Gifts that Cost You Nothing Now
Simply by signing your name, you can create a gift that will cost you nothing now and yet will benefit Cottey College and our unique educational experience for generations to come. This support is how you can create your legacy of women’s leadership.
Once your loved ones are provided for, please consider a gift in your will or trust or by beneficiary designation for Cottey College. You can change your gift at any time and for any reason, while the impact you have goes on and on.
Please let us know if you’ve included a gift for Cottey College in your will or trust or by beneficiary designation. Providing us with documentation is the best way to ensure that your gift is used in the way you intend.
A gift in your will or trust is easy to establish; it can be changed at any time and for any reason and it creates your legacy with Cottey College, providing the education that inspires women to dream big.
Here are some popular ways to leave a gift for Cottey College:
- A general gift in your will leaves a gift of a stated sum of money in your will or living trust, typically in the form of personal property or assets.
- A residual gift in your will leaves Cottey College the remainder of your estate after other bequests, debts, and taxes have been fulfilled.
- A specific gift in your will leaves Cottey College a specific dollar amount or stated fraction of your estate or specified items (collections, art, books, jewelry, etc.).
- A contingent gift in your will leaves Cottey College a stated share of your estate only if a spouse, family member or other beneficiary does not survive you.
Retirement funds gift: This option is becoming more and more popular, and this is why. When you designate Cottey College as a beneficiary of your retirement plan, you give the gift that reduces your taxes, costs you nothing now, and strengthens the college so that more women can benefit from the transformational education they receive here.
Benefits to you include each of the following:
- Reduce or eliminate taxes on retirement assets
- Remove highly taxable assets from your estate by direct beneficiary designation
- Reduce or avoid probate fees
- Retain your current assets – there is no cost to you now
- Create your legacy of women’s leadership with Cottey
To name Cottey College as a beneficiary of your retirement plan, contact your bank or insurance company to see whether a change of beneficiary form must be completed.
Savings bonds: If you have bonds that have stopped earning interest and that you plan to redeem, you will owe income tax on the appreciation. In the end, your heirs will receive only a fraction of the value of the bonds in which you invested. Since Cottey College is a tax-exempt institution, naming us as a beneficiary means that 100 percent of your gift will go toward supporting and strengthening our unique educational experience.
CDs, bank accounts, brokerage accounts and commercial annuities: This method is one of the best and easiest ways to make a real difference for generations of Cottey students. Naming Cottey College as the beneficiary of a certificate of deposit, a checking or savings bank account, or a brokerage account helps create incredible futures for women.
Donor-Advised fund (DAF) residuals: Final distribution of contributions remaining in a Donor Advised Fund is governed by the contract you completed when you created your fund. Consider naming Cottey College as a “successor” of your account or a portion of your account value. Your support is important, because we all want women to grow and succeed.