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PLANNED GIVING

Looking to the future

The goal of planned giving is to seek future gifts for the military school. Most of the methods of giving offer a situation where both the donors and MMA cadets benefit. Additionally, the methods of planned giving result in either a handsome tax deduction coupled with lifetime income, a tax deduction by itself or savings in taxes through a bequest by removing the gifted amount from one's estate.

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Bequests are a wonderful, tax-exempt way of creating an everlasting legacy that develops tomorrow's leaders.

By remembering the cadets of Marine Military Academy in your will or trust, you will be helping to provide them with a quality education and training in the ideals of the U.S. Marine Corps.

Bequeathing to MMA

To make a bequest, simply contact our Director of Planned Giving LtCol Robert Grider, who will furnish a proposed codicil to amend your original will in order to carry out your wishes regarding our military school for boys. We can also assist you in drafting your bequest.

Should you place MMA in your will, please be so kind as to send a copy of your final provision to:

Marine Military Academy
Attn: Director of Planned Giving
320 Iwo Jima Blvd.
Harlingen, TX 78550

Lifetime income gifts also take the form of a trust.

In a trust arrangement, property or cash is transferred to the Marine Military Academy, which holds and manages the trust for the use and benefit of the named beneficiary. The form of the trust is dependent upon the donor's choice of a fixed payment that remains constant throughout the life of the trust, or a payment based upon a percentage of the trust's assets.

The charitable remainder trust shields the donor from capital gain on the appreciated asset, provides an immediate current income tax deduction, pays the donor a lifetime income and provides an eventual gift to MMA.

The charitable gift annuity is a contract between a donor and the Marine Military Academy benefiting both parties.

Donors transfer money or property to the academy through an immediate or deferred annuity and, in return, MMA agrees to pay an annual fixed dollar amount to the donor(s) for life. Although the impetus for charitable giving is to support the academy in its task of educating and training young men in the traditions of the U.S. Marine Corps, gift annuities also provide some tax benefits:

  • The donor receives a tax deduction for the contribution with part of every payment returned to the donor as a non-taxable return on principle.
  • If the annuity is funded with an appreciated real estate or stock, the gain is spread over the life of the annuity rather than immediately — with the gift portion of the capital gain never taxed.
  • Since some annuities accumulate tax-free prior to their first payment, donors can make provisions for a lifetime of significantly higher payments.

Scenario

Mr. and Mrs. Smith, age 70, transfer $10,000 to the military school to fund an immediate gift annuity. They have selected a plan that continues the same payments during their lives together as well as the surviving spouse.

Investment $10,000
Tax Rate 28%
Charitable Deduction $3,759
Tax Savings From Deduction $1,052
Net Cost of Annuity $8,948
Lifetime Annual Payment $680
Annual Tax-Free Amount $305
Effective Rate of Return 7.6%
Expected Lifetime Return $13,940

A minimum of $10,000 is required in order to establish a charitable gift annuity. There are no maximum amounts. All amounts are subject to change.

Because of special tax law provisions, you may gift your residence or land to the Marine Military Academy, receive a substantial tax deduction and continue to use the property for the remainder of your life.

Your interest in the residence remains, even if you decide to move to another place, such as a retirement home. We would then sell the residence on your behalf and use the proceeds to make an annuity, which would pay you income for as long as you live.

Scenario

Mrs. Wagner, age 72, gives her personal residence to our military academy with the right to remain living there for the balance of her life.

Value of Residence $75,000
Value of Land $53,000
Estimated Useful Life 50 Years
Charitable Deduction $41,846
Tax Rate 28%
Tax Savings $11,717
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