MTC Development Office

Wills | Gifts of Life Insurance | Retirement Savings | Planned Gifts

Planned Giving

Many people would like to make larger contributions to support the organizations and institutions they care about, but concerns about personal and family financial security may make these gifts seem impossible.

There are, however, different plans that would allow you to make meaningful gifts while satisfying other important financial considerations. If fact, you might be surprised to discover ways to fulfill charitable wishes, while actually enhancing your security or those of your loved ones.

Depending on your choice of giving arrangements, you can expect some or all of the following benefits:

Income-tax savings through the charitable deduction for the value of the gift.
Avoidance of the capital gains tax on contributions of certain kinds of property that have appreciated over time.
Income for life for the donor and/ or other beneficiaries.
The possibility of increased spendable income with certain arrangements.
Elimination of estate tax on the value of a gift passing to charity upon one’s death

Please consult with your professional financial or legal advisor. He or she can help you develop an estate plan that affords you the maximum tax and legal advantages allowed for your gift.

Wills

One way to make a deferred gift is to include specific language in your will naming the MTC Foundation as a recipient of your planned gift. Your will can include gifts in any – or all – of the following forms:

cash, securities and personal property
a percentage of your estate
the residue of your estate – that is, the property remaining after other bequests have been fulfilled.

Your estate is allowed an unlimited deduction for cash and other property that you leave to the MTC Foundation. Please contact your tax consultant, financial planner or attorney to help you plan the type of bequest that best suits your needs. You and your attorney can add a simple codicil that will accomplish this task. Two sample clauses that can be incorporated into your will for your use are:

“I give to the Midlands Technical College Foundation the sum of ______ dollars (and/or _____ shares of ______________ Corporation and/or the following real property) to be used for general support purposes OR to establish and/or supplement a scholarship in ________ program area.”

“I give the residue of my estate at my death to the Midlands Technical College Foundation for general purposes as determined by the Foundation’s Board.”

Gifts of Life Insurance

Life insurance provides an effective way to benefit Midlands Technical College for several reasons:

Your gift of life insurance will provide the MTC Foundation with a substantial deferred gift while you pay relatively modest premium payments.
This type of gift will not be delayed during the administration of your estate, and proceeds from the policy can be paid promptly to the MTC Foundation.
The investment of a fully paid or partially paid insurance policy may be advantageous if your family responsibilities are no longer as substantial as they were in the past.

Please ask your life insurance agent for further details on the numerous types of insurance investments you can make.

Retirement Savings

You may name the MTC Foundation as the beneficiary of a portion of your retirement funds. If you wish to make this type of gift, please contact the administrator of your Individual Retirement Account, profit-sharing account or other retirement plan.

Planned Gifts

In some instances, you can designate a specified amount of money in a qualifying trust that will provide income to you (and your spouse) for life; thereafter, the principal will be paid to the MTC Foundation upon your death or upon a specified date. These trusts, which are generally described as charitable remainder trusts, ensure income while providing an immediate charitable deduction to you for the remainder of the interest that will someday be paid to the MTC Foundation. The type of planned giving which is most appropriate for your situation can be determined in consultation with your attorney, certified public accountant or tax advisor.

Giving to the Foundation