If you'd like to help build the long-term strength of Harvey Mudd College, but feel you cannot make a significant gift today, the solution may be a charitable bequest. A charitable bequest allows you to give to HMC without affecting your cash flow during your lifetime.
How it works:
- You can provide now for a future gift to HMC by including a bequest provision in your will or revocable trust.
- Upon your death, HMC receives the gift and applies it to the purpose(s) you specified.
- Your assets remain in your control during your lifetime.
- You can modify your bequest if your circumstances change.
- You can direct your bequest to a particular purpose. (Be sure to check with us when creating your bequest to confirm that your gift can be used to support your specific philanthropic priorities.)
- There is no upper limit on the estate tax deductions that can be taken for charitable bequests.
- You know that your gift will benefit HMC tomorrow just as you intend it to today.
Sample bequest language:
"I give, devise and bequeath to Harvey Mudd College, a qualified 501(c)3 charitable organization located in Claremont, California, the sum of $_________ (or __ % of my estate; or the property described herein) to be used as directed by the Board of Trustees of Harvey Mudd College (or, for a specific academic department or program)."
- The more narrowly you restrict the use of your bequest, the greater the risk that the program you want to benefit today will evolve and change over time, or won't be as vital or as relevant when we receive your gift in the future. Please talk with us as you are drafting your will if you want to restrict the use of your bequest so that we can craft language that meets your philanthropic goals, while remaining adaptable to future changes.
- Similarly, please let us know in advance if you intend to bequeath real estate, a business interest, or other specialized property to HMC.
If you've already prepared your will or trust and would like to add HMC as a beneficiary, you can do so without rewriting the entire document. Your attorney can prepare a simple document called a codicil that adds a new bequest to us while reaffirming the other terms of your will. Similarly, an attorney can prepare an amendment to a revocable trust to add HMC as a beneficiary.
So that we may thank you for your gift, please send us a copy of the section of your will or trust document specifically pertaining to Harvey Mudd College or otherwise notify us of your intent. This information will help us ensure your intent is carried out according to your wishes.