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IRA charitable rollover

IRA Qualified Charitable Distributions (QCDs) or IRA Charitable Rollovers, as they are sometimes called, are an increasingly popular way for donors 70 ½ or older to support Albion College. You can make up to $105,000 in tax-free charitable distributions annually, lowering your taxable income, and, if you’re age 73 or older, helping you to meet your minimum distribution requirement or RMD.

Real estate

Real estate can be given to Albion College, and it serves as a means of strengthening the College while leaving your bank account untouched. When you transfer ownership of an appreciated property you have held for longer than a year, you qualify for a federal income tax charitable deduction — eliminating capital gains tax.

There are multiple benefits to giving real estate to Albion College. You are no longer obligated to cover costs associated with ownership of the property, including maintenance, property taxes, insurance, etc., and you can eliminate capital gains tax on its appreciation. Additionally, the process can be simple to complete; you can deed the property directly to the College or include it in your will or trust agreement.

The giving of real estate to Albion College comes in many forms, each with its own benefits and terms. Here are some additional ways to transfer ownership of a property to the College:

  • Retained life estate — Transfer your personal residence or farm to Albion College while retaining the right to occupy the property until the end of your lifetime. You will continue to cover all associated costs with maintaining the property (such as taxes, maintenance, insurance, etc.).
  • Deferred charitable gift annuity — Donate your property in exchange for reliable payments for life for you or another person of your choosing. You will receive a federal income tax charitable deduction in the year you establish the gift annuity.
  • Charitable remainder unitrust — Exchange any type of appreciated real estate (that you have owned for more than one year) for a reliable income stream for life or up to 20 years. Consult your estate planning attorney for more information.
  • Charitable lead trust — This type of gift operates for a set term, typically for your lifetime. The trust will make payments to the College for the duration of the term; once the trust has reached the end of its term, the remainder of the trust is distributed to family members or any other non-charitable beneficiaries.
  • Bargain sale — Sell your property to Albion College for less than its fair market value and the difference will be considered a gift to the College.
  • Memorial or endowed gift — An endowed gift of real estate becomes a part of the College’s endowment and is invested, generating an annual distribution that can be designated to the purpose of your choosing. The principal remains intact and, thus, supports the fund and honors a loved one in perpetuity.
  • Donor-advised fund — Also known as a DAF, this gift allows you to avoid capital gains taxes and may qualify you for a federal income tax deduction based on the fair market value of the property.

Endowed gifts

Endowment assets are invested, and a distribution is paid out each year based on the value of the fund with any excess in earnings being reinvested to provide support in perpetuity. These gifts can be used by Albion College for addressing immediate needs while simultaneously helping to build a foundation of financial stability and wellbeing for the future.

Wills and living trusts

Albion College relies on the generosity of its alumni and philanthropic partners to maintain operations and continue providing an exceptional liberal arts education. When you include Albion College in your will or living trust, you are making a promise to give future Britons access to the experiences you cherished deeply — and all it takes is a single sentence.

Beneficiary designations

Designating Albion College as a beneficiary gives you more than just the satisfaction of supporting future Britons; it can also give you access to assets such as IRAs and retirement plans, life insurance policies, commercial annuities and more.

Naming Albion College as a beneficiary is simple, and you can choose to withdraw your designation at any time. To make the designation, you can request a change-of-beneficiary form from your retirement plan administrator or financial institution. Completing and returning the form will ensure your legacy has a lasting impact at Albion College.

Memorials and tribute gifts

Memorial and tribute gifts are purposeful ways to honor loved ones who have been impacted by Albion College. Establishing such a gift means you can support Britons while also showing adoration for and paying tribute to someone who has similarly made an impression on your life.