A good estate plan can support your goals for your family, community, and philanthropy. These tips can help you maximize your legacy no matter where you are in your life..
- Know what you own. Take time at the beginning of the estate planning process to count all assets that will affect your tax basis, or the total value of your estate. Track down every account that you own and inform your advisor.
- Know your financial needs. Figure out what you need to be comfortable for the rest of your life and round up. After you know what you need, you can do your philanthropic planning.
- Save for retirement. Contribute to a workplace retirement account or private account. Employers often offer matching contributions.
- Hire advisors who specialize in estate planning. Be honest and paint a complete picture for your advisors of your assets, family, and goals. Listen to what they say and follow through.
- Have a will and consider a trust. Clarify what you would like to happen to your assets at the end of your life.
- Plan for estate taxes, debts, and administrative expenses.
- Keep your plan up to date with your significant life events. Deaths, marital status, career changes, change in assets, birth of grandchildren–change beneficiary forms as needed.
- Don’t procrastinate on making it official. You can always amend your estate plan if your situation changes.
Your journey of giving back can start at any time. Learn more about ways to give to MIT, both during your life and after.
- Volunteer. Time and talent are valuable resources. Consider what is important to you and get involved with MIT.
- Participate in giving days, such as the MIT 24-Hour Challenge and Giving Tuesday. Many giving days have generous matches, multiplying the effect of a simple gift to MIT.
- Ask if your employer has a gift-matching program. This is a great way to amplify your personal giving.
- Name MIT as a percentage beneficiary on your retirement account. Support the future of the Institute in a tax-efficient way.
- Establish a Donor-Advised Fund (DAF): Convert appreciated personal assets for charitable impact (and tax benefits). You can make a gift to MIT through an existing DAF, including making MIT a beneficiary of your DAF, or establish one at MIT.
- Incorporate a bequest provision in your will or trust. A bequest is a gift that you document today but that is not given until the end of your life.
- Agree to a multiyear pledge: Show your longer-term support for MIT in a more impactful way.
- Give through a life income fund: Generate income for yourself or a loved one and support MIT.
- Focus on your legacy at MIT. If you plan to support MIT in the future, have a conversation with us to see how a legacy gift may be structured.
As always, the MIT Office of Gift Planning is available to answer your questions. We are also happy to talk with your tax advisors.
Contact the MIT Office of Gift Planning
This information should not be considered legal or financial advice. We encourage you to discuss these options with your advisor.
