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Types of Gifts
These are Your Assets and Your Gifts
- Contributions to the Massachusetts Bay Community College Foundation allow us to continue our mission of education for all. Where your dreams are our mission.
- Gifts of cash create current income tax deductions
- Donations of securities help provide relief from capital gains
- Gifts of personal property allow for meaningful donations
- Assets irrevocably given to the Massachusetts Bay Community College Foundation result in a current year income tax deduction.
- Gifts of cash are the simplest method. However, gifts of appreciated securities have the added benefit of foregoing tax on the gain.
- You can donate tangible property (art, collections, autos, land, buildings, boats, airplanes, antiques, etc.) and take a full fair market value deduction if the gift is related to our tax-exempt function.
These are just a few of the many ways you can make a meaningful contribution to the MassBay Community College Foundation
- Living Trust
- Life Insurance
- Real Estate
- Charitable Remainder Annuity Trust
- Charitable Remainder Unitrust
- Retained Life Estates
- Closely Held Stocks
A Living Trust - Control of Your Assets
A living trust allows you to provide for your family. You decide who will eventually receive the trust remainder. By using a trust you bypass probate, keeping your financial affairs confidential. You make the decisions with a professional trustee. A living trust can work very well with your estate plan because of its built-in flexibility. A living trust allows you to provide for yourself and your family before and after your death. Wills and trusts are completely revocable. You can change or terminate them anytime. However, unlike wills, a living trust can be implemented immediately. You can make a contribution to the Massachusetts Bay Community College Foundation through a living trust by naming us as the trust's beneficiary. You retain complete control of this asset during your lifetime.
Life Insurance - Remembering Those Who Are Important To You.
You receive a charitable deduction when you name as beneficiary and assign ownership of the policy to the Massachusetts Bay Community College Foundation. You can retain ownership but name as beneficiary the Massachusetts Bay Community College Foundation. You may name you family and, as contingent beneficiary, the Massachusetts Bay Community College Foundation. You can reduce estate taxes because proceeds are removed from your estate. When you first purchased life insurance you probably were trying to protect your loved ones from life's uncertainties. However, the coverage you needed then may not be so important today. A gift of your life insurance could be a generous way to remember the Massachusetts Bay Community College Foundation. Gifts of life insurance could also be used to replace donated stock. The tax advantages of donating stock and purchasing life insurance in the amount your heirs would have inherited may be perfect in your situation.
Real Estate - Residence, Vacation Home, Commercial Real Estate, Farm, Land
When you donate real estate to the Massachusetts Bay Community College Foundation you create an enduring testimonial, allowing us to continue our educational mission. You receive an income tax charitable deduction for the full market value. There is no gift tax, and you receive a reduction of your taxable estate. There will be no problems resulting from trying to sell the property. There are many ways you can make a meaningful contribution of real estate to the Massachusetts Bay Community College Foundation. If you are contemplating selling land or a building, beware of capital gains taxes! Currently if you sell your primary residence you can exclude up to $250,000 ($500,000 if you are married) of the capital gain. (These figures are subject to change at any time) This tax does not apply to all types of real estate. There may be better alternatives to consider. Talk with your tax advisor or estate attorney before making any decisions.
Charitable Remainder Annuity Trust Income from Making a Donation
- You receive an immediate charitable tax deduction.
- You receive a fixed dollar income for your lifetime.
- You can increase income from a low-yield holding asset.
- You can avoid capital gains tax on appreciated assets when they are used to fund the trust.
- You free yourself from investment responsibilities.
A charitable remainder annuity trust will pay you a fixed dollar amount every year for the rest of your life. After your lifetime and/or the lifetime of a surviving beneficiary if that is your choice, the trust remainder is used to support the mission of the Massachusetts Bay Community College Foundation. Through a charitable remainder annuity trust you can "give away the cow but still keep the milk." You receive a lifetime income from your donation of the asset.
Charitable Remainder Unitrust, Lifetime Income
- You receive a sizable income tax charitable deduction.
- You can avoid capital gains tax if you donate appreciated securities.
- These assets are professionally managed, freeing you from investment/management worries while providing lifetime income.
A charitable remainder unitrust combines the best of a donation and an investment plan. By placing selected assets in a trust you receive a lifetime income for you and/or another beneficiary. At the end of these lifetimes the remainder goes to the Massachusetts Bay Community College Foundation. With a unitrust you income is a set percentage of the trust's value, predetermined annually. You have the option of having a unitrust with a net income plus make-up below the stated percentage, you receive only that amount. When performance is better, deficiencies are recouped. This is one of the best options for supplemental retirement income.
Charitable Lead Trust - Pass Assets to Your Heirs!
A charitable lead trust allows you to provide for your family and can be funded during your lifetime or through your will. At the same time, a charitable lead trust can support the Massachusetts Bay Community College Foundation through annual income payouts. You can leave a legacy without depleting assets and reduce your taxable estate and gift taxes. If you are concerned about the tax implications regarding assets you plan to leave to your heirs, this is a way to achieve significant estate tax savings.
These and many other questions need to be addressed to safeguard your assets and provide for your family and friends. By making a bequest in your will you may pass any amount free of estate tax. There are many ways you can accomplish this: you may designate a dollar amount or a percentage of your estate, with or without restrictions. A will allows you to remember the people and organizations you care about most. We always recommend that you obtain counsel of professional advisors and of an attorney who specializes in estate planning.
- You and/or another person retain use of your residence throughout your lifetime.
- You receive income tax savings through your charitable donation.
- You can gift partial interest and still receive tax advantages.
Imagine donating your home, receiving all the tax advantages and living there for the remainder of your lifetime. This almost sounds too good to be true. It is called a retained life estate. A gift of your home, vacation home, farm or condominium, irrevocably given to the Massachusetts Bay Community College Foundation, can result in a charitable deduction on your income tax. A retained life estate allows someone other than you or your spouse to have life occupancy without the associated estate tax payments. There are many ways of making a meaningful contribution to the Massachusetts Bay Community College Foundation.
All contributions to the Massachusetts Bay Community College Foundation allow us to continue our mission. Gifts of stock in a closely held corporation may create income tax deductions. Relief from capital gains is a benefit to the donor on appreciation of the stock.
You retain control
Assets such as stock in a closely held corporation given to the Massachusetts Bay Community College Foundation may result in an income tax deduction
You retain at least 50% ownership.
The Internal Revenue Service has ruled that a charitable organization has the option whether or not to go through with the redemption at the time the organization receives the shares.
However, the Massachusetts Bay Community College Foundation may independently offer donated stock for redemption. It is a favorable option which would benefit everyone. This would be our normal course of action.
You may name the Foundation in your will. Your will can include gifts in the form of property (cash, securities and personal property); a percentage of your estate; and/or the residue of your estate (property remaining after other bequests have been fulfilled).
Following is sample language for a bequest to the Foundation:
I give and bequeath to the Massachusetts Bay Community College Foundation Inc. the sum of ______ dollars ($__) (or percentage of estate) for the use and benefit of Massachusetts Bay Community College, in the manner and for the purposes determined by the discretion of the Massachusetts Bay Community College Foundation Board.
- or -
I give and bequeath to the Massachusetts Bay Community College Foundation Inc. the sum of ______ dollars ($__) (or percentage of estate) for the use and benefit of the _________________________ Fund (name of scholarship or other fund) at Massachusetts Bay Community College. This scholarship will be awarded annually to full- and/or part-time MassBay students. The scholarship award may be applied toward tuition, fees and books and will be divided equally between the fall and spring semesters. Satisfactory academic progress (minimum grade point average of (_________________) must be maintained in order for the recipient to receive the award for the spring semester.
Please show this language to your attorney, who can adapt it to best suit your needs.
Cash, Check or Credit Card Gifts: You may contribute with cash, checks or credit cards.
It is easy to Include Us In Your Will!
Decide what to give
Many people contribute a dollar amount or specific property. Still others make a gift of a percentage of the residue of their estate. Furthermore, there are a number of methods by which you can put your assets in trust for the benefit of a spouse or family member for their lifetimes where all or part of the remainder is given to the Massachusetts Bay Community College Foundation.
Decide how to give it.
Charitable bequest can be either restricted or unrestricted. Unrestricted bequests allow Massachusetts Bay Community College Foundation to decide the best use of these assets to further the College’s mission. However, you may decide to restrict the use of the gift for a specific purpose. You may make the gift "In Honor Of or "In Memory Of your family or a particular individual. Such gifts would be recognized appropriately.
Take the time to include us in your will.
A simple codicil to your will donating a dollar amount, a percentage of your estate or specific property is all that it takes. The legal name of the College Foundation is Massachusetts Bay Community College Foundation.
We encourage you to contact us and make your wishes known. If we are aware of your plans to include us in your will, we can help you receive the most satisfaction for your gift and show our gratitude for your generosity.
Please Let Us Know
When you inform the College that you have included it in your long-term planning, you lead by example, encouraging others to do likewise.
"To feel much for others and little for ourselves; to restrain our selfishness and exercise our benevolent affections, constitute the perfection of human nature." - Adam Smith