Creating a lasting legacy through planned giving

A planned gift may allow you to leave a lasting legacy while achieving your own personal and financial goals. There are many ways to support Midland Memorial Foundation while planning for yourreaching toward sunlight future. Read more about these giving options below:

  • Establish a bequest by naming Midland Memorial Foundation as a beneficiary in your will or living trust. Estate gifts are simple to establish and allow you financial flexibility to adjust your plans depending on your needs and circumstances. You can designate a dollar amount or a percentage of your estate. You can make a bequest of cash, securities, real estate, or personal property.

Complete our Beneficiary Designation Form and be sure to notify us of your plans. You may designate your estate gift for an existing endowed fund, create a new endowed fund, or direct your gift to support a particular service line. Your estate gift would support what is most important to you

  • Gifts of retirement plans name Midland Memorial Foundation as a primary or contingent beneficiary of a retirement account (e.g. IRA, 401(k), 403(b),etc.). This is a very tax efficient way you could make a larger gift than anticipated. Unlike your heirs, the Foundation would not pay ordinary income tax on gifts of retirement accounts. Your Plan Administrator can assist you with the process.

  • Qualified Charitable Distributions (QCD) remain a popular technique to provide support in a tax-efficient way. Donors age 70 ½ or older may make a direct transfer of funds from their IRA to our foundation. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year as long as certain rules are met. The SECURE Act, legislation approved by the US Congress and signed by the President in December 2019, changed the mandatory RMD age from 70 ½ to 72. Therefore, you should consult with your advisor(s) to determine if a QCD is the best asset from which to make a gift if you are not taking RMDs from a retirement account.

  • Charitable Remainder Trusts can provide donors with annual income for a period of years or for life as well as a current charitable deduction. A gift of appreciated assets such as stocks, mutual funds, real estate or mineral rights would be gifted to a trust, you would receive a meaningful charitable tax deduction for the gift and also receive annual income for life or for a period of years. At the end of the trust’s term, the balance of the principal would be distributed to Midland Memorial Foundation. 

  • Charitable lead trusts allow you to transfer assets to your heirs in a tax favorable manner. The trust provides a fixed source of income to Midland Memorial Foundation for a specified term. After the trust term ends, the remainder is passed on to your loved ones. Estate and gift tax liability on the transfer to heirs may be reduced or avoided completely. 

  • Donating a life insurance policy is an easy way to make a significant impact at Midland Memorial Foundation. Simply designate the Foundation as the recipient of a paid-up policy during your lifetime and receive a charitable deduction for an amount approximately equal to your policy’s cash surrender value.

  • Gifts of securities, such as appreciated stocks, bonds or mutual funds, may provide special income tax benefits. Similar toy making a gift of cash, you would receive income tax savings for the amount of the gift, however with appreciated assets you also avoid tax on the capital gains built up in the donated securities.

Please let us know if you have included Midland Memorial Foundation in your estate plans so we may thank you and recognize you for your gift. If you have any questions, please contact us. Our team of charitable experts would be happy to assist you to determine which gift option may work for you.