» Planned Giving
Donors who choose to establish planned gifts to benefit New Mexico Military Institute ensure their legacy will continue for many generations. Estate funds may be added to an existing endowment or used to create new opportunities at NMMI. Financial planning for the future allows you to direct estate funds to the area of your choice.
Charitable Lead Trust
Assets (cash or securities) are transferred to a trust that pays income from the fund to the NMMI Foundation for a predetermined number of years. At the end of the time period, the trust terminates and the assets are given back to the donor or other designee. An income tax deduction is allowed for payments made annually to the NMMI Foundation.
Charitable Remainder Trusts (Irrevocable, Annuity and Unitrusts)
You can select the rate of return and choose a fixed or fluctuating annual payment from these income arrangements. Generally, capital gain taxes are avoided and you will receive a tax deduction based on the age of the income recipient and the rate of return.
Deferred Gift Annuity
Similar to a Gift Annuity except that you determine the future date for which payments begin, i.e., retirement. The deduction and annual rate of return increase the longer you wait to begin receiving payments.
In exchange for an irrevocable gift of cash, stock or securities, the NMMI Foundation agrees to pay you or other beneficiary a guaranteed income for life. You can receive an income tax deduction in the year of the gift and part of the income is tax-free. Upon your death, the gift remainder is managed by the Foundation for the benefit of NMMI.
A simple way to make a significant future gift is to name the NMMI Foundation as owner and beneficiary of your existing life insurance policy. You will receive a tax deduction for the cash surrender value, thus reducing your tax liability in the year of the gift.
With the purchase of a new life insurance policy naming the NMMI Foundation as owner and beneficiary, together with a modest annual payment, you will receive an income tax deduction for each premium payment made while providing a major gift to the NMMI Foundation.
Similar to a mutual fund, you receive a portion of the fund’s annual income. You will also receive a tax deduction and usually avoid capital gains taxes if the gift is made with appreciated securities. Additions can be made easily. Upon your death, the fund becomes available to the NMMI Foundation.
Retirement Account funds (IRA’s or company plans) beyond the comfortable support of yourself or loved ones may be given (i.e., life insurance proceeds) to the NMMI Foundation by proper beneficiary designation.
Revocable Charitable Living Trust
The revocable trust provides for gifts of cash, property, and/or income now, while retaining the rights to retrieve the property if necessary. There is no tax deduction for the gift and typically, there are savings in estate settlement costs if the trust is not revoked.
One of the simplest ways to give is through your estate. You can make a gift bequest after others are provided for of a dollar amount, specific property, a percentage of the estate or what is left (remainder) to the NMMI Foundation.