Planned Giving

Saving Tax Dollars While Making a Charitable Gift Under the New Tax Code

Click to download the helpful 1-page PDF to Learn about the Qualified Charitable Deduction (QCD) Strategy to avoid penalties for IRA withdrawals. Written by Cam Neri, LPL Financial Advisor (Retired)

Legacy and Planned Giving Options

The Morrissey-Compton Educational Center, Inc. accepts a variety of planned gifts in support of its mission to empower those with learning, behavioral, and social-emotional challenges to succeed throughout their educational journey.

Bequests

The simplest way to leave a planned gift to benefit our community is to make a bequest by including specific language in your will or living trust naming the Morrissey-Compton Educational Center as the recipient of a testamentary gift. Your will or living trust can include gifts in the form of cash, securities or personal property. You may contribute a specific dollar amount, a percentage, or the residual of your estate in this manner. Your estate will receive a charitable deduction for the full donation, so your heirs will not pay estate tax on these assets.

Charitable Gift Annuity

Charitable gift annuities allow you to make a significant gift to benefit Morrisey-Compton while receiving fixed payments for life, regardless of the economic climate. A charitable gift annuity is a simple contract between you and us.

Charitable Remainder Trust

By transferring assets to a charitable remainder trust, you will receive an immediate tax deduction and income for you or your named beneficiaries for life or for a term of years. You may also reduce or avoid capital gains taxes associated with the asset. When the trust’s term is complete, the remaining assets will pass to Morrissey-Compton.

Charitable Lead Trust

When you create a charitable lead trust and name Morrissey-Compton as an income beneficiary of the trust, the charitable lead trust will make regular income tax-deductible gifts to us for a term of years. When the trust terminates, the entire principal is returned to you or to your designee.

Retirement Plan Donations

Naming Morrissey-Compton as a beneficiary of your retirement funds, such as an IRA, 401k or 403b, is a simple and effective way to benefit Morrissey-Compton while avoiding significant, often unanticipated tax penalties. Donating retirement accounts can reduce or eliminate these taxes.

Life Insurance Donations

Among the many ways to donate life insurance, the simplest is to designate Morrissey-Compton as a beneficiary of the policy. You may also transfer ownership of a paid-up policy to Morrissey-Compton or donate insurance policy dividends. You may also choose to name Morrissey-Compton as the owner and beneficiary of a policy, making annual gifts to Morrissey-Compton in the amount of the annual premium. In this arrangement, the premium would be paid by Morrissey-Compton.

Real Estate and Retained Life Estates

For information on how you can donate your real estate and retain its use for your lifetime, please contact us (see below) for more information.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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