Tax Advantaged Gifts
Beyond a tax deduction, some gifts have additional benefits making them very smart gifts. Asset gifts like stock, real estate, retirement assets, business interest, life insurance or other appreciated assets can help you save capital gains taxes, estate taxes, enhance income tax deductions, reduce adjusted gross income or even potentially receive income for life.
Smart gifts can create prosperity for you while creating an enhanced impact on Phoenix College students and our community.
Eddy and May's Life Insurance Gift
Eddy and May have successfully raised four fabulous children and now they have the joy of watching their grandkids grow up. Eddy had purchased life insurance contracts earlier in life to make sure his family would be taken care of if something happened to May or himself. As Eddy did the yearly review of he and May’s financial plan, he realized that they no longer needed the life insurance policies they had purchased when their children were younger. He asked May for her thoughts, and they decided to find out how they could gift the insurance policy to a charitable organization.
Eddy and May transferred ownership of the policies to Phoenix College through the College’s partnership with the Maricopa Community College Foundation, a 501c3. Their gifts allow deserving students access to higher education through scholarship and program support. Gifting the insurance policies was easy and gave Eddy and May a tax deduction for the value of the policies.
Luis and Maria's Annuity Gift
Luis and Maria love their family above all else. They are proud of their adult children, and love spending time with their grandchildren. They grew up with modest means and value hard work and planning for the future. They also are compelled to give back to the community that has given their family so many opportunities. Luis purchased an Investment Annuity many years ago to help save for retirement. However, with their pension plans, Luis and Maria have plenty of retirement income and even have enough to contribute to their grandchildren’s College Saving Plans each year.
College is very important to Luis and Maria, and their son Miguel was the first member of the family to graduate from college. He and his sister both started their paths at Phoenix College, which gave them a solid foundation – and contributed greatly to their success. Luis and Maria want to demonstrate their belief in higher education and have an interest in giving back to their community.
Luis talked to his advisor about the Investment Annuity, and he learned that the growth would be taxed if they left it to Miguel and Jennifer, so they started exploring options of what they could do with the annuity. Maria thought it would be a good idea to show their grandchildren their commitment to education while supporting the Hispanic Community, so she suggested that they create a scholarship fund at Phoenix College with the funds in the annuity. They share stories about the students who benefit from the scholarship with their family and they are thrilled about the positive impact they are having on students’ lives.
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