You may include the College in your will for a specific amount, a percentage of your estate, or a remainder gift after bequests to other interests have been paid. This may be done by simply adding a codicil to your existing will. A bequest provides an estate tax deduction for the donor. The staff in the Office of Institutional Advancement at Watkins can assist you in documenting your intention to strengthen Watkins College of Art, Design & Film with a gift from your estate.
This option allows you to make a substantial gift to Watkins College of Art, Design & Film. When you make Watkins the owner and beneficiary of a new policy, your premium payments are fully deductible, and the policy’s value is not part of your taxable estate. With an existing policy, you are entitled to an immediate income tax benefit. Or, you can name Watkins as the policy beneficiary for a federal estate deduction for the entire amount at your death.
A variety of Charitable Trusts allow income-tax deductions and add to your current income for yourself and/or a beneficiary, while also giving you the satisfaction of making a substantial gift to Watkins. Trust may provide fixed payouts, or variable annual payments to the donor. A trust may be funded with cash, appreciated securities, or real estate.
Real Estate Gifts with Retained Life Interest
With a gift of property, you can continue to live at a personal residence and avoid future capital-gain tax on the property’s appreciation when you make the property a gift to Watkins College of Art, Design & Film.