Amy Goldman, senior director of gift planning at MIT, talks to Corridor about the role of planned giving in the recent MIT Campaign for a Better World, how certain gift types have grown in popularity, and why it’s beneficial to start early.

How did the Campaign for a Better World shine a spotlight on the important role planned gifts play in ensuring MIT’s future? 

Throughout the MIT Campaign for a Better World, the Office of Gift Planning (OGP) worked with hundreds of donors to maximize their philanthropy, from noting the additional tax benefits of donating appreciated stock to setting up a life-income gift that would support them and/or their beneficiaries while also contributing to a long-term MIT priority. In addition, we helped people to structure estate gifts that would fortify the areas at MIT they support as active donors and volunteers. OGP also honored bequests made by those who passed during the Campaign by facilitating completion of their estate gifts, which provided support to MIT’s areas of highest need—unrestricted resources, scholarships, graduate fellowships, and faculty. All of these planned gifts have the power to extend the benefits of the Campaign for decades to come.

What planned giving vehicle has proven popular and why? 

For the past several years, the charitable remainder unitrust has grown in popularity thanks to the many benefits such trusts provide to donors, their loved ones, and MIT. This is a gift type that fits in well with the current tax code and allows for flexibility in funding assets and structure. We also saw an increase in bequest intentions as more people worked to solidify their overall estate plans and consulted with OGP on suggested language for their wills and trusts to accomplish their goals.

How have you seen planned gifts deepen the relationship between MIT and its donors? 

When a donor sets up a planned gift to benefit MIT, that donor establishes a lifelong relationship with the Institute. Planned giving donors are welcomed into the Katharine Dexter McCormick (1904) Society (KDMS), updated annually about how their gift is performing, and assigned a contact to help answer questions or identify areas of interest. They become part of a collective that has long helped to sustain and strengthen MIT. 

Why is it important for donors to start thinking about their estate plans as early as they can?

In addition to providing the comfort of knowing one’s affairs are in good order, initial estate planning can prompt considerations of legacy and the efficient transfer of assets. Younger KDMS members may see their philanthropic plans change as their wealth and family situation evolves. At age 40, you don’t know how many children or grandchildren you might have, what will happen to your first or fifth startup, or what you might inherit. Starting early can allow you to plan more thoughtfully for the people and causes you care about.