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Types of Planned Gifts
The most common and often simplest way to make a planned gift, a bequest is a legally documented intention to transfer ownership of cash or other assets to a specified individual or organization after the lifetime of the donor. To make a bequest to MassArt, you must include a provision in your will that states your wish to leave a specific asset, cash, or tangible property to the College. You may choose to bequeath a specific dollar amount or percentage of your estate to the School.
Below is sample language you may share with your legal advisor when formalizing your bequest. Once your bequest intention is documented in your will, please provide MassArt with a copy of the page that contains the provision so that we may properly thank you and record your intention.
Sample Bequest Language:
"I give and bequeath [describe property, include specific dollar amount, or percentage of estate] to the Massachusetts College of Art and Design in Boston, MA for its general corporate purposes [or other purposes]."
You may wish to create a charitable gift annuity (CGA) by transferring assets to MassArt during your lifetime in exchange for regular payments to you and/or another beneficiary at a predetermined amount for life. You may also receive certain tax benefits when you establish your CGA. When the beneficiary dies, the annuity payments cease, and MassArt retains the remaining funds.
Some donors prefer to establish a charitable remainder trust, a legal instrument similar to a CGA, but with options including the choice of receiving a fixed dollar amount (charitable remainder annuity trust) or a percentage of the value (charitable remainder unitrust). As with a CGA, individual beneficiaries receive payments for life with the remaining funds going to MassArt as the ultimate beneficiary. A charitable remainder trust can result in an income tax deduction, and may provide a way to avoid capital gains and estate taxes.
You may choose to make MassArt the beneficiary of your life insurance policy, which may help you to avoid federal gift and estate taxes. Another option is to make an outright gift of the face value of the policy in order to receive a charitable tax deduction in the year that the gift is made.
If you are age 70½ or older, you may roll over up to $100,000 from your individual retirement account (IRA) directly to MassArt. Funds must be moved directly from your IRA to the College to be considered a qualified charitable distribution. This transaction will potentially reduce your taxable income in the year the rollover is completed.
If you would like more information on how you can make a planned gift to MassArt, or would like to inform the College of your gift intention, please contact Marjorie O'Malley, Vice President of Institutional Advancement at firstname.lastname@example.org or 617.870.7045. All inquiries are confidential and imply no obligation.
MassArt recommends that you work with your legal or financial advisor when making changes to your estate or retirement plans.