The McCook College Foundation and North Platte Community College Foundation are offering the public tips for including foundations in estates ahead of National Estate Planning Awareness Week Oct. 16-22.
The week-long recognition was adopted in 2008 to help individuals understand what estate planning is and why it is a vital component of financial wellness.
According to the McCook and NPCC Foundations, bequests are deductible for federal estate tax purposes, and there is no limit to the amount of the estate tax charitable deduction an estate can take.
Bequests generally are not subject to state inheritance or estate taxes. In a large estate, the savings can be more than half the value of the bequest.
The easiest and lowest-cost way to make a deferred gift to a non-profit foundation is to include it in a will or revocable trust.
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A bequest can be made by creating a new will, adding a codicil to an existing will or including a foundation in a revocable trust.
Almost any kind of asset can be given through a bequest, including cash, securities, an interest in real estate — such as a residence, tangible personal property — such as works of art or antiques or the remainder of an IRA, qualified pension or profit-sharing plan.
It’s recommended that prospective donors consult an attorney about bequest options, such as residuary bequests, contingent bequests and testamentary trusts.
The National Association of Estate Planners and Councils provides a searchable directory of estate planning professionals on its website at naepc.org.
Gifts to the McCook/NPCC Foundations
Representatives from the McCook and NPCC Foundations are also available to provide additional information and work directly with their donors and their donors’ advisors.
Everyone who leaves a legacy to one of the college foundations is included in a planned giving society. The nature and size of gifts is kept confidential.
Bequests to the college have a tremendous impact. A wealth of opportunities for current and future college students can be made possible through a gift.
Legacies could start an endowment to fund scholarships in a preferred department, help construct and renovate campus buildings or make many other things possible.
Each bequest contributes to the school’s financial strength and ability to meet the needs of its students, faculty and educational programs. The continuation of such a tradition of remembrance ensures the college’s financial strength and academic excellence for many generations to come.
A donor’s testimony
Including the NPCC Foundation in her will was a no-brainer for Marilyn McGahan, the college’s former vice president.
“At the time my husband and I were updating our will, we decided we wanted to give back to the things that been an important part of our lives,” McGahan said. “I was associated with NPCC for about 40 years, so it was just natural to continue to support the college however I could.”
Her hope is that her bequest will help the college continue to grow and provide additional opportunities for students to further their education — whether that’s through scholarships or the addition of new resources or programs.
“I look at everything that’s happening on NPCC’s campuses — the expansion of the Health and Science Center, a new building for the electrical program, all the things that are going on to provide an education for people in our area — and it’s exciting,” McGahan said. “I want to be part of that future and part of the ability to enhance lives. I’ve gained so much from NPCC, and leaving a legacy is my way of showing that appreciation.”
Those interested in giving to the NPCC Foundation can contact Jacob Rissler, director of institutional advancement, at 308-535-3754 or [email protected].
Bequests to the McCook Foundation can be made through Jim Hall, director of administration, at 308-345-5233 or [email protected].
