Planned gifts are those that require more planning and counsel than many other gifts. The tax benefits of planned giving enable the donor to ensure their assets are used toward their intentions to their full value. Planned gifts can result in immediate income to MMF, or serve to delay a gift for life or other period of time while the donor or others retain income and/or access to the assets used to fund the gift. Funds donated through planned giving may be devoted by the donor to current funding needs and to capital projects and endowments.
Bequests
One of the simplest ways to make a gift to the Festival is through your will. You can name the Festival the direct beneficiary of specific assets, of a portion of your estate or of your residual estate after payment of other bequests. Such bequests are free from federal estate tax and can therefore offer substantial tax savings and ensure your legacy is used to its full value. There is no limit to the amount you can leave MMF through your will.
Gifts of Securities
A gift of long-term appreciated marketable securities helps you save taxes twice by providing an income tax charitable deduction and a capital gains tax saving.
Gifts of Real Estate
Giving real estate may be an intelligent alternative to selling property. When you give a gift of real property, you can enjoy the satisfaction of making a substantial gift to the Festival, avoid capital gains taxes on appreciated property, and claim an income tax charitable deduction for the full market value of the gift. A personal residence may also be donated for significant tax advantages without affecting the current lifestyle of the donor through retained life estates and gifts of “undivided interest” in real estate owned by a patron. MMF reserves the right to review real estate gifts.
Retirement Plans
You can name MMF as a beneficiary of your Individual Retirement Plan (IRA), Keogh plan, 401(k), 403(b), or other qualified pension plan. You may name MMF as beneficiary for part or all of what remains in your retirement account.
The proceeds of these plans are distributed outside of probate and are free from federal estate tax.