The Pines Heritage Society
The Society
The Pines Heritage Society honors the thoughtful generosity of those individuals who have remembered the University in their will or have a gift planning instrument with the institution, or other estate planning program.
Friends and alumni who have remembered Concord University in their estate plans are securing the long-term growth and financial stability of the University for generations of students yet to come.
Purpose
• To help perpetuate quality higher education at Concord.
• To appropriately recognize alumni and friends who have made financial provisions for the University in their estate plan.
• To broaden long-term support for the University and ensure continuity of opportunity for students seeking a quality education.
• To encourage greater understanding of the mission of Concord University, its purpose and goals, through informative programs, publications, and events.
Membership
Membership in The Pines Heritage Society is be open to all alumni and friends who have provided for the University in their estate plan. Written permission will be sought prior to publication of a membership listing. It is a cliche worth repeating: mighty pines grow from tiny seedlings.
Charitable Gift and Estate Planning
Bequests
The unlimited estate tax charitable deduction encourages such gifts by reducing federal estate tax. Charitable bequests can take several forms: specified amount of cash specific piece of property residuary estate after all expenses, debts, taxes and specific bequests are satisfied percentage of the residuary estate contingent bequest (when named beneficiaries are deceased or disclaim their bequests).
Revocable Living Trust
Trusts created during one's lifetime which are fully revocable can include a gift to the University of a specific amount of cash, a specific property, a percentage of the trust assets or the residue of the trust assets after providing for other named beneficiaries.
Life-Income Gifts
Special arrangements enable the donor to receive income and for another designated person, such as an elderly parent, a child or your spouse. By itemizing deductions, the donor receives a charitable income tax deduction, while avoiding or substantially reducing capital gains tax on the sale and reinvestment of highly appreciated, but low-yield, assets used to fund the life-income gift. Such life income gifts include:
You may transfer cash, securities, and/or real estate to an irrevocable trust which then pays you income -- usually for your lifetime. You can choose either fixed payments based on the value of the assets when the trust is created or a variable income stream based on the value of the trust each year.
You may transfer cash and/or securities or real estate to the University and receive a fixed annuity for life. The transaction is part charitable gift and part the purchase of an annuity. Charitable gift annuities can be either immediate or deferred, so that donors can begin receiving their annuity payments at some specified time in the future, while immediately receiving a charitable income tax deduction.
You may wish to deed a personal residence or farm to the University now but retain the legal right for you and a survivor to live there for life. An income tax deduction is available immediately and all the estate tax savings of a charitable bequest also are retained.
If you contribute real estate or securities held for longer than one year, your income tax charitable deduction will be based on the asset's full fair market value. You also avoid all capital gains tax on the property's increase in value at the time the charity sells the asset. When giving securities, your broker can electronically transfer the securities to the University.
You can designate the University as the beneficiary of either a new or paid-up policy. No income tax deduction is generated, but there will be no estate or gift tax on the value of the gift to the University. You can also name the University as a contingent beneficiary, should your primary beneficiary not survive you. Or, you can make an irrevocable assignment of ownership of an insurance policy to the University, receiving an immediate income tax deduction based on the lesser of the policy's value or the net premiums paid. You also may receive additional income tax deductions for future contributions to the University for the payment of premiums.
When donating such items as appreciated works of art, antiques or books, your deduction is based on the fair market value, providing the University's use of the property is related to its educational function. Otherwise, the deduction is based on the lesser of your cost basis or fair market value.
When you sell assets such as long-term appreciated securities or real estate to the University at a price below fair market value, you have made a gift of the difference between the value and the sales price received. A pro rata portion of any capital gains tax is avoided on the transaction.
Assets can be transferred to an irrevocable trust, which then makes payments to the University for a stated term. Trust assets can be returned to you at the end of the trust term or you can designate other individuals, such as younger family members, to receive the trust assets. Gift or estate tax is reduced or even eliminated on the transfer of property to other family members. (It is important that your own tax advisor assess potential generation skipping tax consequences before proceeding.)
* CASH
Cash gifts are deductible up to 50 percent of your adjusted gross income, if you itemize deductions.
The University provides professionals to assist you in planning your gift. Recognizing the highly private nature of such planning, all inquiries and communications are held in strictest confidence. Direct all correspondence to:
Office of Development
Concord University
PO Box 1405
Athens, WV 24712
1-304-384-5317
Fax: 1-304-384-5165
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