“Forever Friends” is a way for donors who have a planned gift for Knoxville Christian School to forever be in our midst. Each person who plans to donate gifts to the school in financial and/or estate plans will become a legacy. As a “Forever Friend” you will be investing in the lives of students as they prepare for college, life, and spiritual well-being.
There are several ways to become a “Forever Friend”. Most commonly, KCS would be mentioned in your will by way of gift of retirement funds, savings bonds, various types of trusts, retained life estates as well as insurance policies with KCS as the beneficiary.
Will bequests are one of the simplest ways to make a future donation to KCS. You may designate a specific gift of money or other asset in your will, or you may direct a percentage of your estate to pass on to the school. KCS may also be designated to receive the residue of your estate. When choosing the gift to be left to KCS, you may make your gift in memory of someone that you hold dear to you.
Retirement account gifts are a great way to provide a tax benefit to you while giving to KCS. It allows you to give without a financial burden during your lifetime. Life insurance gifts allow you to give a significant gift a low cost. Life insurance policy are eligible for tax benefits and by giving a paid up policy you will receive a tax deduction for the cash value amount.
If you own savings bonds, particularly ones that have matured, you may consider a planned gift through the use of these bonds. You may contribute cash proceeds from matured bonds and reduce your income taxes or create a life income gift with the bond proceeds. Charitable Remainder Trusts (CRT) are another option for gift planning that allows you to make a gift to KCS by transferring assets to the trust while providing you and your dependents with an income benefit for life. CRTs allow for income tax deductions for your gift to the trust as well allows for you to avoid capital gains taxes.
KCS is not engaged in rendering legal or tax advice. The purpose of this statement is to provide information of a general character only. For legal advice, please consult an attorney. Income tax references refer to federal tax purposes only, and individual state taxes my further impact your specific situation.
