Methods of Giving

Bequest in a Will

A bequest is the simplest planned gift you can make, and it can be made for any amount and for almost any purpose. A bequest provides a gift to Hiram that is executed through your will.

There are a number of different kinds of bequests you can consider: a bequest of a specific dollar amount, a specific piece of real or personal property, or a percentage of your estate. A bequest can be made for general operating purposes of the College or for a specific department, program, or project. You can establish an endowed fund which will bear your name and provide a permanent acknowledgement of your generosity.

A bequest offers several benefits. You defer giving assets during your lifetime, but your estate will receive a dollar-for-dollar charitable estate tax deduction.

Sample Bequest Language:

I give and bequeath the sum of ________ ($_____) to Hiram College, Hiram, Ohio, an Ohio non-profit corporation, to establish an endowed scholarship to be awarded to students who major in history.

I give and bequeath _______ percent (____%) of the residue of my estate to Hiram College, Hiram, Ohio, an Ohio non-profit corporation, to be used for such purposes as the Board of Trustees shall determine.

For more information about making a bequest to Hiram College, contact Laura J. Gorretta, Director of Planned Giving, by email at gorrettalj@hiram.edu or by calling 330.569.5281.

A Gift from a Trust

A gift to Hiram College from a trust is an easy gift to make. Simply direct your trustee to distribute a specific dollar amount, a percentage of the trust estate, or specific property to Hiram College upon the termination of the trust.

A gift to Hiram College from a trust offers a range of benefits. A dollar-for-dollar estate tax deduction will be available to your estate. You can designate how your gift will be used by the College, including establishing an endowed fund in your name.

For more information about making a gift to Hiram College from a trust, contact Laura J. Gorretta, Director of Planned Giving, by email at gorrettalj@hiram.edu or by calling 330.569.5281.

Life Income Agreements

Charitable Gift Annuity

A Hiram College Charitable Gift Annuity is a simple contract between you and the College. In exchange for your gift, Hiram agrees to pay you a fixed dollar amount for life. A portion of the annuity may be a tax-free return of principal. The annual annuity rate is determined by the age of the income beneficiary and by the annuity rates determined by the American Council on Gift Annuities (ACGA). A charitable gift annuity can be established for a minimum of $10,000. Click on the GiftLaw Resources tab to determine if a gift annuity is the right gift for you.

For more information about Hiram College charitable gift annuities, contact Laura J. Gorretta, Director of Planned Giving, by email at gorrettalj@hiram.edu or by calling 330.569.5281.

Deferred Payment Charitable Gift Annuity

A Hiram College Deferred Payment Gift Annuity provides a high rate of return for deferring the start of annuity payments. The longer the deferred period, the higher the interest rate will be. You determine how many years you want to wait for quarterly annuity payments to begin. Those payments will be distributed to you for life. A deferred payment gift annuity can be established for a minimum of $10,000.

A deferred payment gift annuity offers several benefits. If you are not yet 65 but want to provide for a future guaranteed income stream a deferred payment gift annuity may be for you. You will enjoy favorable capital gains treatment when you transfer appreciated assets to Hiram. You will receive a federal charitable income tax deduction for a portion of your gift. You determine when you wish to begin receiving quarterly annuity payments. Click on the GiftLaw Resources tab to see if a deferred payment gift annuity might fit your estate planning needs.

For more information about Hiram College deferred payment gift annuities, contact Laura J. Gorretta, Director of Planned Giving, by email at gorrettalj@hiram.edu or by calling 330.569.5281.

Charitable Remainder Unitrust

A Hiram College Charitable Remainder Unitrust is written to distribute a percentage (five percent or more) of the annualized value of the trust principal for your lifetime or for a term of years. Although the growth of principal cannot be guaranteed, if the principal appreciates in value, the amount of income distributed will also increase. Upon termination of the trust, the assets will be paid to Hiram College to be used for the purposes you determine. A minimum of $50,000 is required to establish a charitable remainder unitrust.

A charitable remainder unitrust offers a range of benefits. You will increase your cash flow from your current stock dividends and bypass immediate capital gains taxes at the time the unitrust is funded. You will receive an immediate income tax deduction for a portion of your gift and favorable capital gains tax treatment of your appreciated assets. Click on the GiftLaw Resources tab to determine if a charitable remainder unitrust might fit your estate planning needs.

For more information about Hiram College charitable remainder unitrusts, contact Laura J. Gorretta, Director of Planned Giving, by email at gorrettalj@hiram.edu or by calling 330.569.5281.

Charitable Remainder Annuity Trust

A Hiram College Charitable Remainder Annuity Trust qualifies as a major gift to Hiram. The annuity trust offers a fixed income payout that provides income for life or for a term of years. You determine how much will be paid out. Upon termination of the trust, the assets will be paid to Hiram College for the purposes you determine. You can establish a charitable remainder annuity trust with a minimum of $50,000.

A charitable remainder annuity trust offers a range of benefits. You will receive favorable capital gains tax treatment when you transfer appreciated assets to the annuity trust and an immediate income tax charitable deduction. You will receive a fixed amount each year of the trust that will supplement your current income. Hiram College will serve as the trustee and the trust assets will be professionally managed. Click on the GiftLaw Resources tab, to determine if a charitable remainder annuity trust might fit your estate planning needs.

For more information about Hiram College charitable remainder annuity trusts, contact Laura J. Gorretta, Director of Planned Giving, by email at gorrettalj@hiram.edu or by calling 330.569.5281.

Life Insurance Policy Beneficiary

Hiram College can be designated as a beneficiary of a life insurance policy, and your estate will receive an estate tax deduction for the gift. If you make Hiram College the owner and beneficiary of your insurance policy, you will reduce your eventual estate and estate taxes.

For more information about gifting insurance policies to Hiram College, contact Laura J. Gorretta, Director of Planned Giving, by email at gorrettalj@hiram.edu or by calling 330.569.5281.

Retirement Plan Beneficiary

Hiram College can be designated as the primary beneficiary of an IRA, 401(k), 403(b), or other pension or retirement plan. By naming Hiram College, you will ensure that your estate will receive an estate tax charitable deduction. You can designate a specific amount or a percentage of the death benefit, and you can restrict your gift to a specific purpose or make an unrestricted gift to the College.

For more information about designating Hiram College as the beneficiary of a retirement plan, contact Laura J. Gorretta, Director of Planned Giving, by email at gorrettalj@hiram.edu or by calling 330.569.5281.