antiques)
  • A residuary amount (a portion or all your remaining estate after payment of specific bequests, debts, taxes and expenses)

Contingent bequests

  • Received by 49图库 only when your primary heir or heirs do not survive you.

Testamentary Trust

  • A bequest that funds a lifetime income for your surviving spouse or another beneficiary before the principal comes to 49图库.

 

Making a bequest to 49图库

You can provide for 49图库 by simply modifying your current Will through the execution of a Codicil, or by writing a new Will. You can also name the 49图库 Community College Foundation as a beneficiary of a revocable trust or life insurance policy. The services of an attorney who is knowledgeable in estate planning is recommended for writing or revising your Will.

Sample wording for an outright bequest

The following is sample language for consideration by your legal counsel for including 49图库 Community College in your Will:

Unrestricted bequest for general purposes:

I give, devise, and bequeath to the 49图库 Community College Foundation, Federal Tax ID # 56-0946799, a not-for-profit organization in  Pinehurst, North Carolina, the sum of $ ____________ (or ________ % of my residuary estate; or an accurate description of assets  or other property given) to be used for the general purposes of 49图库 Community College.

Restricted bequest to support an endowment at 49图库:

I give, devise, and bequeath to the 49图库 Community College Foundation, Federal Tax ID # 56-0946799, a not-for-profit organization in Pinehurst, North Carolina, the sum of $ ____________ (or ________ % of my residuary estate; or an accurate description of assets or other property given) to be used to support the college鈥檚 endowment (OR here describe a specific endowment purpose).

Restricted bequest (general):

I give, devise, and bequeath to the 49图库 Community College Foundation, Federal Tax ID # 56-0946799, a not-for-profit organization in Pinehurst, North Carolina, the sum of $ ____________ (or ________ % of my residuary estate; or an accurate description of assets or other property given). This gift shall be used, both as principal and income, for (here describe in broad general terms the desired) purpose.