Planned Giving

The following photos are of individuals who are making a lasting legacy for Northeast Iowa Community College through a charitable planned gift. A full list of Legacy Society Inductees is available on the donors webpage.

Name the College as a beneficiary in your will. For example, add a statement such as "I bequeath the sum of {given dollar amount} or {given percent} of my estate to NICC to be restricted and used to establish a scholarship or support an area of programming."

Donor Benefits

• Retain control of your assets during your lifetime.
• Ability to modify your gift should your life situations change.
• Provide a potential estate tax deduction.
• Does not unfavorably affect your cash flow.

Name the College as the beneficiary on a transfer/payable on death form. For example, adding a transfer/payable on death designation on a certificate of deposit allows the funds to go to NICC upon the holder's death.

Donor Benefits

• Retain control of your assets during your lifetime.
• Ability to modify your gift should your life situations change.
• Does not unfavorably affect your cash flow.
• Avoids probate process.

Name the College as a beneficiary of your IRA, profit-sharing plan or retirement plan. For example, you can designate the primary beneficiary as your spouse or family and the contingent beneficiary as NICC for the benefit of a scholarship or supporting an area of programming.

Donor Benefits

• Ability to make withdrawals during your lifetime.
• Change beneficiaries should your life situation change.
• May reduce your heirs’ taxation based on potential double taxation (income and estate) on retirement account assets.

Name the College as a beneficiary of your life insurance policy. For example, you may designate the primary beneficiary as your spouse/family and NICC as the contingent beneficiary for the benefit of a scholarship or supporting an area of programming.

Donor Benefits

• Income tax deduction equal to the cash surrender value of the life insurance policy.
• Does not unfavorably affect your cash flow.

Name the College as an owner and beneficiary of your life insurance policy. To do this, the owner transfers ownership in their paid-up policy to NICC and designates NICC as their primary beneficiary of the policy for the benefit of a scholarship or supporting an area of programming.

Donor Benefits

• Income tax deduction equal to the cash surrender value of the life insurance policy.
• Policy premium payments are deductible.

Name the College as a beneficiary of your retained life estate. For example, a real estate owner may transfer the title of real estate to NICC, subject to a retained life estate in that deeded property.

Donor Benefits

• Continue to occupy your home for your lifetime.
• Potential tax deduction for the appropriate appraised value of the remainder interest in the real estate.

Name the College as a beneficiary of your revocable living trust. Similar to a will, the creator of the trust can name NICC as a beneficiary to receive a portion of the trust's assets after the creator's death.

Donor Benefits

• You retain control of your assets during your lifetime.
• You have the ability to modify your gift should your life situations change.
• Potential tax deduction on charitable gifts.

Name the College as a beneficiary of your charitable lead trust. The trust creator provides a continuing gift to NICC during the creator's lifetime. Upon the death of the trust creator, assets of the trust can be designated to the creator's spouse/family.

Donor Benefits

• Donor has the potential to receive charitable tax deduction based on the value of the lifetime interest given to NICC.

Name the College as a beneficiary of your charitable remainder trust. For example, the trust creator designates spouse/family to receive property during creator's lifetime. Upon death of creator, remainder of the trust goes to NICC.

Donor Benefits

• Potential federal income tax deduction for the remainder charitable interest value.
• No capital gains tax if the property is sold by the trust.
• Trustee can make periodic payments to family members until the end of the identified term or until death.