Planned Giving
In addition to outright gifts of cash or securities, there are other ways of providing financial support to MDIBL. Known collectively as “planned gifts,” these options are an excellent way to minimize federal, state, and eventually estate taxes while, in some cases, providing a revenue stream for you and/or your loved ones. Here are some of the most popular forms of planned gifts:
Bequests
The easiest way to make a planned gift to MDIBL is by including the Laboratory in your will. This method of giving allows you to make a specific gift, a percentage your overall estate, or even a percentage of the residuary of your estate. Including a bequest to MDIBL in your will may also result in beneficial tax consequences for your estate.
Life Income Gifts
If you would like to provide philanthropic support to MDIBL while continuing to receive an income stream from your assets, you may want to consider a life income gift. Our experienced staff can assist you in determining which life income option is best for you.
Gifts of Retirement Plan Benefits
Tax-deferred retirement plans are great sources of retirement income, but because of the estate and income tax treatment of retirement plan benefits, they are not always good choices for making estate gifts to children and grandchildren. However, retirement plan benefits can provide a wonderful opportunity to make a meaningful gift that will support scientific research and education at MDIBL.
Gifts of Life Insurance
Typically, two types of life insurance policies are donated to MDIBL: paid-up whole policies and newly issued policies. With this type of planned gift, you have several options:
- List the Mount Desert Island Biological Laboratory as the beneficiary of an existing policy and earn an estate tax charitable deduction
- Make MDIBL the owner and beneficiary of an existing policy, thus removing it from your taxable estate and earning an immediate income tax deduction
- Take out a new policy with MDIBL as the owner and beneficiary (all premium payments are tax deductible)
- Use your policy in conjunction with a life-income gift to “replace” assets that would be transferred to your heirs.
To learn more about each of these options and to determine which one is best for you, please email Jeri Bowers, Director of Development and Public Affairs, at jeri.bowers@mdibl.org or call the Development Office at 207-288-3147.
