For more information, please contact Elizabeth Sheppard at (478) 387-4840, or e-mail ESheppar@gmc.cc.ga.us

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Through planned giving, donors receive assistance in establishing gifts that will help Georgia Military College for generations to come. Planned gifts can be arranged in a number of ways, including wills, trusts, insurance, and gifts of property. With proper planning, you can make wonderful gifts in support of the college while maintaining or even improving your financial status. It is actually possible to make gifts while increasing income for yourself and/or loved ones, providing for inheritances, and reducing or eliminating income, gift, and estate taxes.

Planned gifts are gift arrangements that have specific tax advantages and often include lifetime income to a beneficiary or beneficiaries named by the donor. Donor benefits could include income, estate and capital gains tax savings; retention of income or increased income; and potential to make a larger gift to the GMC Foundation compared to making an outright gift or pledge while living.

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Bequests
If you plan to make a charitable gift by will, please think it through carefully. You will want to consider some accepted ways of making a bequest and discuss them with your attorney as you prepare to update your will.

• Unrestricted bequest - A gift for the school’s general purposes. A gift like this, without conditions attached, is frequently the most useful, as it allows us to determine the wisest and most pressing need for the funds at the time of receipt.
  "I give, devise, and bequeath to the Georgia Military College Foundation the sum of $______ to be used for the general purposes of the Foundation."
• Restricted bequest - A type of gift allowing you to specify how the funds are to be used, for example, for a special purpose or project you have discussed to make certain your intent can be carried out.
  "I give, devise, and bequeath to the Georgia Military College Foundation the sum of $______ for (state purpose)."
• Residuary bequest - A gift of all the “rest, residue and remainder” of your estate after all other bequests, debt, and taxes have been paid.
  "I hereby give, devise, and bequeath the residue of my estate, both real and personal, to the GMC Foundation." OR "I give, devise, and bequeath to the Georgia Military College Foundation an amount equal to ____ percent (____%) of the value of my estate at the date of my death."
• Honorary or memorial bequest - A gift given "in honor of" or "in memory of" someone.
• Endowed bequest - A gift which allows you to restrict the principal of your gift, requiring the GMC Foundation to hold the funds permanently and use only the investment income they generate. Creating an endowment in this manner means that your gift can continue giving indefinitely.

We hope that you will let us know when you have named the Georgia Military College Foundation in your will. We would very much like the opportunity to thank you for your generosity. Please call Elizabeth Sheppard, Vice President for Advancement, at (478) 387-4840, or e-mail ESheppar@gmc.cc.ga.us, for more information.

Charitable Gift Annuity
A gift annuity is a simple, contractual agreement between one or two donors and the GMC Foundation in which you transfer assets to us in exchange for our promise to pay you an annual premium.

By donating through a gift annuity, you can (1) contract for a fixed payment for yourself or yourself and another individual, if you choose, and (2) make a gift to the GMC Foundation. If you itemize deductions on your tax return, savings from the charitable deduction reduce the net cost of the gift.

A charitable gift annuity provides the donor with income in a fixed amount every year for life, with no investment responsibilities. In exchange for an irrevocable gift of cash or securities, then, you will receive a charitable deduction in the year of the gift, as well as fixed income payments, part of which may be tax exempt for life.

After your lifetime, and that of another beneficiary if you wish, the annuity will terminate and the assets remaining in the trust will be available to support our mission.

Charitable Remainder Trust
When you create a charitable remainder trust, you irrevocably transfer money, securities or other assets to a trust that will then pay you an income for life or for a period of years. If you wish, the trust can also pay an income to another beneficiary of your choice. At the death of the surviving beneficiary, the remaining principal in the trust goes to the GMC Foundation.

You can design your trust to fit your own special needs. First, you decide how much you’d like to put into the trust. Second, you determine the income you’d like to receive from the donated assets, usually at least 5 percent. Third, you decide which type of charitable remainder trust will work best for you. Your own professional advisors will be of great assistance in selecting the type that is best suited to your wishes.

If you’re looking for an advantageous way to benefit you now and help us later, a charitable remainder trust is an ideal solution. With the counsel of your legal and tax advisors, a trust can be tailored to your personal circumstances.

Charitable Lead Trust
Charitable lead trusts help donors make substantial charitable gifts over several years while having trust assets either returned to the donor or passed partially or entirely free of estate and gift taxes to family members. The foundation receives its gift in the form of payments from the trust over a period of years. At the end of the period, which is designated by the donor, assets used to fund the trust are returned to the donor or to the donor’s heirs, usually with significant estate tax savings. Income, estate and gift taxes do vary, however, depending on the type of lead trust established. Because there are many issues to consider when contemplating the establishment of a charitable lead trust, consultation with a financial and legal adviser to establish the trust is necessary.

Retained Life Estate
One of your valued possessions, your home, can become a valued gift to the Georgia Military College Foundation even while you are still living in it, and even if you want your spouse or other person to live there for life. This arrangement is called a retained life estate.

Essentially, you would transfer ownership of your residence to the foundation, retain the right and enjoyment of the property for life, and receive an immediate income tax charitable deduction. Responsibility for maintenance, insurance and taxes remains with the donor until his or her death, and the death of the spouse, if so designated, at which time the foundation receives the property.

Life Insurance
If you have a life insurance policy you no longer need, you could contribute it to a charitable cause, such as the Georgia Military College Foundation, in which you believe. Purchasing a new policy and naming the GMC Foundation as owner and beneficiary is another possibility. This often makes a significant future gift feasible and affordable.

Life insurance is often an overlooked method of giving. Such a gift can be as simple as making the GMC Foundation a beneficiary of the policy, or with the assistance of the insurance company or agent, making the foundation both the owner and beneficiary of the policy and utilize the tax and estate planning benefits. If the foundation is both the irrevocable and beneficiary, premiums paid on the policy are tax-deductible gifts.

Maybe you are considering a sizable bequest to the GMC Foundation, provided your family’s future inheritance is not affected. Life insurance can play a part in meeting this goal, too, by replacing for your heirs the amount donated.

As in all types of gift planning, it is important to solicit the advice of a skilled professional with expertise in law, taxes and insurance as you consider and formulate such a gift.

Qualified Retirement Plans
The GMC Foundation may be designated as the beneficiary of remaining retirement assets in plans such as an IRA or 401(k) at the time of death. Because of potentially varying tax implications, the advice of a qualified professional is important as you consider such a planned gift.