1966 Society

A bequest, or gift through your will, is one of the most common planned gift vehicles. You may designate a specific amount, a percentage of your estate, or a percentage of the remainder of your estate after all heirs are provided for or a specific asset such as personal or real property.

Sample language, “I give and bequeath to Massasoit Community College, located at 1 Massasoit Boulevard, Brockton, Massachusetts 02302 $____ sum for support of (designation you choose, for example, student scholarships, United Student Fund, or academics)” or “I give and bequeath to Massasoit Community College, located at 1 Massasoit Boulevard, Brockton, Massachusetts 02302 __ % of the rest, residue and remainder of my estate to support (designation you choose, for example, Basic Needs or the College’s Area of Greatest Need).”

Whole” or “universal” life insurance has cash value that you can donate to Massasoit Community College and receive a tax deduction for the present value of the policy at the time of your donation.   You may also name Massasoit Community College as the owner and beneficiary of the policy. If the policy still has outstanding premium payments, you can continue paying those premiums and receive a tax deduction for each payment.

Retirement funds are often overlooked as a source of planned giving. The money accumulated in an IRA, 401K, or 403B plan has not yet been taxed, the IRS levies heavy taxes on any distribution, except for a distribution to a charity.  If you pass away with retirement account assets, they could not only be subject to income tax, but estate tax. By making a gift to Massasoit Community College via these retirement funds you reduce the amount of taxes your heirs will pay.

If you are 70½ years of age, the law regarding an IRA charitable rollover states that  you can donate up to $100,000 from your IRA without treating the distribution as income.