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Planned Giving

Create Your Legacy

Every day, we write part of our story-a story that will become a legacy that is passed down to the next generation. If an important part of your life's story is your relationship with Mount St. Mary's University, then there is no better way to honor that relationship than to create a lasting legacy of generosity that will shape the future of the Mount for generations to come.

Members of the 1808 Legacy Society (formerly known as the Chinquapin Society) have included Mount St. Mary's University in their estate plans. In recognition of this commitment, 1808 Legacy Society members receive:

  • Satisfaction in knowing that they are making a lasting difference at their beloved mountain home

  • A special certificate, which can be proudly displayed at home or at the office

  • A custom-designed lapel pin

  • Special recognition at University events and listing in the Honor Roll of Donors

Join the 1808 Legacy Society

  • Establish Life Income Gifts - such as Charitable Gift Annuities and Charitable Remainder Trusts, allow you to provide for the Mount while also receiving guaranteed income for life.

  • Estate Planning - Including Mount St. Mary's in your will is perhaps the simplest way to incorporate the Mount into your estate plans, and is a great way for people of all income levels to create a legacy.

  • Naming the Mount as the beneficiary of your life insurance policy and/or retirement plan.

Tax I.D. Number: 52-059-1672
DTC Number: 0443
Incorporated in: Emmitsburg, Md.

Planned Giving Resources

Planned giving is an individualized process and offers many advantages depending on each donor's unique situation.

Common Planned Gifts

Did you know there are ways to support Mount St. Mary's University that don't affect your current lifestyle or your family's security? You can support Mount St. Mary's with gifts that don't impact the way you live. You can designate Mount St. Mary's University to receive estate assets in the future, or you can make immediate gifts to us of assets that are "out of sight and out of mind." We call these "Gifts Anyone Can Make" because anyone can make them now without impacting cash flow, lifestyle, or family security.

Gifts from Your Will or Trust

How It Works

  • Include a bequest to Mount St. Mary's University in your will or trust.
  • Make your bequest unrestricted or direct it to a specific purpose.
  • Indicate a specific amount, or a percentage of the balance remaining in your estate or trust.

Benefits

  • Your assets remain in your control during your lifetime.
  • You can modify your gift to address changing circumstances.
  • You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).
  • Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.

Retirement Plan

How It Works

  • Name Mount St. Mary's University as a beneficiary of your IRA, 401(k), or other qualified plan.
  • Designate us to receive all or a portion of the balance of your plan through your plan administrator.
  • The balance in your plan passes to Mount St. Mary's after your death.

Benefits

  • Avoid the potential double taxation your retirement savings would face if you designated them to your heirs.
  • Continue to take regular lifetime withdrawals.
  • Maintain flexibility to change beneficiaries if your family's needs change during your lifetime.

Stock and Appreciated Assets

How It Works

  • You transfer appreciated stocks, bonds, or mutual fund shares you have owned for more than one year to Mount St. Mary's University.
  • Mount St. Mary's sells your securities and uses the proceeds for its programs.

Benefits

  • You receive an immediate income tax deduction for the fair market value of the securities on the date of transfer, no matter what you originally paid for them.
  • You pay no capital gains tax on the transfer when the stock is sold.
  • Giving appreciated stock could be more beneficial than giving cash.

Gifts of Life Insurance:

How It Works:

  • You transfer ownership of a paid-up life insurance policy to Mount St. Mary's University.
  • Mount St. Mary's elects to cash in the policy now or hold it.

Benefits:

  • Make a gift using an asset that you and your family no longer need.
  • Receive an income tax deduction.
  • In some cases, you can use the cash value in your policy to fund a life-income gift, such as a deferred gift annuity.

Estate Planning Resources

A will is one of the most important documents you will ever sign. Executing a will is neither difficult nor expensive, and the rewards are great indeed, both in peace of mind and in personal satisfaction. To find out what a will enables you to do and how you can get a will download the brochure Your Will To Help.Is your will up-to-date and ready for duty when the time comes? Find out if your will is up to date with the Update Your Will brochure. 

Estate Planning

Estate planning has a lasting effect on you and your family. However, many people do not have a current plan and it can be hard to find the time to take care of this important piece of business. We hope this estate planning kit will help you and your family handle this task as simply as possible. Of course we would like you to remember the Mount in your estate plans. However, it is more important that you take the time for your family and make an estate plan. Please consider this kit our gift to your family.

Download Resources:

Contact Patrick F. McAuliffe, Jr., C'81 MBA'84
301-447-5361

Charitable IRA Rollover FAQs

Who can exclude IRA distributions from taxable income?

The exclusion applies to individuals who have reached age 70 ½ by the date of their contribution.

How much can I give and still take advantage of the tax-free benefits of the new laws?

The maximum amount that can be excluded from an IRA owner's income is limited to $100,000 per taxpayer year.

My spouse is also a Mount St. Mary's University graduate. Can we both take advantage of the charitable rollover option in the same year?

Yes. The amount that can be excluded from income is limited to any amount up to $100,000 per taxpayer. As a married couple you can together donate up to $200,000 provided that each of you owns at least one or more IRA's and has reached age 70 ½ .

If I give to Mount St. Mary's University using funds from my IRA, do I qualify for a tax deduction on that amount?

No. The Charitable IRA Rollover allows individuals to avoid paying income taxes that were never paid when the funds when deposited.

If I elect to make a qualified charitable distribution to Mount St. Mary's University from my IRA, will I be required to itemize my deductions at tax time?

No. If you are part of the nearly 60% of taxpayers who elect the standard deduction at tax time, this new giving option will not change that for you. However, if your account includes non-deductible contributions, you may be able to take a charitable deduction on that amount. To guarantee the most favorable tax treatment of your donated IRA assets, please consult your financial advisor.

Can I use funds withdrawn from other qualified tax-deferred retirement accounts such as a 403(b) or 401(k) type plan?

No. The provision only provides a benefit for owners of an IRA or Roth IRA. Other forms of retirement plans such as 401(k) and 403 (b) annuities, defined benefit and contribution plans, profit sharing plans, Keoghs, and employer-sponsored SEP's and SIMPLE plans are not eligible.

Do I have to pay capital gains tax on the amount that I give to Mount St. Mary's University from my IRA?

No.

Can I use the qualified charitable distribution to create a trust or gift annuity or another life income agreement from which I would benefit?

No. Only outright cash gifts qualify for this benefit. As stated in the provision, "The exclusion from income applies only if a contribution deduction from the entire distribution otherwise would be allowable (under present law), determined without regard to the generally applicable percentage limitation." Thus, split interest gifts of any type do not qualify.