A planned gift is a wonderful way to make a donation to MKA that is
larger than you ever thought possible. Your gifts can come from your
assets, not necessarily your current income - a different concept than
most of us think of when we contemplate gifts to our alma mater - but a
wise one. Planned gifts can provide you with immediate tax benefits,
and then, income benefits to you and your spouse in your retirement
years. Simply stated, a planned gift is any charitable gift, current or
deferred, that is planned - usually with professional advice - to
optimize a donor's financial, tax, and estate plans while helping to
secure the long term financial strength of one or more recipient
charities. A planned gift to MKA makes donors eligible for membership
in
The Heritage Society.
Benefits of Planned Giving:
- Income paid for life to you or another beneficiary (a spouse or other family member, or both).
- An immediate IRS income tax deduction (and tax savings) for a portion of the value of the gift...often a significant part.
- Capital gains tax can be reduced or avoided when appreciated securities or real property is used.
- Increased income when the gift is made through an arrangement
that pays a higher yield than the normal dividend generated by the
donated asset.
And most important, in providing generous endowed support to MKA, you
can create a lasting legacy for yourself, family, or a mentor.
The Heritage Society
The Heritage Society was
established to recognize and honor those who have provided for The
Montclair Kimberley Academy in their estate plans. Gift commitments may
be made by bequest intention in a will or living trust, as well as in a
variety of ways that provide tax benefits and income for life to the
donor.
Bequests are the most common form of planned gift to MKA, and
each individual legacy has contributed to MKA's financial stabilty over
the years. A bequest can be a generous gift without reducing a donor's
current income, and it is normally deducted in full for federal estate
tax purposes, with no limit on the amount of the estate tax charitable
deduction. Bequests are also not generally subject to state inheritance
or estate taxes. Donors can give almost any kind of asset to MKA
through a bequest, including cash, securities, an interest in real
estate (such as a residence), tangible personal property, or the
remainder of an IRA, Keogh, tax-sheltered annuity, qualified pension or
profit-sharing plan. Bequests are easy to make. If you already have a
will, the bequest is a simple inclusion of plain language; the
additional language known as a codicil.
Samples of Bequest Language
The following examples can be tailored to your interests. Be sure to consult your attorney.
Unrestricted Bequest: 'I give (__dollars) (a specific asset) or
(__percent of the rest, residue, and remainder of my estate) to The
Montclair Kimberley Academy, Montclair, New Jersey, for its general
purposes."
Bequest For A Specific Purpose: "I give (__dollars) (a specific asset)
or (__percent of the rest, residue, and remainder of my estate) to The
Montclair Kimberley Academy, Montclair, New Jersey, to be used for the
following purpose: (state the purpose). If, in the future, it is the
opinion of the Board of Trustees of The Montclair Kimberley Academy
that all or part of the income of this fund cannot be usefully applied
to such purpose, it may be used for any related purpose which in the
opinion of the Board of Trustees will most nearly accomplish my wishes."
Membership in
The Heritage Society
is an important way to ensure the future of the school through a
philanthropic gift, while receiving maximum tax and estate benefits
that enhance your well being.
Heritage Society members
recognize the importance of growing MKA's Endowment in order to provide
the highest level of support for all aspects of an MKA education. Also
of great importance, and in need of critical funding, is MKA's Faculty
Compensation Endowment - a resource providing for the continued hire
and retention of a talented and dedicated faculty.
Membership is granted to those who have chosen to make a planned gift to MKA in one or more of the following ways:
A bequest intention of cash, securities, closely held stock, real estate, or tangible property.
Life income gifts such as:
- Charitable Gift Annuities
- Charitable Remainder Unitrusts of Annuity Trusts
- Charitable Lead Trusts
- Pooled Income Fund contributions
If you have already made a provision in your will for The Montclair
Kimberley Academy, we hope you will share those plans with us. We
welcome the opportunity to assist you in evaluating other options of
deferred giving which best suit your needs and intentions.
For more information on making a planned gift to MKA, please contact Geoff Branigan, Director of External Affairs at 973- 509-7940
(
gbranigan@montclairkimberley.org) or Laurie Hoonhout McFeeley '76,
Director of Alumni Giving & Planned Giving at 973-509-7939
(lmcfeeley@montclairkimberley.org). Or write: The Montclair Kimberley
Academy/External Affairs, 201 Valley Rd., Montclair, NJ 07042.
In all matters related to charitable giving, donors are advised to consult their own legal, tax, and financial advisors.
