April 5, 2018
A simple way to make a planned (deferred) gift to benefit MPA is by designating the school as a beneficiary of all or a portion of your IRA or other qualified retirement plan or life insurance policy. You simply request a beneficiary designation form from your retirement plan provider or life insurance company, complete and return the form to them, and the future gift is put in place. You may also designate MPA as the beneficiary of your stock portfolio by requesting and completing a TOD (Transfer on Death) form from your broker. An even simpler way is to visit your bank and designate MPA a beneficiary of your checking or savings account by completing a POD (Payable on Death) form. In each of these methods, MPA can be designated as the beneficiary of a fixed amount, a percentage, or the remainder of your assets.
The beauty of beneficiary designations is twofold: first, you do not need an attorney or other professional advisor to assist you so there is no cost involved; and second, you maintain flexibility throughout your lifetime. As circumstances change, you can modify or even terminate your gift at any time.
Because you retain the right to change or revoke any of the designations discussed above, there are no immediate income tax benefits in creating a gift provision. However, at death when the designated assets pass to MPA they are removed from your taxable estate.
In order to make a beneficiary designation of the type mentioned, we recommend the following language: “I designate Mounds Park Academy, Saint Paul, Minnesota as the beneficiary of (the amount or percentage).” In certain cases, you may be asked to provide the Federal Tax ID number for MPA, which is: 41-1420915.
The MPA Legacy Society honors families and individuals who have made provisions for Mounds Park Academy in their estate plans that will provide for the school’s future. For more information about planned giving and joining the Legacy Society, please contact Ashley Goetzke, Capital Campaign & Stewardship Manager, via email or at 651-748-5536.
The information presented here is general in nature and is not intended to be, or a substitute for, professional legal advice.
