Planned Giving? Yikes! I guess I need to get my act together! What do I do to start?
There are several ways to do that. You might add Mac to your will or name Macalester as a beneficiary of your IRA or life insurance policy. An easy way to start is with Theresa Gienapp, our helpful connection at Mac. Believe me, she has heard every question in the book! firstname.lastname@example.org or call her at 651-696-6087
I’m a procrastinator! When do I need to get something to Mac for a Planned Gift?
Good Question! You have time! May 31, 2020, is the deadline for our Class Gift, but make that appointment with your financial advisor now! We all need a nudge!
So, our 50th is a big deal, right? Is there a goal? I’d like to mark this 50th
Our overall Goal is to have 70% of our class sending support to Mac. We can do that! Our financial goal for the 50th Reunion is $6 Million with $500,000 to the Mac Fund.
A friend told me I do not need to know exactly what my Planned Gift amount will be. Really? Who do I talk to for answers?
You need a good estimate or actual amount to count toward our goal. You can either call Theresa at 651-696-6087 or email her at email@example.com. She can give you a good way to estimate if that’s your choice.
Can I make a planned gift without changing my will, trust or estate plan?
Definitely! Among other ways, you could name Mac as a beneficiary for all or part of your retirement asset, life insurance policy or annuity.
I’m just learning about Planned Gifts. Is there a minimum amount required to join the James Wallace Society?
Nope, there is no minimum! You do need to complete a Planned Gift Form and send it in. To get that form go to http://webapps.macalester.edu/forms/plannedgiving/jameswallacesocietyform.cfm
So, what if something happens in the future and I need to change my planned gift?
Good question! We all recognize that circumstances change. First, many gifts can be structured to minimize the impact that a change would have, such as gifting a percentage of an asset, instead of a fixed sum. Second, any Will and most trusts can be revised to accommodate future events. In fact, many advisors suggest that persons our age revisit their estate planning at least every 5 years.
Is there a way for me to continue to receive income from my asset during my lifetime and also benefit Mac after my passing?
You have been doing your homework! You can use a charitable gift annuity, or charitable remainder trust to receive lifetime payments, often at an advantageous rate, with the remainder to provide support for Mac in the future. You may also receive tax advantages now.
Can my planned gift to Mac benefit my specific priorities and interests for Mac?
Absolutely! Your gift can be as individual as your own goals have been. It can be designated for scholarships, research, career development, entrepreneurship, faculty support and a host of other areas.
Can my gift to Mac provide me with tax advantages even if I don’t itemize deductions?
Yes! You can save on taxes by directing a portion of the required minimum distribution from your IRA to Mac.