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Gifts that pay you back

Transfer securities, cash, or other property to Knox College and we’ll manage the investment of the assets and pay an income to you, your designated beneficiaries, or both. Receive payments for the rest of your life or, in some cases, up to a certain number of years.

Charitable gift annuities

If you’re looking for a way to maintain your current lifestyle, increase your financial security, and lower your taxes, consider creating a charitable gift annuity. You will receive fixed annual payments for as long as you live. If you are under 65, you may want to consider a Deferred Charitable Gift Annuity, where payouts start after you hit a certain age.

Benefits

  • Receive an immediate income tax deduction for a portion of your gift
  • Annuity payments are guaranteed for life, backed by a reserve and the assets of our organization
  • Annuity payments are partially tax free, making them more valuable than fully taxable income of the same size
Benefits calculator
Calculate your benefits

Estimate your tax deduction, fixed income payments, and charitable contribution by answering a few simple questions.

How it works

  1. Transfer cash or securities to our organization.
  2. We pay you (or up to two annuitants) fixed income for life. The amount depends on the size of the transfer, and how old you (or the other annuitants) are.
  3. The remaining funds pass to us when the contract ends, creating a meaningful impact.

Consult with a qualified estate planning attorney and a financial advisor to determine if this is the right option for you.

Contact us to learn more

Charitable remainder trusts

A Charitable Remainder Trust (CRT) is a popular planned giving tool that allows donors like you to make a significant charitable impact while also providing financial benefits to themselves or their beneficiaries. This type of trust is an irrevocable arrangement in which a donor transfers assets into a trust that pays income to designated beneficiaries for a set number of years or for their lifetime, after which the remaining assets are distributed to one or more charitable organizations.

There are two types of Charitable Remainder Trusts:

Charitable Remainder Annuity Trust (CRAT):

Fixed income stream based on a percentage of the initial asset value

Income stream does not change over time

Charitable Remainder Unitrust (CRUT):

Variable income stream based on a percentage of the trust’s value, revalued annually

If assets appreciate over time, the income stream will also increase

Who it’s for

  • Those who want to make a significant charitable gift while still retaining an income stream from their assets
  • Those who want to reduce or eliminate their capital gains taxes on appreciated assets
  • Those who want to provide for themselves, their spouse, or other beneficiaries

Benefits

  • Reduce or eliminate capital gains taxes
  • Retain an income stream for yourself or beneficiaries
  • Create a lasting legacy that supports our mission

How it works

  1. Transfer assets (such as cash, securities, or real estate) into a trust, which is managed by a trustee.
  2. The trust pays income to designated beneficiaries (such as you, your spouse, or other individuals) for a set number of years or for their lifetime.
  3. At the end of the trust term, the remaining assets are distributed to one or more charitable organizations.
  4. Receive an income tax deduction for the present value of the charitable remainder interest in the trust.
  5. You may also be able to avoid or reduce capital gains taxes on appreciated assets that are transferred into the trust.

Consult with a qualified estate planning attorney and a financial advisor to determine if this is the right option for you.

Contact us to learn more

Charitable lead trusts

A Charitable Lead Trust is a type of trust that allows you to make a charitable gift while retaining some control over the assets during your lifetime. This type of trust makes annual payments to a charity for a set number of years, after which the remaining assets are distributed to non-charitable beneficiaries that you choose (many people choose their family members).

Who it’s for

  • Those who want to retain some control over the assets during their lifetime
  • Those who want to provide for non-charitable beneficiaries, such as family members, after the charitable period ends
  • Those with significant assets and who want to reduce their estate tax liability

Benefits

  • Receive an immediate income tax deduction for the value of your contributions
  • Retain some control over the assets donated
  • Provide for your family’s financial security
  • Create a lasting legacy that supports our mission

How it works

  1. Create a trust and fund it with assets, such as cash, securities, or real estate.
  2. The trust makes annual payments to us for a set number of years, based on a predetermined formula or percentage of the trust assets.
  3. At the end of the charitable period, the remaining assets are distributed to non-charitable beneficiaries, chosen by you, such as your family members.
  4. Receive an immediate tax deduction for the present value of the charitable payments made by the trust.

Consult with a qualified estate planning attorney and a financial advisor to determine if this is the right option for you.

Contact us to learn more

Planned gifts help to fuel Knox’s mission

We depend on the generosity and commitment of donors who play a vital role in providing sustained financial support for our mission. Planned gifts, such as bequests or gifts from your will, impact the lives of our students and our world for many years to come.They help us make a Knox education affordable to deserving students or all financial means.

Group of Knox students with fox mascot
Ed '60 and Mary Alice '62 Vondrak

Ed Vondrak ’60 and Mary Alice Vondrak ’62’s story

During all of their adult lives, Ed and Mary Alice have remained committed to supporting education in various ways, including ongoing philanthropic gifts to the colleges and universities they have attended. The couple established a charitable gift annuity at Knox as part of their retirement goals and as another way to support their alma mater. 

One of Ed and Mary Alice’s lasting memories was meeting at Knox while Ed was a junior and Mary Alice was a freshman. By the end of that school year, they were dating and dancing together regularly. Both became members of the choir at Central Congregational Church, near the Knox campus. They were married in their hometown, Chicago, in September 1961.

Ed earned his Master’s and PhD in physics from Vanderbilt University, followed by two years of active duty (result of ROTC) as a mathematical physicist/officer in an Army Intelligence unit at Redstone Arsenal, Alabama. His family lived with him on the post. In 1967, he accepted a teaching position at Indiana Central College, which later grew into the University of Indianapolis. Ed and Mary Alice became known as the dancing faculty couple. Mary Alice became recognized in the community for her Girl Scout leadership. (Six family members have lifetime memberships in Girl Scouts.)

During all of his adult life, Ed embraced firsthand the value of a world-class liberal arts education, studying and teaching math and physics, and refining his personal and professional skills and interests, especially writing skills, which Ed attributes to the Expository Writing course at Knox. Throughout his lifetime, Ed has been writing numerous manuscripts for various purposes, both professional and personal, including many articles in model railroad magazines.

In 2000, Ed retired from classroom teaching and launched a volunteer tutoring ministry at Friedens United Church of Christ and extensively studied financial retirement planning. He designed his own retirement financial structure based mostly on TIAA annuities. During retirement, Ed has written several dozen short memoirs including his research into retirement planning options. He has offered to share his knowledge of annuities and financial retirement planning structures with anyone who is interested.

Read more

We’re here to help you meet your goals!

Our team would be happy to speak with you in confidence about your giving goals, with no obligation.

Name: Paul Steenis '85

Title :Director of Gift Planning

Phone: 309-341-7145

Email: psteenis@knox.edu

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More ways to make an impact

Gifts in a will or trust

Donations in your will or trust are (by far) the most popular type of planned gift. Learn more, or get help starting your will (for free!).

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Beneficiary designations

Gifting assets not covered by your will — like 401(k) or IRA accounts — may help your heirs avoid unwanted taxes, even if you’re below the estate tax threshold.

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Popular tax-smart gifts

Many people are increasingly choosing to give non-cash assets, so they can have a bigger impact at less cost to them.

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