MCC Foundation LogoPlanned Giving with MCCF

What is a Bequest?
A bequest is any planned gift that is part of a donor's overall financial and/or estate planning. Bequests take many different forms and may be bestowed as cash, appreciated securities/stock, real estate, artwork, partnership interests, personal property, life insurance, a retirement plan or other assets.

Bequest Benfits:
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest is used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.

Types of Bequests:
There are a number of ways you can make a bequest to the Middlesex Community College Foundation (MCCF). In order to make a bequest, you should speak with your attorney, who can help you include a bequest to the MCCF in your estate plan. The following includes several types of bequests and some basic bequest language to assist you and your attorney.

Specific Bequest:
A specific bequest involves making a gift of a specific asset such as real estate, a car, other property, or a gift for a specific dollar amount. For example, you may wish to leave your home or $50,000 to the MCCF.

  • Bequest of a Specific Dollar Amount: I hereby give, devise and bequeath (dollar amount) to the Middlesex Community College Foundation (MCCF), a nonprofit organization located at P.O. Box 8681, Lowell, MA 01853, Federal Tax ID #04-2973384 for the MCCF's general use and purpose.

  • Bequest of Specific Personal Property: I hereby give, devise and bequeath (description of property) to the Middlesex Community College Foundation (MCCF), a nonprofit organization located at P.O. Box 8681, Lowell, MA 01853, Federal Tax ID #04-2973384, for the MCCF's general use and purpose.

  • Bequest of Specific Real Estate: I hereby give, devise and bequeath all of the rights, title and interest in the real estate located at (address or description of property) to the Middlesex Community College Foundation (MCCF), a nonprofit organization located at P.O. Box 8681, Lowell, MA 01853, Federal Tax ID #04-2973384 for the MCCF's general use and purpose.

Percentage Bequest:
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10 percent of your estate to the MCCF.

  • I hereby give, devise and bequeath (percent%) of my total estate, determined as of the date of my death, to the Middlesex Community College Foundation (MCCF), a nonprofit organization located at P.O. Box 8681, Lowell, MA 01853, Federal Tax ID #04-2973384, for the MCCF's general use and purpose.

Residual Bequest:
A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30 percent of the residue of your estate to the MCCF.

  • I hereby give, devise and bequeath to the Middlesex Community College Foundation (MCCF), a nonprofit organization located at P.O. Box 8681, Lowell, MA 01853, Federal Tax ID #04-2973384, (all OR a percentage) of the rest, residue and remainder of my estate to be used for the MCCF's general use and purpose.

Contingent Bequest:
A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative has predeceased you, the vacation home will go to the MCCF.

  • If (primary beneficiary) predeceases me, then I hereby give, devise and bequeath to the Middlesex Community College Foundation (MCCF), a nonprofit organization located at P.O. Box 8681, Lowell, MA 01853, Federal Tax ID #04-2973384, (description of property) to be used for the MCCF's general use and purpose.

Restricted Bequest:
If you are considering a bequest but would like to ensure your bequest will be used for a specific purpose, we would be happy to work with you and your attorney to help identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals. If you are making a restricted bequest, we recommend your attorney include the following provision to give the MCCF flexibility should it no longer be possible for our foundation to use your gift as you originally intended:

  • If in the judgment of the Board of Directors of the MCCF, it shall become impossible for the MCCF to use this bequest to accomplish the specific purposes of this bequest, the MCCF may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.

Insurance Policy:
There are two ways you can give a life insurance policy to the Middlesex Community College Foundation. You can make the MCCF either the beneficiary or the owner of the policy. If your family responsibilities are not as substantial as they once were, then your gift of an insurance policy that is paid up or partially paid up may be beneficial. Consult your life insurance agent for more details on the various types of insurance gifts you can make to the MCCF.

Retirement Plan:
Naming the Middlesex Community College Foundation as a beneficiary for a portion of your retirement savings is another way to make a charitable contribution to the Foundation. The administrator of your IRA, profit-sharing account, or other retirement plan should be able to help you with this.

Contact:
The Middlesex Community College Foundation welcomes the opportunity to discuss your giving plans, we can help you determine which planned giving opportunity best supports your vision for the future. We also strongly recommend you consult your financial advisor and/or attorney to determine which method is the most suitable for your financial situation. To discuss future gifts in further detail, please contact Sherri McCormack, MCCF Dean of College Advancement, at 978-656-3034 or mccormacks@middlesex.mass.edu.

Last Modified: 11/23/20