Leave a Lasting Legacy: Make a Gift in Your Will or Estate Plan
Consider joining the numerous patrons who ensure a bright future for Merrimack College by incorporating generous gifts in their wills or estate plans. By doing so, you can profoundly impact future generations of Merrimack students. Your thoughtful contribution will be a lasting legacy that continues to support Merrimack College for many years to come.
How it Works
- You decide to leave a specific asset or a portion of your estate to Merrimack College. This is done by including a bequest provision in your will or revocable trust. This can be set up when creating your will or trust, or by updating an existing one with a straightforward document. Merrimack College can be listed as either a primary or a contingent beneficiary.
- Unless you provide different instructions, your donation will be allocated to support our most pressing needs. If you prefer your contribution to benefit a specific program or initiative, please reach out to us. We’ll assist you in crafting the appropriate language and ensure that we can accommodate your intentions.
- After making your decision, it’s important to notify Merrimack College of your commitment. This helps us with future planning and guarantees that your wishes can be fully realized. Communication is particularly crucial for gifts involving real estate, business interests, or other specialized property.
- Following your lifetime, Merrimack College receives the gift and utilizes it according to the purpose(s) you indicated. Unrestricted donations are used to support the most critical efforts for the college.
- The amount you distribute is fully deductible for federal estate tax purposes, and there’s no limit to the deduction your estate can claim. Additionally, the gift is typically exempt from state inheritance taxes.
Benefits
- Your gift costs you nothing now. You retain control of your assets and can modify your gift at any time.
- Your gift can remain anonymous if you choose.
- Your gift may provide tax savings or help reduce the tax burden for your heirs.
- You can direct your gift to a particular purpose (be sure to check with Merrimack College to ensure your request is understood and that your gift can be used as you intend).
- You can leave a gift in honor or memory of someone who inspired your commitment to Merrimack College.
- You qualify for Legacy Society membership.
- You will be helping to support future generations of students at Merrimack College.
More Information
- As you compose your will or trust, we encourage you to communicate with us if you’re considering limiting the application of your bequest. Please be aware that a very specific restriction might pose a risk, as the program you wish to assist may not have the same needs or relevance in the future when your gift is received.
- The residual balance in your retirement plan can serve as a tax-efficient donation and be gifted to Merrimack College. To prevent its inclusion in your taxable estate, designate your charity of choice directly on your plan’s beneficiary form.
- There are several varieties of bequests, each offering unique methods for guiding how your estate is distributed. We invite you to reach out to us for more comprehensive information on this matter.
Naming Merrimack College as a Beneficiary
The residual balance in your retirement plan can be a savvy tax-efficient donation. However, it’s crucial not to assign it to us through your will or trust, as this will result in the plan being included in your taxable estate. A better approach is to utilize your plan’s successor beneficiary form to make the designation.
In a similar vein, you have the option to designate Merrimack College as the primary or contingent beneficiary of your life insurance policy. This move could potentially help to reduce your tax liabilities.
Legal Language
If you wish to name Merrimack College in your estate plan, we should be named as:
Merrimack College, a nonprofit, organized and existing under the laws of Massachusetts, with principal business address of Austin Hall, Merrimack College, 315 Turnpike Street, North Andover, MA 01845.
Our tax identification number is: 04-2103731.
