Bequests

GIVING THROUGH YOUR WILL OR ESTATE

A charitable gift from your estate (a bequest) is a favored method of giving that enables you to achieve your financial goals and benefit Mount Saint Mary College. No other legacy gift is as simple to make or as easy to change, should you ever need the assets during your lifetime.

A gift from your will may be right for you if:

• You want to make a gift to Mount Saint Mary College.
• You want the flexibility to change your mind.
• You want continued access to your wealth, should you need it.
• You are concerned about outliving your resources.

Remembering the Mount in your will is a wonderful way for you to make a lasting gift. Large or small, your bequest will make an important contribution to our long-term strength.

If you don’t have a will or living trust, you are not alone! Most American’s don’t have a will or a will that is up-to-date. Without a will, the laws of your state will decide how your estate is divided. Typically, the probate court will divide your estate among your closest surviving family members according to a formula, and none of your estate can go to Mount Saint Mary College or any other charity. If you wish to have a say in how your estate is distributed, you must have a will or living trust.  We encourage you to work with an experienced attorney to create will or living trust that accomplishes your goals.

WAYS YOU CAN DEFINE A CHARITABLE GIFT IN YOUR WILL

There are several ways you can define the amount of your charitable gift to Mount Saint Mary College. 

• A gift of a specific amount of money. For Example, you give $25,000.
• A gift of a specific item or items. For example, you give 1,000 shares of ABC Corporation stock.
• A gift that will only be made if one or more conditions are met. For example, you give $25,000 provided we still offer a particular program and your spouse does not survive you.
• A gift that will be made from the remainder of your estate once other bequests, debts, and taxes have been paid. Often called a “residuary bequest,” this approach assures that your family will be taken care of before your estate makes a gift to the Mount.

WAYS TO SPECIFY HOW WE MAY USE YOUR BEQUEST

You have several options for telling Mount Saint May College how we may use your gift once we receive it. 

• An Unrestricted Bequest: This is a gift for our general purposes. This can be the most useful kind of gift because it allows us to apply your gift to our area of greatest need at the time we receive it.
• A Restricted Bequest: This is a gift for a specific use, such as a special project or program that is important to you. It is best for you to consult with us before placing restrictions on your gift to be sure we can carry out your wishes.
• An Endowed Bequest: This is a gift where The Mount invests your donation along with the rest of our endowment. We distribute these funds in accordance with our Endowment Investment Policy. This approach assures that your gift will continue to benefit Mount Saint Mary Students for years to come. An endowed bequest can be either unrestricted or restricted.
• An Honorary Bequest: This is a gift made in honor of someone else. Any form of bequest can be honorary. We would be pleased to recognize the people you wish to honor with your gift.

MAKE SURE WE CAN CARRY OUT YOUR WISHES

It is very important that your bequest be accurately and clearly described in your estate plan so that we can carry out your wishes as you intended. We are pleased to consult with you regarding the terms of your bequest to make sure that we will be able to carry out your intentions. In order to avoid any possible question that your gift is to the Mount, be sure to include our full legal name, address, and our federal tax identification number in your will. 

• Legal Name: Mount Saint Mary College
• Address: 330 Powell Avenue, Newburgh NY 12550
• Federal Tax Identification Number: 14-1468399 

We are happy to provide you with sample bequest language to assist you and your attorney. You have complete flexibility to change your bequest at any time.

TAX BENEFITS

Because your gift is revocable, you do not receive an income tax charitable deduction when you create it. Instead, your estate may receive an estate tax deduction for the full value of your bequest in the year that it is made. Depending on a variety of factors, including the size of your estate and estate tax laws at the time your estate is settled, this deduction may or may not save estate taxes.

BEQUEST ALTERNATIVES 

In addition to adding bequest language to your will, here are a few other simple ways for you to make a gift to Mount Saint Mary College:

• Make Mount Saint Mary College a designated beneficiary of a life insurance policy.
• Make Mount Saint Mary College a designated beneficiary of an IRA or other retirement plan.
• Make Mount Saint Mary College a designated beneficiary of savings bonds.
• Instruct your bank to “pay on death” to Mount Saint Mary College some or all of a specific bank account.
•  Instruct your brokerage firm to “transfer on death” to Mount Saint Mary College some or all of a specific brokerage or other financial account.

Please let us know if you have included the Mount in your will or estate plans. We welcome the opportunity to thank you, celebrate your gift and inspire others to make similar gifts to support the college and our students.