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Planned Giving
The Eleazer C. Eager Legacy Society
Mississippi College recognizes friends and alumni who have established a planned gift by awarding
such donors membership in the Eleazer C. Eager Legacy Society. The name Eleazer C. Eager was chosen
in honor of the pivotal role Mr. Eager played in placing Mississippi College on a solid financial
base in 1852 when he was given the responsibility to raise $100,000 for its endowment. Within one
year Mr. Eager had obtained $60,000 in pledges and by 1858 he had secured pledges for the entire
$100,000. It was said at the time that Mississippi College had one of the largest endowments of
any college in the United States.
The Society honors those alumni and friends who have included MC in their estate plans. Membership
is offered to all individuals who have made a planned gift commitment to MC, regardless of the
amount, and who have provided the appropriate confirming documentation.
You can continue Mr. Eager's work by establishing a planned gift. If you have already notified
us of your bequest or planned gift, it is not necessary to do so again. Thank you for your
loyal and generous support.
Types of Planned Gifts and Benefits:
- Bequests -- leave a gift without diminishing the assets available to you during your lifetime.
- Charitable Remainder Trusts -- give to MC while providing a life income for yourself or beneficiaries.
- Gift Annuities -- receive life income without a huge donation or complicated agreement.
- Life Insurance -- make a substantial gift through relatively modest annual payments.
- Retained Life Estate -- transfer the ownership of a home or farm while
retaining the right to use the property during your lifetime.
The best way to give depends on your situation and should be discussed with your attorney,
accountant or financial advisor.
Mississippi College's staff is ready to work with you and your advisors, in confidence and
without obligation, to help you explore the best possible method of giving for your circumstance.
Please consider joining the Eager Legacy Society by establishing a planned gift today. Like
those leaders and supporters who have gone before us, you can choose to develop a philanthropic
plan that will ensure a sound future for Mississippi College and for generations of students
to come.
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Bequests
A bequest to Mississippi College can be especially beneficial if you wish to make a gift which
will benefit the MC community without diminishing the assets available to you during your
lifetime. Bequests to Mississippi College are one of the most popular methods of giving among
our alumni and friends. This simple planned giving strategy secures estate tax savings by
reducing the size of your taxable estate.
With your attorney's assistance, you can make a bequest simply by including bequest language
in your will that describes your wishes regarding a gift to MC.
The Eleazer C. Eager Legacy Society recognizes individuals who include a gift to MC in their
estate plans. Anyone who submits documentation of his estate gift qualifies for membership,
no matter what size the gift.
For more information, please contact 601-925-3257.
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Charitable Remainder Trusts
A charitable trust is a good way to make a substantial gift to MC while providing lifetime
income for yourself or your beneficiaries. You can choose from many forms of charitable trusts
to suit your own needs, but the basic charitable trust begins with the transfer of a minimum
gift of $50,000 of assets to a trustee. You then receive income from these assets for a
predetermined length of time. Upon termination of the trust, the assets are transferred to
MC and distributed according to your wishes.
Charitable trusts can be especially beneficial if you:
- wish to make a charitable gift to benefit MC and at the same time retain the income
from the assets you give
- have highly appreciated assets which you hesitate to sell because of taxes
- need more income than the assets are currently providing to you.
A charitable trust can take several forms. We recommend that you review your intentions with your
financial and legal advisors when you are considering a charitable remainder trust. The Mississippi
College Estate Planning Council, a group of volunteer professional advisors, provides guidance for
the planned giving program. If you do not have an advisor, one our council members can assist you
in establishing a charitable trust.
For more information, please contact 601-925-3257.
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Gift Annuities
Donors can get a financial return on their gifts through gift annuities now offered by Mississippi
College. A donor creates a gift annuity by transferring at least $10,000 in cash or securities to
MC. The donor and the college sign a simple, one-page contract that guarantees the donor a fixed
payment for his lifetime. A gift annuity is an irrevocable gift, so U.S. laws allow a current
charitable tax deduction. Part of the annuity payments may also be tax-exempt.
For more information, please contact 601-925-3257.
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Life Insurance
A gift of life insurance is an attractive but sometimes overlooked method of giving. A life
insurance gift is a good option if you:
- wish to make a substantial gift through relatively modest annual payments
- have an existing policy that is no longer needed for its original purpose
- can utilize the resulting tax or estate planning benefits.
To qualify for a tax deduction and membership in a major gift club, certain requirements must be met:
- The policy must be a universal or whole life policy.
- The policy must specify a level premium which is established when the policy is issued,
and the premium must disappear in twelve years or less.
- The policy must contain a waiver of premium provision.
- Dividends, if any, must be retained as paid up additions.
- Mississippi College must be named as both owner and beneficiary and have possession of
the policy.
For more information, please contact 601-925-3257.
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Retained Life Estate
You can transfer ownership of a personal residence or farm to Mississippi College while retaining
the right to use the property during your lifetime. This is an excellent way to support MC,
receive income tax deductions, and retain the enjoyment of the property for life.
Because you transfer ownership of the property to the university, you receive an immediate
charitable income tax deduction, with the usual 30 percent limitation and five-year carry-over.
The amount of your deduction is based on the value of the university's future interest in the
property. Though you benefit from the charitable deduction, in most cases you continue to be
responsible for maintenance and property taxes. Only residential and farm properties are
encouraged as gifts of retained life estates. Retained life estate agreements are required
and must outline the rights and privileges of both the donor and the university.
As with any gift, removing this property from your estate can also lower your estate taxes
and probate costs. For more information, please contact 601-925-3257.
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