OPPORTUNITIES

 

GIFTS THAT ANYONE CAN MAKE

 

Did you know there are ways to support MICA that don’t affect your current lifestyle or your family’s financial security?

 

You can make a gift that
costs nothing during your lifetime.

You don't have to use cash to make your gift.
You can “buy low and give high”
by making your gift with appreciated securities instead.

You can make a gift that
your cash flow
and current financial planning
unchanged.

You can gift an asset you
no longer need or want.
 

Gifts Through Your Will

Give to MICA without affecting your cash flow during your lifetime.

Sample Bequest Language


Appreciated Securities

The IRS allows its most significant tax breaks for gifts of appreciated securities.


Business Interests

Give MICA an interest in a closely-held or family business.


Life Insurance

New Policy You can fund a future gift for us and deduct premium payments.

Paid-Up Policy Give us a policy whose coverage you no longer need.

Gift-Replacement Create a life-income gift for yourself. An irrevocable insurance trust restores the value of your gift to benefit your heirs.


Real Property

Donate real estate, artwork, books, or equipment to secure an income tax deduction. 


Retained Life Estate

Receive a large deduction by donating a residence while retaining the right to live there for life.


Retirement Plans

The balance of your retirement plan may be worth more when donated to MICA than to your heirs.


MICA is not an art collecting institution, therefore works will be sold.


 
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“After a quarter century working here, I am reminded, especially in this time of great upheaval, that MICA is like a greenhouse. My job is to nurture the seedlings of change as they grow and blossom into creative thinkers and doers that will shape our world.”

— Sarah Z. Barnes, Ceramics Studio Manager,
Adjunct Faculty Ceramics/FYE

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Sample Bequest Language

Below are several examples of bequest language to benefit MICA. Each individual’s situation is unique, so we recommend that you seek the advice of an attorney or estate planning professional to determine which arrangement is best for your circumstances and philanthropic objectives. Our professional staff are happy to assist you and your advisors to craft specific language for your bequest. We encourage you to share your estate plans with MICA so that we may ensure proper documentation, fulfill the wishes set forth in your bequest, and recognize your generosity in an appropriate fashion during your lifetime through our Mount Royal Society.


A Percentage of the Estate for Unrestricted Purposes

I give, devise, and bequeath to the Maryland Institute College of Art [MICA], a not-for-profit organization located in Baltimore, Maryland, (Tax identification number 52-0591661) _____ percent (%) of the rest, residue, and remainder of my estate as an unrestricted gift to be used at the discretion of the President and Board of Trustees for the general purposes of MICA.



A Percentage of the Estate for Specific Endowed Purposes

I give, devise, and bequeath to the Maryland Institute College of Art [MICA], a not-for-profit organization located in Baltimore, Maryland, (Tax identification number 52-0591661) _____ percent (%) of the rest, residue, and remainder of my estate to establish the ___________________________ ENDOWED FUND. The principal of this fund shall be invested as part of MICA’s permanent endowment and in accordance with its policies. The income therefrom is to be used by MICA for ________________________________ . Contributions may be added to the fund at any time. If changed circumstances should at some future time make it impractical to continue using the income from the fund for the purpose designated, then the MICA Board of Trustees may re-designate the purpose for which the Fund’s income may be distributed, provided that the Fund shall continue to bear the name ___________________________ ENDOWED FUND and that the amended terms shall adhere as closely as possible to my original intent.



A Specific Amount for Unrestricted Purposes

I give, devise, and bequeath to the Maryland Institute College of Art [MICA], (Tax identification number 52-0591661) a not-for-profit organization located in Baltimore, Maryland, the sum of $ __________ in cash or in-kind (or __________ shares of __________ stock) to be used at the discretion of the Board of Trustees of MICA for the general purposes of MICA and its related entities.



A Specific Amount for Specific Purposes

I give, devise, and bequeath to the Maryland Institute College of Art [MICA], (Tax identification number 52-0591661) a not-for-profit organization located in Baltimore, Maryland, the sum of $ __________ in cash or in-kind (or __________ shares of __________ stock) to be used for ____________________________________________ at MICA. If changed circumstances should at some future time make it impractical to continue using the income from the Fund for the purpose designated, then the MICA Board of Trustees may re-designate the purpose to adhere as closely as possible to my original intent.



Customized Language

If you would like to designate a specific purpose for your gift or establish an endowed fund, professorship, department chair, or other program, please contact Don Jones at 410-225-2262, or by email at djones06@mica.edu.  As each individual situation is unique, it is best to speak with a gift planning advisor to ensure your plans accurately reflect your wishes. We would also like to thank you for your commitment and welcome you into the Mount Royal Society.


HOW DO I GET STARTED?

We can help you build a giving plan that’s right for you.

• Knowledgeable professionals
• On campus, by phone, or email
• No cost or obligation

 


Disclaimer: Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.