Gift Planning Flexibility | MVCC | Mohawk Valley Community College
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Gift Planning Flexibility

Increase my retirement income.

Whether you are still working or have retired, there are tax-advantaged ways to provide yourself with a secure retirement income and support MVCC programs that are most important to you and your family.

Here are some ways:

  • Charitable Gift Annuity
  • Flexible Gift Annuity
  • Charitable Remainder Trust

Maximize my family's inheritance.

If you are subject to gift and estate taxes, we can help you apply special giving techniques that will provide the greatest benefit to your family, while you invest in the futures of our students.

Here are some ways:

  • Charitable Lead Trust
  • Wealth Replacement Charitable Remainder Trust

Save for college for my children or grandchildren. 

While Section 529 College Savings plans are likely the best way to save for college, if you also want to support MVCC, there are charitable gifts which provide income to pay tuition, with the principal benefiting MVCC later.

Here are some ways:

  • Net Income with Makeup Charitable Remainder Trust
  • Flip Charitable Remainder Trust

Provide supplemental income to a loved one.

Many Families have elderly relatives in need of help. Using charitable gifts with MVCC, it is possible to respect your beneficiaries' dignity while assisting them with monthly expenses.

Here are some ways:

  • Charitable Gift Annuity
  • Charitable Remainder Trust

Increase my support for MVCC without tapping my current income or ready cash.

Gifts of assets that have appreciated in value over time often provide more tax savings for you and your family than outright gifts of cash to MVCC.

Here are some ways:

  • Appreciated Securities (e.g., stock, mutual funds, bonds)
  • Real Estate (e.g., homes, vacation homes, camps, rental properties),
  • Business Interests
  • Art and Collectibles

Continue my support for MVCC forever.

By naming the MVCC Foundation endowment as a beneficiary of your will, retirement plan or life insurance policy, you will create a legacy of support for MVCC and our community that will be there when it is most needed and will never go away.

Here are some ways:

  • Naming MVCC as a beneficiary of your Will/Living Trust, IRA, 401 (k) or other Qualified Retirement Plan, Life Insurance Policy,Bank Account, Brokerage Account or Donor-Advised Fund. 

Sample Language for Including MVCC Foundation in Your Estate Plan:

 

Residual Beneficiary Language

A residual gift from your will comes to us after your estate expenses and specific non-charitable gifts are paid:

I give and devise to Mohawk Valley Community College Foundation, Inc., located in Utica, New York, all (or state a percentage) of the rest, residue and remainder of my estate, both real and personal, to be used where it determines the need is greatest (or for the support of a specific fund or program).

 

Specific Gift Language

Naming us as a beneficiary of a specific amount from your estate is easy:

I give and devise to Mohawk Valley Community College Foundation, Inc., located in Utica, New York, the sum of $___________ to be used where it determines the need is greatest (or for the support of a specific fund or program).

 

Retirement Plan Beneficiary Language

Naming us as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish your charitable goals while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming Mohawk Valley Community College Foundation, Inc., as a beneficiary of all or a percentage of your retirement plan, you maintain complete control over the assets while living, but at your passing the remaining assets pass to Mohawk Valley Community College Foundation, Inc., free of both estate and income taxes.

Making a charitable gift from your retirement plan is easy. Simply fill out a change of beneficiary form from your plan administrator and notify us. We can also assist you with the proper language for your beneficiary designation to Mohawk Valley Community College Foundation, Inc.

 

Life Insurance Policy and DAF Beneficiary Language

As with retirement plans, naming Mohawk Valley Community College Foundation, Inc., as the beneficiary of a life insurance policy or your donor-advised fund is as simple as filling in a change of beneficiary form from your plan/fund administrator. Be sure to let us know you have named us as the beneficiary so we can contact the insurance company or fund at the appropriate time and put your gift to work as you intend.

 

Legal Name: Mohawk Valley Community College Foundation, Inc.

Tax Identification Number: 16-6071031

State of Business: New York 

 

The information provided does not constitute tax or legal advice. Always confer with your own advisors prior to making a charitable gift. 

Frank DuRoss
Vice President of Community Development and
Executive Director of MVCC Foundation

Payne Hall, Room 220

Phone: 315.792.5555
Email: fduross@mvcc.edu