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Now Accepting Applications
Now Accepting Applications

Planned Giving

The Student-Athlete Foundation has just been established and will only be considering financial aid requests when sufficient funds have been contributed.

Bequests

Giving by bequest costs nothing now, yet it may give you a great deal of satisfaction to know that your future gift will live on. An outright gift from your estate is entirely free from federal estate taxes. This means that the Student-Athlete Foundation is able to use the full amount of the bequest. You may make a bequest and retain the ability to change it at any time.

A gift can be included in the body of a will or as an amendment (codicil). Gifts typically provide an estate tax deduction. Bequests to the Student-Athlete Foundation can include cash, securities, real estate, other property, a percentage of the residue of your estate, or all the residue of your estate.

Life Insurance

Life insurance policies also can be used as charitable gifts. If you name our foundation as the owner and beneficiary of an existing or new life insurance policy, you receive an immediate tax deduction, which usually approximates the cash surrender value of the policy. All premium payments made by you thereafter will be deductible as a charitable contribution.

Charitable Remainder Trusts

Through Gulf Coast Community Foundation of Venice, we are able to administer charitable remainder unitrusts and annuity trusts, both of which pay lifetime income to you or other named beneficiaries.

Establishing a trust is simple. Cash or property is transferred to the trust. The income beneficiaries receive annually an amount equal to a fixed percentage of the trust's fair market value (unitrust) or a fixed dollar amount (annuity trust). Upon termination of the trust, the assets are transferred to the Student-Athlete Foundation.

Charitable Gift Annuities

A charitable gift annuity through Gulf Coast Community Foundation of Venice is a way for you to receive a guaranteed income for life and an immediate income tax deduction, while at the same time, leaving a legacy to the charitable cause of your choice.

Through a charitable gift annuity, you receive a fixed stream of income for life. After paying the lifetime annuity to you and your spouse, the remaining principal is transferred to The Student-Athlete Foundation to be placed in our endowment and used for tuition assistance. Our payments to you are based on your age the older you are, the higher the rate. If the annuity is for you and your spouse, the calculation is based on your joint ages. If you need the income now, you can use our deferred plan and receive the income tax deduction now, but begin receiving payments when you reach a specific age. This is an excellent complement to your existing retirement plan.

The tax advantages of both a current and deferred annuity are two-fold. First, you receive an immediate income tax charitable deduction when you create your annuity. This is based on your age and annuity payout rate. Second, a portion of the payments you receive may be treated either as tax-free return of principal or long-term capital gains. These tax advantages increase the net income you receive.

Our development staff is pleased to provide a free, personalized analysis regarding your charitable gift annuity rate and tax deduction information.  As these giving vehicles are complex and related to other estate planning, we encourage you to work with your lawyer or financial advisor.  If you have questions about life income plans that have not been answered in this section, please contact our Director of Development, Keren Shani-Lifrak, at 941.739.7308 or keren.lifrak@imgworld.com.

Life Insurance Beneficiaries

Perhaps you would like to contribute the proceeds of a life insurance policy to the Student-Athlete Foundation, but you are not yet ready to give up ownership of the policy. By naming the Student-Athlete Foundation as the only beneficiary, you retain ownership of the policy and have access to the cash value as well as the right to change the beneficiary.

If you don’t have liquid assets right now but want to support the Student-Athlete Foundation, a gift of life insurance may be a good option.  While you retain ownership of the policy, there is no charitable deduction for the value of the policy when you designate the Student-Athlete Foundation as the beneficiary or for subsequent insurance premiums. However, proceeds payable to the Student-Athlete Foundation, at your death, will not be subject to federal estate taxes.

We encourage you to work with your lawyer or financial advisor as you consider these options.  Our staff is experienced in the use of these giving vehicles and is eager to work with you and your advisor in this process. 

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