One unique way to support Moraine Valley Community College Foundation is through our planned gift program. Through favorable tax treatments, planned giving offers ways to make more significant gifts for the Foundation than you may have thought possible.
There are a number of different types of planned gifts accepted by Moraine Valley Community College Foundation including:
- Revocable trusts and wills
- Gifts of tax-deferred retirement assets
- Gifts of real estate
- Gifts of Life insurance
Planned giving is different for each person and the Foundation is here to support donors by helping them clarify options to meet their personal financial goals and take advantage of charitable tax deductions.
To maximize your income, capital gains and estate tax savings, you may wish to plan your gift in one of the following forms:
Life Insurance
A donor may give a paid life insurance policy to Moraine Valley Community College Foundation, naming the Foundation as both owner and irrevocable beneficiary. Donor may also give a life insurance policy that is not paid up if the Foundation is assured there is a reasonable expectation that the donor will continue to make gifts that will be at least equal to the cost of the premium of the policy.
Bequests
A bequest is a gift of any amount or form made to the Moraine Valley Community College Foundation in a donor’s will. Bequests play a vital role in our capacity to support the future Moraine Valley students. Although the Foundation hopes not to receive your gift for many years, sharing your plans will enable us to acknowledge your thoughtfulness and generosity during your lifetime. The type of bequest most appropriate for your situation can be determined by consulting with your attorney and/or financial advisor. Bequests may be made in the following ways:
Specific Bequest. Stipulates an amount, a percentage, or particular securities or other assets.
- (Sample Language- I give to the Moraine Valley Community College Foundation (FEIN #), located in Palos Hills, IL, the sum of $___________ (or asset) to be used for its general support)
Residual Bequest. States that all or a portion of your estate be given after specific amounts are distributed to other beneficiaries.
- (Sample Language- I give to Moraine Valley Community College Foundation (FEIN #), located in Palos Hills, IL, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support)
Contingent Bequest. Directs that your assets be distributed if your primary heirs do not survive you.
- (Sample Language- If (insert name) is not living at the time of my demise, I give to Moraine Valley Community College Foundation (FEIN #), located in Palos Hills, IL, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support)
Charitable Lead Trusts
With a charitable lead trust, the Foundation receives the “lead interest” payments annually, and the donor or their family members receive the assets (remainders) of the trust when the trust is terminated. As a specialized estate planning tool, the charitable lead trust offers effective benefits if the donor has substantial estate and gift tax liabilities.
Charitable Remainder Trust
One of the most effective estate planning tools is the charitable remainder trust (CRT). An irrevocable tax-exempt trust, a CRT comprises two parts: income interest and remainder interest. For a designated period (e.g., the joint lives of the grantor and spouse), the income from the trust is paid to the grantor or the grantor’s heirs. At the conclusion of the designated period, the remaining trust assets become the property of the named charity or charities. Although the trust is irrevocable, the charitable beneficiary/beneficiaries of the trust can be changed by the donor during the term of the trust.
For more information, please contact the Moraine Valley Community College Foundation at foundation@morainevalley.edu or call (708) 974-5740.
