Would you like to help support Massachusetts College of Liberal Arts, without changing your will or parting with any assets now? 

You can do this by naming MCLA as a beneficiary of certain assets or accounts you own. This “beneficiary designation” is one of the simplest ways to make a gift to MCLA. It is literally as easy as filling out a form. 

You can name MCLA as the sole beneficiary of your assets or as one of several beneficiaries. For example, you can use some of your assets to make a legacy gift and use the rest to provide for family members or other loved ones. 

There are many benefits of making a gift by beneficiary designation: 

• Flexibility: Assets remain in your control should you need them. You can also change your gift designation at any time. 
• Easy to arrange: It does not require a change to your will.  
• Tax incentives: Funds passing to MCLA are not subject to income or estate tax. This means 100% of your gift is available for use by MCLA. 
• Family-friendly: You can name family or other loved ones to benefit from some of the asset value, with MCLA receiving the remaining portion. 
• Support your cause: Your gift to MCLA will help us continue to have the resources to promote excellence in innovative education and intellectual creativity. 

Assets to consider include:  

Retirement assets: These include IRAs and most qualified retirement plans, such as 401(k) and 403(b) plans. Request a beneficiary designation form from your plan administrator and designate MCLA as a beneficiary of a percentage of your plan balance. 
Retirement assets can be taxed at rates of 50% to 70% or higher if you leave them to someone other than a surviving spouse. This is because distributions from an IRA, 401(k), 403(b) or other qualified retirement plan are subject to income tax and estate tax too. 
In contrast, retirement funds that pass by beneficiary designation to charitable organizations, such as MCLA, are not subject to either of these taxes. From a tax standpoint, a transfer of assets remaining in an IRA or other retirement account can be the best charitable gift. 

Life insurance policies: Simply complete and return to your insurance company a form designating that MCLA receive all or a portion of the death benefit associated with your life insurance policy. 

Commercial annuity contracts: A commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name MCLA to receive all or part of this amount by designating it as a beneficiary (sole or partial) on the appropriate form from the annuity company.  

Bank account: You can instruct your bank to pay to MCLA all or a portion of what remains in your checking or savings account. Your bank can provide you with the appropriate Beneficiary Designation Form. 

Investment account: You can instruct your investment company to transfer to MCLA some or all of the investments held in your account at the time of your passing. Your broker or agent can let you know the process for doing this – it may be as simple as adding “T.O.D. to MCLA” after your name on the account.