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Planned Giving
Create your legacy
Create your legacy at Massachusetts Maritime Academy by making a planned gift. Planned Giving is a type of giving to Massachusetts Maritime Academy that may be made during your lifetime or as part of your overall estate plans. A planned gift can be funded with cash, securities, real estate, retirement account assets, life insurance, or other assets. The benefits are that you will see state and/or federal income tax savings, possible capital gains tax savings and some can even provide you and a loved one with an income for life.
What would you like to support? Cadet scholarships? Athletics? Academics? Capital projects? Endowment? It is entirely up to you where you leave your legacy here at Massachusetts Maritime Academy. For more information about the 1891 Society making a planned gift, or customized calculations on any of the charitable gift plans, please contact Elizabeth Simmons at 508-830-6683 or esimmons@maritime.edu.
1891 Society Members
Thomas R. Aylesbury ’62
Mary & James Buckley
Leonard A. Caiger ’62 †
James B. Campbell ’62
Andrew D. Chester ’65
Martin E. Conroy, Jr. ’75
Richard A. Covell ’67, H’17
Richard A. Covell ’67, H’17
Stephen '70 & Lynn Cropper
William '59, H'97 & Patricia Donnell
Richard N. Finocchio ’60
John M. Gibbons ’44 †
Christopher J. Greer ’91
Kristine & P. Todd Isherwood M’11
William C. Kelley, Jr. ’54
Colin O. Kenney ’66
Robert J. Kimtis ’60
Edward S. Kracunas ’81
Linda Kuliga
Gerhard E. Kurz H’93
Darryl M. Lahey ’86
Peter J. Lawrence ’63
Betsy † & Norman Levin
Gary L. Lowe †
Malcolm W. MacLeod ’54
Stephen G. Malley ’67
Marlene Marrocco
Richard L. McAndrew ’76
Francis X. McDonald ’85
Karl L. Meyer ’58, H’93
Nancy & Lee Miles PR ’07
Eugene Mirabello ’57
William G. Moir ’69
Richard M. Mushet ’66, PR’98
Judith Nitsch H’10
Brendan P. O’Connor ’93
Louis M. Ricciardi
Robert E. Rumney ’57
Gerard F. Scannell ’55, H’92
Elizabeth B. Simmons ’97, M’07
John F. Sullivan ’65
Mac '07 & Brooke Sumner
Brian F. Tobin ‘86
John ’44 & Charlotte Ventola †
Justin M. Vieira ’15
William L. Walker ’80*
Lee Wall
Larry Ward ’61
Hillard W. Welch †
John Westerberg ’47†
Mary Lou Wilcox
Bequest (Wills and Living Trust)
A bequest, or gift through your will, is one of the most common planned gifts. You may designate a specific amount, a percentage of your estate, or a percentage of the remainder of your estate after all heirs are provided for or a specific asset such as personal or real property.
Sample language, “I give and bequeath to Massachusetts Maritime Academy, located at 101 Academy Drive, Buzzards Bay, Massachusetts $____ sum for support of (designation you choose, for example, scholarships or academics)” or “I give and bequeath to Massachusetts Maritime Academy, located at 101 Academy Drive, Buzzards Bay, Massachusetts, __ % of the rest, residue and remainder of my estate to support (designation you choose, for example, general use and purposes or the Academy's greatest needs).”
Donor Advised Funds
This works by having you transfer cash or other assets to a tax-exempt organization. You then can recommend where the money goes but you may not direct it. This way you do not have to establish your own foundation but your money is still able to benefit those organizations that you are passionate about. Once you set up the Fund you receive a federal income tax charitable deduction at the time you contribute to the account.
For more information or customized calculations on any of the charitable gift plans, please contact Michelle Badger at 508-830-5045 or mbadger@maritime.edu.
Life Insurance
Whole” or “universal” life insurance has cash value that you can donate to Massachusetts Maritime Academyand received a tax deduction for the present value of the policy at the time of your donation. Or you can name Massachusetts Maritime Academy as the owner and beneficiary of the policy. If the policy still has outstanding premium payments, you can continue paying those premiums and receive a tax deduction for each one.
Real Estate
You may donate your home or other real estate to Massachusetts Maritime Academy outright for an immediate tax deduction or if you set up a Retained Life estate, you can make the gift now, realize an immediate tax deduction and continue to live in your home for as long as you wish.
Retirement Account Assets
Retirement funds are an increasingly valuable asset to many people and an asset often overlooked as a source of charitable giving. Since the money accumulated in IRA, 401K or 403B plan has not been taxed; the IRS levies heavy taxes on any distribution, except for a distribution to charity. If you pass away with retirement account assets, they could not only be subject to income tax but estate tax by giving through these funds you can reduce taxes for your heirs. Also by naming Massachusetts Maritime Academy as a beneficiary you can avoid these taxes. If you are 70 ½ years of age, the law regarding IRA charitable rollover is now permanent; you may now donate up to $100,000 from your IRA without treating the distribution as income.