Planned Gifts
Consider including the Cape Fear Community College in your estate planning.
Planned or estate gifts benefit you as well as those students we serve. Your charitable contributions can maximize your personal goals while minimizing your tax costs.
We are able to accept a variety of planned gifts. Please call us at 910-362-7866 if you have any questions or would like to discuss the best way for you to include CFCC’s students as a part of your legacy goals.
Please consult a legal and/or tax advisor to determine the array of benefits for you and your family.
If you have already included us in your estate plans, please complete and mail this Declaration of Support Letter to us so that we may ensure your intention and legacy, which will help the CFCC Foundation to improve more lives through education and training.
Will and Trust Gifts
- Include your bequest to the CFCC Foundation in your will or trust.
- Make your bequest unrestricted or direct it to a specific purpose, at your discretion.
- Indicate a specific amount or a percentage of the balance remaining in your estate or trust.
The following is an example of suggested language to include in your will/trust:
“I give, devise, and bequeath to Cape Fear Community College Foundation, Tax I.D. # 58-1308578, with principal offices presently located at 411 N Front St, Wilmington, NC 28401, the sum of $_______ (or _______%) of my estate, to be used for the accomplishment of its general purposes (or for a specific purpose as indicated), and is to be recorded as a donation from ____________________(name for legacy recognition)”.
If your bequest is restricted for a particular purpose, it is advisable to include language that enables the CFCC Foundation to use your gift, despite any unforeseen changes:
“If, in the opinion of the CFCC Foundation, all or part of this fund cannot be usefully applied to the intended purpose, they may use the same for any purpose that in their opinion will most nearly accomplish the intention of my estate gift.”
Benefit to You
- Your assets remain in your control throughout your life.
- You can direct your bequest to a particular purpose (please check with us to make sure your gift can be used as you would like).
- Currently there is no maximum on the estate tax deduction for your charitable bequests.
Charitable Trusts
- You contribute securities or other appreciated assets to a charitable lead trust.
- The trust makes fixed annual payments to the CFCC Foundation for a period of time.
- When the trust terminates, the remaining principal is paid to your heirs.
Benefit to You
- Reduction in the ultimate tax cost of transferring an asset to your heirs.
- The amount and term of the payments to the CFCC Foundation can be set so as to reduce or even eliminate transfer taxes due when the principal reverts to your heirs.
- All appreciation that takes place in the trust goes tax-free to the individuals named in your trust.
- You transfer cash, securities, or other appreciated property into a trust.
- The trust makes fixed annual payments to you or to the beneficiaries that you name.
- When the trust terminates, the remainder passes to the CFCC Foundation to be used as you have directed.
Benefit to You
- Receive income for life or a term of years in return for your gift.
- Receive an immediate income tax deduction for a portion of your contribution.
- Pay no upfront capital gains tax on appreciated assets you donate.
- Your trust can meet personal or family needs that are tied to a specific timeframe, such as tuition payments.
- You transfer cash, securities, or other appreciated property into a trust.
- The trust pays a percentage of the value of its principal, valued annually, to you or the beneficiary(ies) you name.
- When the trust terminates, the remainder passes to the CFCC Foundation to be used as you have directed.
Benefit to You
- Receive income for life or a term of years in return for your gift.
- Receive an immediate income tax deduction for a portion of your contribution.
- Pay no upfront capital gains tax on appreciated assets you donate.
- You can make additional gifts to the trust as your circumstances allow for additional income and tax benefits.
Retirement Plans
- Name the Cape Fear Community Foundation as a beneficiary of your IRA, 401(k) or other qualified plan.
- Designate us to receive all or a portion of the balance of your plan through your plan administrator.
- The balance in your plan passes to the CFCC Foundation after your passing.
Benefit to You
- Avoid the double taxation your retirement savings would incur if you designated your heir(s) as beneficiary(ies).
- Continue to take regular lifetime withdrawals.
- You can revoke us as a beneficiary if your family’s needs change.
Life Insurance Policies
- You can provide now a future gift to the Cape Fear Community College Foundation by naming us the owner and beneficiary of a life insurance policy. You may also choose to make the Foundation solely a primary, secondary, conditional, or residual beneficiary of the policy.
- You make annual gifts to the CFCC Foundation in the amount of the premium payments.
- When the policy matures the proceeds are paid to the CFCC Foundation, and we apply them to the program you have designated.
Benefit to You
- You can make a significant gift from income instead of capital.
- All of your gifts to offset our premium payments are fully deductible.
