Let your heart and legacy continue in the work of Mount Pisgah.
Planned giving allows you to give back to Mount Pisgah with a future gift while enjoying a variety of tax benefits. It can be one of the most powerful and transformative ways for you to provide for those close to you while also supporting causes dear to your heart. There are a variety of options available to you, including bequests, charitable gift annuities, IRA charitable rollovers, charitable remainder trusts, and gifts of real estate. We welcome working with you and your advisors to find the plan that feels right, in confidence, and without obligation. For legal or tax advice, please consult your attorney or tax advisor.
The Legacy Society recognizes and honors individuals and families who have made planned gifts of any size to benefit Mount Pisgah. Members of the Legacy Society are invited to annual special events, recognized in publications (unless anonymity is requested), and on-campus listings. Legacy Society members also have the opportunity, depending on the amount of the gift, to designate their gift to an existing endowment or create a named endowed fund, chair, or scholarship.
BEQUESTS
A bequest is one of the most common and flexible approaches to planned giving. A bequest is a gift made through your will, living trust or with a codicil. A bequest allows you to leave a lasting gift, reduce the burden of taxes on your family, and potentially receive estate tax savings.
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
TYPES OF BEQUESTS
| SPECIFIC BEQUEST |
|---|
| A specific bequest involves making a gift of a specific asset such as real estate, a car, other property, or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to MPCS. |
| PERCENTAGE BEQUEST |
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Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to MPCS. |
| RESIDUAL BEQUEST |
| A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to MPCS. |
| CONTINGENT BEQUEST |
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A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to MPCS. |
In order to make a bequest, you should speak with your attorney. However, we have provided some basic bequest language to assist you and your attorney.
DOWNLOAD BEQUEST LANGUAGE DOCUMENT
CHARITABLE GIFT ANNUITY
With a Charitable Gift Annuity, you can support Mount Pisgah by transferring your cash or property to the school and we promise to make fixed payments to you for life at a rate based on your age.
The benefit of a Charitable Gift Annuity allows you to further the work of Mount Pisgah, while having the security of a fixed payment for life, without concern regarding fluctuations in stock and real estate markets. You also receive a charitable income tax deduction for the charitable gift portion of the annuity. Additionally, you may benefit from payments that may be partially tax-free.
If you fund your gift annuity with cash, a significant portion of the annuity payment will be tax-free. You may also make a gift of appreciated securities to fund a gift annuity and avoid a portion of the capital gains tax.
TYPES OF CHARITABLE GIFT ANNUITIES
| CURRENT CHARITABLE GIFT ANNUITY |
|---|
| With a current gift annuity, you may transfer cash or property in exchange for our promise to pay you fixed payments beginning as early as this year. You will receive an income tax charitable deduction this year for the value of your gift to Mount Pisgah Christian School. (Payments begin within one year). |
| DEFERRED CHARITABLE GIFT ANNUITY |
| Perhaps you are not ready to begin receiving payments until a future date, such as when you retire. With a deferred gift annuity, you establish the gift annuity today, receive a charitable income tax deduction this year, but defer the payments until a designated date sometime in the future. Best of all, because you deferred the payments, your annual payment will be higher when the payments start than they would have been with a current gift annuity. (For payments at future date). |
| FLEXIBLE DEFERRED CHARITABLE GIFT ANNUITY |
| With a flexible deferred gift annuity, you retain the flexibility to decide when the annuity will begin making payments. As with a deferred gift annuity, you establish the annuity today and receive a charitable deduction this year, but the payments are deferred until such time as you elect to begin receiving the payments. |
IRA CHARITABLE ROLLOVER
An IRA charitable rollover allows individuals 70½ years and older to reduce their taxable income by making a gift directly from their IRA.
The benefits of an IRA Rollover is that it avoids taxes on transfers of up to $100,000 from your IRA to Mount Pisgah, satisfies your required minimum distribution (RMD) for the year, it reduces your taxable income (even if you do not itemize deductions), and allows you to make a gift that is not subject to the deduction limits on charitable gifts.
If you would like to make an IRA charitable rollover, contact your IRA plan administrator to make a gift from your IRA to the school. Your IRA funds will be directly transferred to our organization. You can designate your IRA charitable rollover to be used for a specific purpose. Please note, IRA charitable rollover gifts do not qualify for a charitable deduction.