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Leaving Your Legacy

Are you set to graduate from Sussex County Community College this year??

 

Consider donating to the Class of 2014 Scholarship and leave your legacy. The Foundation gives out over 200 scholarships a year to the students at Sussex County Community College.  Click the picture above to make your contribution count today!!

If you would like more information, feel free to contact us at (973) 300-2121 or by email foundation@sussex.edu .

 

 

“The best use of life is to invest it in something which will outlast life.” – William James

Ways to Give to Sussex County Community College – Without Writing a Check!

  1. Wills – You may appreciate the purpose of SCCC, but are financially unable o contribute at the level you would like during your lifetime.  For you, bequeathing personal assets through a will to the Sussex County Community College Foundation may be the most appropriate way to contribute.   Cash, securities, real estate, or other assets may be contributed through your will.  Your bequest may be designated as a specific amount or as a percentage of your estate.  The value of your total gift is deducted from your estate prior to computing estate tax.
  2. Life Insurance – Gifts of life insurance may be made to the SCCC Foundation for annual operations, capital purposes, or to fund a scholarship or endowment.  If a fully paid policy is donated, its value is equal to the policy’s replacement cost.  The value of a partially paid policy approximates its cash surrender value.  In either case the College Foundation is the beneficiary of your policy, all premiums are fully tax deductible.  This is an excellent way to give a substantial gift with only a small sum of money.
  3. Retirement Plans – An increasing number of donors are choosing to leave their retirement plans to charities, while passing on other non-taxable assets to their heirs.  By naming the Sussex County College Foundation as a beneficiary of your retirement plan (e.g. 401k, IRA, etc.)  you completely avoid the income tax that would have to be paid on retirement plan assets if they went to your heirs.
  4. Annuities – Similar to life insurance.
  5. Appreciated Assets – Gifts of appreciated securities which have long-term capital gains, and have been held for more than one year, offer definite tax advantages.  A Charitable deduction is permitted for the fair market value of the securities on the date your gift is made.  You pay no capital gains taxes on the appreciation when making the gift and the Foundation pays none when the securities are sold.  Therefore, the actual cost of the gift to you may be considerably less than the value of the contribution.
  6. Property/Land – Similar to appreciated securities, appreciated real estate can leverage your donation to the College Foundation.
  7. Charitable Remainder Trust – CRTs irrevocably transfer property (cash, securities, real estate) in trust to the College Foundation.  An outside trustee safeguards and manages your assets in the trust so that the income from the trust can supplement your current income.  Upon your death, the assets in he trust either belong to the College Foundation, or the Foundation can choose to continue receiving the income stream.
  8. Charitable Lead Trust – Similar to a CRT; however, the College foundation receives the income stream generated by the trust while you are still living.  Upon your death, the trust assets are transferred to a non-charitable beneficiary with significant tax advantages.
  9. Pooled Income Fund – Similar to a CRT, however, smaller gifts from separate donors are co-mingled for investment purposes.  In return, each named beneficiary receives an annual proportionate share of the net income earned by the fund.

Any of these giving options should be coordinated with your attorney, accountant, and/or financial advisor.

Any of these gifts can become an enduring tribute to a family member or other loved one, and be used to commemorate or memorialize an event such as a birthday, anniversary, or graduation.
We realize that making a planned gift to Sussex County Community College is a major personal decision.  Foundation staff and volunteer financial planning volunteers are available to assist you, and your advisor(s), in determining the most appropriate gift for your circumstances, and to assure that your gift is used as you intend.

For additional information about Planned Giving options, or to schedule an appointment to discuss your plans, contact the Foundation Office at 973-300-2124 or email kdimaria@sussex.edu .