After first providing for loved ones, a gift to MSCF made through a will or living trust can be convenient to arrange. A simple provision or amendment prepared by your attorney at the time you make or update your will or trust is all that is necessary. Gifts included in wills and living trusts are popular because they are flexible, practical to implement, and may be changed with your life circumstances.
Ways to Give Through Wills and Trusts
- Make a gift of a specific amount. A gift of a particular amount may be designated for general use or to fund esignate that a percentage of your estate be given to MSCF through your will or living trust.
- Give the remainder, or residue, of your estate—that is, what remains after all other bequests to friends and loved ones are satisfied.
- Provide for a gift of a particular property. Real estate, art, antiques, and other items of value are examples of properties that can be used to make charitable bequests.
Name MSCF to receive a bequest in the event other heirs are not there to receive their legacies.
There is no limit on the amount that can be left for charitable purpose free of gift and estate taxes. Gifts through one's will and other estate plans may be free of applicable state gift and estate taxes as well. Check with your advisors for advice regarding federal and state tax considerations of a gift through your will or other plans.
If you decide to include a gift in your estate plans, our legal name is The Murray State College Foundation.
Other Ways to Give Through your Estate
Life insurance and retirement plans can also be a convenient option when considering a gift as part of your long-term estate and financial plans. In some cases, these assets total more than is needed for a comfortable retirement or life insurance policies are no longer needed for their original purpose. In that event, it may be wise to consider using these funds to make gifts to benefit Murray State College. A simple change of beneficiary form may be all that is required to provide for a gift of life insurance proceeds or what remains in a retirement account. There may be special tax savings when making gifts in this way. As in the case of gifts through wills and revocable living trusts, such gifts can be arranged to take place only if loved ones predecease you, or in the event of other circumstances you specify.
An unrestricted bequest is one for the general use of the college at the discretion of the Executive Director and the Board of Directors. An example of such a bequest is:
“I give and bequeath to The Murray State College Foundation [the sum of $______] [____ percent of my residuary estate] [the following property] for the general support of the Institution.”
Donors may restrict the use of their bequests. A restricted bequest might read as follows:
“I give and bequeath to The Murray State College Foundation [the sum of $______] [____ percent of my residuary estate] [the following property] to be used for (state purpose, e.g., ‘the purchase of materials for the Fred A. Chapman Farm or its successor’). If, in the opinion of the Executive Director and the Board of Directors, all or part of this bequest cannot be usefully applied to this purpose due to changed circumstances, they may use the bequest for any purpose that in their opinion will most nearly accomplish my wishes and purposes.”