Legacy and Planned Giving: Stevens League
The Stevens League recognizes and honors donors who have supported the Minneapolis College of Art and Design through a planned gift. These gifts expand our endowment, improve academic programs, and keep MCAD affordable for future students. The Stevens League gives us the opportunity to thank you today for the support you provide in the future.
When you make a planned gift to MCAD, you’re creating extraordinary opportunities for future generations of artists and designers. And you can put your assets to work any way you choose. You can enhance the affordability of an MCAD education by endowing a scholarship fund, or ensure continued academic excellence by making an unrestricted gift or supporting a specific academic program. Whatever the purpose, your planned gift is an investment in the future and a powerful way to give back to the creative community.
Gifts From Your Will
Including MCAD in your will or trust allows you to make a gift that costs you nothing during your lifetime. While a bequest offers no immediate income tax benefits, it can reduce or even eliminate estate taxes.
You can make a bequest to the college through your will, trust, or estate plan. To include MCAD in either of these documents, we suggest the following language:
“I give, devise, and bequeath to the Minneapolis College of Art and Design, a nonprofit Minnesota corporation, located at 2501 Stevens Ave, Minneapolis, Minnesota 55404 the sum of $________ (or, ___ percent of my estate, or ____ percent of the residue of my estate) to be used for such purposes as the Board of Trustees determines at the time this bequest becomes effective.”
MCAD Advancement staff would be happy to talk with you and your legal advisor regarding a designation for your gift.
Gifts That Give Back
Certain gifts to MCAD can create a stream of income and a charitable income tax deduction for the donor. These gifts include:
Charitable Gift Annuities (CGAs) are one of the most popular planned gift options. Gift annuities can provide you with a guaranteed fixed income for your lifetime as well as significant tax benefits. In an uncertain economy, the stability of a CGA is very attractive to donors who wish to avoid risk.
A Charitable Gift Annuity is a contract between the donor and MCAD. In exchange for a gift of cash or property, MCAD agrees to make fixed payments to the donor for the remainder of his or her life and/or the life of another individual.
Payments are based on a rate schedule determined by the American Council on Gift Annuities. The rate is calculated based on the age of the donor. In addition to this fixed income for life, the donor receives a federal income tax deduction at the time the gift is made. Charitable Gift Annuities require a minimum gift of $10,000. When the donor or other named beneficiary dies, MCAD’s financial obligations are completed.
A Charitable Remainder Trust (CRT) is a special tax-exempt irrevocable trust arrangement written to comply with federal tax laws and regulations. Generally used as part of a complex estate plan, CRTs involve a donor transferring cash or assets (especially appreciated assets) to the trust in order to preserve these assets and to receive income for life or a certain term of years. Payments can be fixed or variable, and special tax advantages may apply. Most CRTs involve gifts of $250,000 or more.
It is important to handle retirement plan assets (IRA, 401(k), 403(b), etc.) carefully in your estate because these funds can be significantly diminished by both estate and income taxes. But by making a tax-free charitable gift of your retirement plan assets, you can maximize the impact of your hard-earned savings. To establish MCAD as a beneficiary of your retirement plan assets, simply complete a change of beneficiary form (available through your plan administrator) and notify MCAD of your gift. If needed, we can also assist you with the proper language for your beneficiary designation.
For more information about legacy or planned giving please contact Joan Grathwol-Olson, MCAD Vice President of Institutional Advancement at 612.874.3745 or firstname.lastname@example.org.