Bequests and Planned Giving – Please consult your legal or financial advisor when considering a planned gift. MCPA has located within the Internet information that may help you in your decision making. MCPA are not experts in this area.
We understand families who have passed through the band programs of Princess Anne High School would like to give back. We would like to assist you with that endeavor. Let’s review a few ways others are giving. This will help you narrow down what is best for your planned giving. This information will continue to be updated for you.
Bequests:
You may make a gift to MCPA by designating MCPA as a beneficiary in your will. Bequests permit donors to commit assets after their lifetimes while retaining the property during their lives. Bequests can allow for significantly larger gifts and can reduce estate taxes. A bequest can be made for a specified amount or as a percentage of the estate. Bequests can be unrestricted or used to establish operating or endowed funds to accomplish specific goals. Bequests of any size will help to secure the strength of the band programs for future generations.
Bequests are one of the simplest ways to make a future donation to MCPA. You may designate a specific gift of money or other assets in your will, or you may direct a certain percentage of your estate. You may also decide to designate MCPA to receive the residue of your estate.
Your gift may be given without restrictions to allow us to apply the funds to our most pressing needs, or you may specify how the funds will be used. You may also choose to make your gift in memory of someone that you have loved or admired. You may contact us before you execute your will if you would like to discuss the details related to a specific gift.
*MCPA is not engaged in rendering legal or tax advice. The purpose of this publication is to provide information of a general character only. For legal advice, please consult an attorney. Income tax references refer to federal taxes only, and individual state taxes may further impact your specific situation.
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Life Insurance Gifts:
You may give a new or existing life insurance policy to MCPA to provide a significant gift at a low cost to you. By naming MCPA as the owner and the beneficiary of the life insurance policy, you are eligible for tax benefits. You may also give a paid-up policy to MCPA and receive an income tax deduction for its value (approximately the cash value of the policy). Through the use of the life insurance policy, you may give more to the school than you might otherwise be able to afford. You may also use a life insurance policy to replace your wealth when you have made a significant gift to MCPA.
Name MCPA as the owner and the beneficiary of the policy
If you continue to pay the annual premiums, the amount of the premiums will be tax deductible each year.
Give MCPA a paid-up policy
When MCPA becomes the owner of the policy, you can receive an income tax charitable deduction.
Name MCPA as the beneficiary or partial beneficiary of the policy
You may designate MCPA as the beneficiary or partial beneficiary of a policy, including policies through your employment by completing the appropriate forms with your insurance company or employee benefits coordinator.
Replace assets given to MCPA using a policy
You may make a significant gift to MCPA and use the tax savings to purchase a life insurance policy to replace the contributed funds for the future of your family. This is often called a wealth replacement trust.
*MCPA is not engaged in rendering legal or tax advice. The purpose of this publication is to provide information of a general character only. For legal advice, please consult an attorney. Income tax references refer to federal taxes only, and individual state taxes may further impact your specific situation.
Charitable IRA Rollover:
Charitable IRA Rollover allows individuals age 70½ and older to make direct transfers of up to a set limit from individual retirement accounts to qualified charities without having to count the transfers as income for federal tax purposes. The Free Will tool is completely free, helps you estimate how much you’re required to withdraw, and, if you are so moved, complete your gift to MCPA. Make your smartest gift now!
Retirement Amount Gifts:
You may consider a donation of a tax-deferred retirement account or a portion of a tax-deferred retirement account, such as an Individual Retirement Account (“IRA”), 401(k), TIAA-CREF, or pension account. This type of donation will provide a tax benefit for you while giving MCPA a significant gift without a financial burden during your lifetime.
You may either designate a specific amount of your retirement account funds to be paid to the school before the division of the remainder among family beneficiaries, or you may name MCPA beneficiary of part, or all, of the balance remaining after your spouse’s or another beneficiary’s lifetime.
It is easy to implement this change. Advise your plan administrator of your decision and sign the required forms. You may even be able to make these changes on your plan’s website. If you personally administer a plan, notify the custodian in writing, and keep a copy with your valuable papers.
*MCPA is not engaged in rendering legal or tax advice. The purpose of this publication is to provide information of a general character only. For legal advice, please consult an attorney. Income tax references refer to federal taxes only, and individual state taxes may further impact your specific situation.