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Planned Gifts

Planned and Life Income Gifts are tools for making significant gifts to Olivet College in ways that can have considerable tax advantages for the donor. Estate planning enables donors to leave a legacy at Olivet and support future generations of students. Planned gifts can also allow our alumni and friends to fulfill their financial and estate planning goals.

A basic list of planned giving options follows:

Bequest

Many individuals choose to include Olivet in their will, providing for a full, percentage or a fixed dollar amount of their estate to be transferred to the college. Any bequest you make can be designated to a specific area or program within Olivet.

For recommended bequest language for wills and trusts, please contact the Office of Advancement at advancement@olivetcollege.edu or 269.749.7630.

Life Insurance
Some donors choose to make Olivet the beneficiary of an existing life insurance policy. Others choose to name Olivet as the owner and beneficiary of an existing policy as they continue to pay the remaining premiums. This type of arrangement provides significant tax advantages. Others make Olivet the owner and beneficiary of a paid-up life insurance policy, a type of gift that provides even greater tax advantages and has an immediate impact on the college.
Retirement Plan Gift
Donors can name Olivet as the primary beneficiary of a 403(b), 401(k) or other tax-deferred retirement plan. The IRS regulations do not assess any estate taxes at the time of death if such plans are given to a charity, such as Olivet, versus significant estate taxes if the retirement plan goes to a family member.
Real Estate Gifts and Gifts of Intellectual Property
Many alumni and friends of Olivet College own real estate, land or valuable art work that may be transferred to Olivet for the purpose of making a gift to a specific program or area of the college. Such gifts can provide significant income to Olivet now and in the future. Depending on the type of property and its present value, some donors turn these assets into charitable trusts that eventually endow scholarships for years to come. There are IRS guidelines and Olivet College policy that require donors of real estate and intellectual property to present a qualified appraisal and other supporting documents.
Charitable Gift Annuity

Also known as the CGA, the Charitable Gift Annuity is one of the safest and simplest of income-producing gifts. In exchange for a gift of cash or marketable securities, Olivet makes lifetime payments to you and/or a designated person.

The minimum amount required to establish a CGA is $10,000.

Charitable Remainder Trust

Also known as CRTs, a Charitable Remainder Trust can provide tremendous financial and estate planning flexibility. CRTs can be a way of providing income for your retirement years and avoiding sizable capital gains. Unlike charitable gift annuities, CRTs accept a large variety of assets and can be customized and invested according to your needs.

Whether you favor the security of a specified payment provided by an annuity trust, or the fixed percentage of income offered by a unitrust, Olivet’s planned giving experts can help you create a plan that is customized for your goals and needs.

Currently, the minimum amount required to establish a Charitable Remainder Trust with Olivet is $250,000.

Charitable Lead Trust
Also known as the CLT, the Charitable Lead Trust is a great vehicle for the donor that wishes to maximize the amount they can give to their children and/or grandchildren and yet reduce tax liability. The CLT provides income to Olivet for a term of years and then the trust assets pass back to the family. As such, CLTs are great gifts to capital campaigns.

Many planned gifts require the assistance of a financial and legal adviser. This information is prepared exclusively for the information of alumni, friends and donors of Olivet College. Its purpose is to point out current tax situations that may be helpful in tax and financial planning. Donors should always consult with their attorney to determine if any of these charitable gift options are applicable to their own situation.

The Olivet College Advancement Office can help you and your advisers put together unique philanthropic packages to benefit the donor and the college. You or your legal adviser should contact the Office of Advancement at advancement@olivetcollege.edu or 269.749.7630.

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