A gift from your estate can provide significant future support while preserving the flexibility you need to take care of yourself and your loved ones.
It can be as simple as adding Rhode Island College as a beneficiary on an existing account or including us in your will. Certain planned gifts can also give you immediate tax benefits and guaranteed income for life. Planned gifts are typically made in support of specific purposes, especially in the area of student and faculty support, as well as to establish endowed funds.
If you are interested in establishing a planned gift with Rhode Island College and would like more information about how to include us in your estate plans, we would love to talk with you.
“As president emeritus, Rhode Island College will always have a special place in my heart. My planned gift will leave a lasting legacy for RIC and our students for years to come.”
– John Nazarian ’54 President Emeritus,
While you may transfer many of your assets through your will or living trust, a beneficiary designation document controls distribution of your retirement plans, life insurance policies, commercial annuities and a variety of financial accounts. A beneficiary designation is one of the simplest ways to make a gift to Rhode Island College. It’s literally as easy as filling out a form.
This gift is simple because you can control the transfer of these assets at your death without changing your will or living trust. All you need to do is request (and complete) a new beneficiary designation form from your plan administrator. There is no need to modify your will or living trust.
Life insurance policies can be used to make a gift to Rhode Island College. Complete a form and return it to the insurance company designating that RIC receives all or a portion of the death benefit associated with your life insurance policy. As an alternative to naming the RIC as the beneficiary, you can transfer ownership of the policy. Transferring ownership results in an immediate income tax charitable deduction and potential income tax savings in the year of the gift.
This is a contract between you and the college in which you agree to make a gift to RIC. In return, you become eligible to take a partial tax deduction for your donation, plus you (or another beneficiary of your choice) receives a fixed stream of income for the rest of your life.
You can endow a trust that provides the college with set payments for a time period of your choosing. The longer the length of time, the better are the potential tax savings for you. When the term ends, the remaining assets in the trust go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.
A charitable remainder trust provides you or other named individuals with income each year for life, or a period not exceeding 20 years, from assets you give to an irrevocable trust you create.
You can instruct your bank to pay RIC all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.
You can instruct your investment company to transfer to RIC some or all of the investments held in an account at the time of your passing. Your broker or agent can let you know the process for doing this; it may be as simple as adding “T.O.D. to Rhode Island College” after your name on the account.
There are many options for donating your home, second home, commercial building, vacant land, farm or other real estate to Rhode Island College. Real estate can be used to make a meaningful gift and still provide lifetime benefits to the donor.
A gift of artwork, antiques, valuables or other personal property can be an excellent way to support the college. This includes intellectual property and patents.
Leaving a legacy at Rhode Island College is easier than you might think and does not have to involve extensive, complicated professional advice. Most estate gifts are modest in size and usually consist of resources people already have available. There are several ways to make a meaningful gift to Rhode Island College without impacting your plans to support yourself, your estate or your heirs. We can help you evaluate your options for making a legacy gift. Please note the Rhode Island College Foundation does not provide tax or legal advice. We encourage you to talk with your professional advisor.
The Gold and White Society honors individuals who have included Rhode Island College in their estate plans or established deferred gifts. If you have included the college in your will, established a life-income plan or made Rhode Island College the beneficiary of an insurance policy or retirement plan, we want to recognize you!
The Rhode Island College Foundation is the primary source of private support to the college.