Planning for you, your family and The BKSTEPPERS
You can make a lasting contribution to future generations by designating The BKSTEPPERS as a beneficiary of your estate plan through a bequest, charitable trust, retirement plan or insurance policy. By doing this, you can make a significant gift to the BKSTEPPERS to assure its future – while also possibly providing tax benefits for yourself and your family.
Unless you designate otherwise, all planned gifts will be added to the BKSTEPPERS’ board-designated endowment, when received, to ensure that your gift supports the BKSTEPPERS in perpetuity.
Planned giving offers many potential benefits:
- Generate a high and secure income for life
- Earn higher income while avoiding capital gains taxes
- Provide an income stream to family and loved ones
- Increase your retirement income
- Pass more of your wealth and assets to your family and loved ones
- Realize a substantial current-year income tax charitable deduction
- Reduce or eliminate your estate tax burden
- Leave a charitable legacy for future generations
And much more…
How do I make a planned gift to the BKSTEPPERS?
It is advisable to talk to your personal financial advisor before making any decisions about your finances. But here are some examples:
- You can make a gift that costs nothing during your lifetime.
- You can allocate a gift to The BKSTEPPERS from your annual IRA distributions
- You can get a periodic payment Charitable Gift Annuity in return for your gift.
For information about designating a gift to the BKSTEPPERS, please contact us at 347-230-8460 or firstname.lastname@example.org
How It Works
- Include a bequest to the BKSTEPPERS in your will or trust.
(Click here for sample language for your will.) link to sample bequest page
- Make your bequest unrestricted or direct it to a specific purpose.
- Indicate a specific amount, or a percentage of the balance remaining in your estate or trust.
- Your assets remain in your control during your lifetime.
- You can modify your gift to address changing circumstances.
- You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).
- Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.
From Your Retirement Plan
How It Works
- Name the BKSTEPPERS 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 BKSTEPPERS after your death.
- Avoid the potential double taxation your retirement savings would face if you designated them to your heirs.
- Continue to take regular lifetime withdrawals.
- Maintain flexibility to change beneficiaries if your family's needs change during your lifetime.
How It Works
- You transfer cash or securities to the BKSTEPPERS. Our suggested minimum gift requirement is $10,000.
- The BKSTEPPERS pays you, yourself and a spouse, or any two beneficiaries you name, fixed income for life.
- Beneficiaries are recommended to be at least 65 years of age at the time of the gift.
- The remaining balance will be applied by The BKSTEPPERS to the purpose you stipulated, when you signed the annuity contract.
- Receive dependable, fixed income for life in return for your gift.
- In many cases, receive payments at a rate higher than the interest you are currently receiving from stocks, CDs, or savings accounts.
- Receive an immediate income tax deduction for a portion of your gift.
- A portion of your annuity payment will be tax-free.
Sample Bequest Language
Sample Gift Language for your Will or Revocable Living Trust
A gift to the BKSTEPPERS in your will or revocable trust enables you to support our mission and make a difference in the lives of future generations. A bequest:
- is easy to arrange.
- will not alter your current lifestyle in any way.
- can be easily modified to address your changing needs.
Residual Gift Language
A residual bequest comes to us after your estate expenses and specific bequests are paid:
I give and devise to the BKSTEPPERS located in Brooklyn, NY, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).
Specific Gift Language
Naming the BKSTEPPERS as a beneficiary of a specific amount from your estate is easy:
I give and devise to the BKSTEPPERS located in Brooklyn, NY, the sum of $___________ (or asset) to be used for its general support (or for the support of a specific fund or program).
Contingent Gift Language
The BKSTEPPERS or its affiliates can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:
If (insert name) is not living at the time of my demise, I give and devise to the BKSTEPPERS located in Brooklyn, NY, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).
Retirement Plan Beneficiary Language
You may name the BKSTEPPERS as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.
Naming The BKSTEPPERS as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming The BKSTEPPERS as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor's death the plan passes to support The BKSTEPPERS free of both estate and income taxes.
Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change-of-beneficiary form from your plan administrator. When you have finished, please return the form to your plan administrator and notify The BKSTEPPERS Community College. We can also assist you with the proper language for your beneficiary designation to The BKSTEPPERS.
If you or your attorney would like The BKSTEPPERS to provide you with customized beneficiary language that is specific to your goal and interest, please contact us at 347-230-8460.