Legacy Society - MPC Foundation
Remembering MPC with a legacy gift ensures the future of our students.
By making a planned gift of any kind, you become a member of the MPC Foundation’s Legacy Society. Of course, you may do this anonymously, but it is helpful to inform the Foundation so that we may understand the vision and objectives of your gift as expressed to us during your lifetime.
An overview of some of the most common options is provided below; however, we encourage you to consult your own legal and/or financial advisors to discuss the various planned giving vehicles that make the most sense for your circumstances before committing to a charitable gift.
Naming the Monterey Peninsula College Foundation, (Tax ID# 77-0391075) as a beneficiary of your estate, living trust, and/or life insurance policy is the easiest and most common way of leaving a legacy gift to the college. This kind of bequest, among others, will likely entitle your estate to a charitable deduction thereby lowering your estate tax liability.
A bequest to the MPC Foundation can be as simple as including the Foundation in your will for a fixed amount or a percentage of your estate with a description of specific philanthropic objectives.
With contributions to a charitable remainder trust or charitable annuity trust, you, or someone you name, can receive a fixed annuity or unitrust payout for your life, or for a term of years in accordance with IRS regulations. The “remainder” of the trust comes to the MPC Foundation. When you fund the trust with appreciated assets, you avoid capital gains tax on the full appreciation even though you are receiving income or a fixed payout.
Donors may make a gift of life insurance by making the MPC Foundation the irrevocable owner and beneficiary of a life insurance policy. This may result in tax advantages if the policy is paid up or is a policy with cash value.
Leaving retirement plan assets such as your IRA, 401k or 403b to the MPC Foundation may also be beneficial as distributions to a non-charitable beneficiary (even your spouse) are subject to income tax and are potentially subject to estate taxes as well. The combined effect of these taxes can lower the value of these assets by as much as 65%. The potential charitable deduction during your life should provide relief from both these taxes.
A gift of real property may have a significant impact in meeting your philanthropic goals and supporting the MPC Foundation. Please call the Foundation office to discuss this opportunity for giving.
If you have questions about leaving a legacy gift at Monterey Peninsula College, please contact Beccie Michael, Executive Director at (831) 655-5507 or email@example.com.