Planned & Estate Giving

A beneficiary designation gift is a simple and affordable way to make a gift to support the San Mateo County Community College Foundation. You can designate us as a beneficiary of a retirement, investment or bank account or your life insurance policy. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help.  

Most beneficiary designation forms are very flexible. You can name the San Mateo County Community Colleges Foundation as a "full" or "partial" beneficiary of your account or life insurance policy. You can also name the San Mateo County Community Colleges Foundation as a "primary" or "contingent" beneficiary. 

Beneficiary designation gifts allow you to provide for family and support the causes that matter most to you. With a designation form, you could, for example, name your spouse as the "primary" beneficiary and each of your children and the San Mateo County Community Colleges Foundation as "partial contingent" beneficiaries. With this arrangement, if your spouse survives you, he or she would receive the account. If not, the account or policy would be paid out to your children and the San Mateo County Community Colleges Foundation in whatever shares (or percentages) that you chose on the designation form. 

Benefits of a beneficiary designation gift:  

• Support the causes that you care about 

• Continue to use your account if you need to 

• Simplify your planning and avoid expensive legal fees 

• Reduce the burden of taxes on your family 

• Receive an estate tax charitable deduction 

 

How a beneficiary designation gift works: 

• To make your gift, contact the person who helps you with your account or insurance policy, such as your broker, banker, or insurance agent 

• Ask them to send you a new beneficiary designation form 

• Complete the form designating the San Mateo County Community Colleges Foundation, sign it and mail it back to your broker, banker, or agent 

• When you pass away, your account or insurance policy will be paid or transferred to SMCCC Foundation, consistent with the beneficiary designation 

 

Types of beneficiary Designations: 

You can review and adjust beneficiary designations anytime you want which means you are not locked into the choices you make today. You can name the Foundation as a beneficiary of the following assets: 

Retirement plan assets (IRA, 401(k), 403(b), pension or other tax-deferred plan): 

Benefits of gifts of retirement assets: 

• Avoid potential estate tax on retirement assets 

• Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis 

• Receive potential estate tax savings from an estate tax deduction 

How to make a gift of retirement assets: 
To leave your retirement assets to the San Mateo County Community Colleges Foundation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate the San Mateo County Community Colleges Foundation as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift. 

More on gifts of retirement assets 
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to the San Mateo County Community Colleges Foundation. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets. 

Life insurance

If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to the San Mateo County Community Colleges Foundation; you can designate the Foundation as a partial, full, or contingent beneficiary of your life insurance policy, you will continue to own and can make use of the policy during your lifetime and your estate may benefit from an estate tax charitable deduction:  

Benefits of gifts of life insurance 

• Receive a charitable income tax deduction 

• If the San Mateo County Community Colleges Foundation retains the policy to maturity, you can receive additional tax deductions by making annual gifts so the Foundation can pay the premiums 

• If the San Mateo County Community Colleges Foundation cashes in the policy, you will be able to see first hand how your gift supports the Foundation's charitable work 

• If the SMCCC Foundation retains the policy to maturity, or you name the Foundation as a beneficiary, once the policy matures, the proceeds of your policy will be paid to the Foundation so that we can use the proceeds to further our mission 

How to make a gift of life insurance 
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer, and include the San Mateo County Community Colleges Foundation as the beneficiary of your policy. 

• Commercial annuities 
• Bank accounts, certificates of deposit, or brokerage accounts