Charitable bequests allow you to contribute to PCC without giving away assets you may need during your lifetime. We can provide you and your legal advisor with language to include in your will that ensures that your wishes will be carried out. As with any gift, you can designate a program to support, or you can make an unrestricted bequest and let PCC determine the best use for the donation. It is helpful if you inform the Pasadena City College Foundation of your bequest so the college can assure you that your gift is properly structured and can be used as you wish. We honor those who remember PCC in their wills with membership in the Lancer Legacy Society.
Bequests of Cash and Real Property: Designate the Pasadena City College Foundation as the beneficiary of either a specific legacy or a bequest that is a fixed percentage of your estate. If your first priority is your family's well being, make your gift contingent on other conditions of the will being fulfilled before the foundation receives a gift. You can also bequeath the assets that remain after other bequests are met. Your estate receives the benefit of freedom from federal estate taxes for the full value of the gift. If your needs change, you can alter a bequest at any time by signing a new will or amending your will or trust.
Retirement Plans: Assets you hold in individual retirement accounts, such as IRA's or Keoghs, can be bequeathed to the PCC Foundation. By bequeathing such retirement assets to a charitable institution, the legacy escapes both deferred income tax and estate tax that come due if the assets are transferred to individuals.
Life Insurance. A gift of life insurance that you no longer need is another way to fulfill your charitable goals. You can receive a current income tax charitable deduction when you assign ownership of a policy to the Pasadena City College Foundation and name the foundation as beneficiary of a life insurance policy. If the policy is not fully paid-up, you can take a deduction for the annual premiums. Even if you wish to continue to hold your life insurance policy, you can still name the PCC Foundation as a beneficiary or a contingent beneficiary of the policy.
Establishing an Endowment. Endowments are permanent funds from which only income may be used. Endowments can be extremely rewarding gift opportunities because they offer the satisfaction of knowing that your gift will continue to support Pasadena City College forever.
For information on Remembering PCC in Your Estate Planning, call the Foundation offices at (626) 585-7065 or send an email to firstname.lastname@example.org.