Planned Giving and Legacy Gifts

Because your generosity creates a legacy that lives on.

"It’s important to us to know that even after we are gone, students will continue to benefit, and the values we care about—education, service, excellence, and opportunity—will live on." — Anne and Mark Stumpf

Explore Your Giving Options

• Charitable Bequests (Gifts in your Will or Trust)

  A charitable bequest is one of the easiest and most flexible ways to leave a lasting impact.

  Benefits:

  • Receive an estate tax charitable deduction
  • Reduce the tax burden on your family
  • Leave a meaningful legacy

  How It Works

  With the help of your attorney, you can include language in your will or trust to leave a gift to the Friends of MCC Foundation. Alternatively, you can make a bequest through a beneficiary designation form.

  Ways to Structure a Bequest

  • Percentage Bequest: A percentage of your estate
  • Specific Bequest: A fixed dollar amount or specific asset
  • Residual Bequest: All or part of the remainder of your estate after other obligations are met

  Examples of Bequests

  • Name the Foundation in your will or trust
  • Designate the Foundation as a full, partial, or contingent beneficiary of a retirement account (IRA, 401(k), 403(b), pension)
  • Name the Foundation as the beneficiary of a life insurance policy

  Next Steps

  Bequests of real estate, personal property, business interests, or cash are usually made through a will, trust, or codicil. Retirement assets, insurance policies, or bank accounts can be directed through a simple beneficiary designation form. Upon your passing, your bequest will transfer to the Friends of MCC Foundation tax-free, and your estate will receive a charitable deduction.

• IRA Charitable Rollover

  If you are 70½ or older, you can make tax-free charitable gifts directly from your IRA.

  Benefits

  • Avoid taxes on transfers of up to $108,000 from your IRA (per couple)
  • May satisfy your Required Minimum Distribution (RMD)
  • Reduce your taxable income, even if you do not itemize
  • Support the mission of MCC

  How It Works

  Ask your IRA administrator to transfer funds directly to the Foundation. While these gifts do not qualify for a charitable deduction, they reduce taxable income and can fulfill RMD obligations.

• Gifts of Retirement Assets (IRA, 401K, etc.)

  Unused retirement assets (IRA, 401(k), 403(b), pensions), life insurance, and investment or bank accounts can be donated by naming the Foundation as beneficiary.

  Benefits

  • Easy to set up by completing a form
  • Continue to use your accounts during your lifetime
  • Heirs receive more tax-advantaged assets, while retirement assets support the Foundation - Potential estate tax savings

  Note: Retirement assets left to heirs may be subject to a 40%-60% tax, while charitable organizations receive them tax-free.

• Gifts of Insurance

  Life insurance policies that have outlived their original purpose can make excellent charitable gifts.

  Benefits

  • Receive an immediate income tax deduction
  • Additional deductions may be available if you continue to pay premiums on a donated policy
  • If the Foundation cashes in the policy, you can see the impact of your gift during your lifetime
  • If retained, the policy’s proceeds will support the Foundation when it matures

  How It Works

  Contact your insurance provider and request a beneficiary designation form, naming the Foundation as the beneficiary. You may designate the Foundation as a full, partial, or contingent beneficiary. Your estate may also benefit from a charitable deduction.

• Charitable Remainder Trusts (CRT)

  A CRT allows you to make a gift, receive income for life or a set term, and leave the remainder to the Foundation.

  Benefits

  • Income for one or two lives, or up to 20 years
  • Avoid capital gains tax on the sale of appreciated assets
  • Immediate charitable income tax deduction

  Two Types

  • Annuity Trust: Pays a fixed annual amount
  • Unitrust: Pays a fixed percentage of trust assets, revalued annually; allows additional contributions

  How It Works

  You transfer cash or assets to fund the trust. The trust may sell assets tax-free and distribute the proceeds to you or your beneficiaries. At the end of the term, the remaining benefits are allocated to the Foundation.

• Charitable Lead Trust (CLT)

  A CLT provides income to the Foundation for a set period, after which remaining assets return to your family.

  Benefits

  • Receive a gift or estate tax charitable deduction
  • Reduce or eliminate estate and gift taxes
  • Pass assets to heirs at reduced cost

  How It Works

  You contribute property to the trust, which makes annual payments to the Foundation for a number of years. After the term, remaining assets go to your heirs.

Please let us know if you’ve already included us in your estate plans

Planned Giving Frequently Asked Questions

• Do I have to be wealthy to make a planned gift?

  No, planned gifts come in all sizes and can be tailored to various financial situations. Even a modest bequest can make a significant difference over time. What truly matters is your desire to support MCC's future.

• Can I designate my gift to a specific area?

  Absolutely! You can direct your gift to a particular department, scholarship fund, academic program, athletic team, or any area of the college that aligns with your passions. We recommend discussing your specific interests with our planned giving team to ensure your gift can be utilized effectively.

• What if my financial situation changes?

  Most planned gifts, especially bequests made through a will, offer significant flexibility and can be adjusted or revoked if your circumstances change. Our team can help you understand the flexibility of different gift types.

• How do I get started?

  The best first step is to contact our planned giving team. We can provide confidential information, help you explore options without obligation, and collaborate with you and your financial advisors to develop a plan that aligns with your unique goals. You can reach us by phone or email.

Contact Us

If you are interested in learning more, or you are not sure where to start, our team will be happy to share more! Contact us today at: