Bequests and Planned Giving

For centuries, bequests, both large and small, have helped shape Magdalene.

By including The Magdalene College Foundation (MCF) in your estate plans, you can make a lasting impact while ensuring that your generosity benefits future generations of students and scholars.

Leaving a gift in your Will or through another planned giving method allows you to provide meaningful support at no cost during your lifetime. Many planned gifts also offer tax advantages, potentially reducing capital gains and estate taxes while providing immediate income to you or your beneficiaries.

There are several options for making a bequest or planning a legacy gift:

• Cash Bequest – A specified amount left to the MCF
• Bequest of Property – A gift of tangible assets such as real estate, stocks, or personal valuables.
• Residuary Bequest – A percentage of your estate left to the Foundation after all other distributions.
• Contingent Bequest – A gift that is made only if your primary beneficiaries are no longer living.
• Retirement Plan Beneficiary – Naming the Foundation as a beneficiary of your IRA or pension.
• Testamentary Trust – Providing an income stream for heirs before passing assets to the MCF.
• Lead Trust – A trust that supports the Foundation for a set period before returning assets to your beneficiaries.
• Charitable Remainder Trust – Offering an income stream for you or your heirs, with the remainder benefiting the Foundation.
• Life Insurance – Donating an existing or new policy or naming the Foundation as a beneficiary.

If you are aged 70 or older, you can transfer funds from your IRA directly to the MCF. This tax-efficient option allows you to give up to $100,000 per year while satisfying your required minimum distribution without increasing your taxable income.

This may be an ideal option if:

• You do not need additional income from your IRA distribution.
• You have reached the charitable giving deduction limit on your income tax return.
• You do not itemize deductions but still wish to make a significant impact.

A bequest to the MCF is entirely free from US federal estate taxes, meaning the full value of your gift supports the College rather than being reduced by tax obligations. Additionally, these gifts are generally not subject to state inheritance or estate taxes, making them one of the most effective ways to leave a lasting legacy.

If you wish to include the MCF in your Will, you may use the following language:

“I bequeath to The Magdalene College Foundation, a 501(c)(3) non-profit corporation organized and existing under the laws of Delaware, with the business address of 324 Grove Street, Worcester, MA 01605, the sum of ________ [dollars or percentage of estate], to be used exclusively for its charitable purposes. It is my hope and desire that these funds be utilized for the support of Magdalene College in the University of Cambridge for [its general purposes] or [for the benefit of <specific area(s) of support>].”
 

Those who pledge a legacy gift are invited to become members of the Buckingham Society, named in honour of the College’s origins as Buckingham College in 1428. Members receive special recognition and an invitation to an annual luncheon at Magdalene College in early June.

If you have any questions or would like to discuss planned giving options, please contact the Alumni & Development Office.