Bequests
Naming the Monterey Peninsula College Foundation (Tax ID# 77-0391075) as a beneficiary of your estate, living trust, retirement plan 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.
Trusts
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.
Life Insurance
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.
Retirement Assets
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.
Real Property
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.