Planned giving strategies can help your client make charitable gifts while enjoying tax benefits and preserving economic value for themselves and loved ones. The Community Foundation of Western Massachusetts offers many ways for individuals to benefit our region long into the future through their estate plans.
1. Bequests are the most common way to make lasting gifts. The Community Foundation can help your client use a simple bequest to fund more complicated charitable goals including scholarships, a specific field of charitable interest, or the charitable work in a specific geographic region. For sample bequest language, please click here.
2. Charitable Gift Annuities at the Community Foundation pay a fixed income, usually for the life of the donor and/or spouse (age 65 years and older). At the conclusion of the annuity, the Foundation will add to an existing or newly created permanently endowed fund an amount equal to the difference between the original gift and the cost of providing the annuity.
3. The Community Foundation will serve as the trustee for Charitable Remainder Trusts and Charitable Lead Trusts if the charitable portion of the trust goes into a permanent fund at the Foundation. The fund at the Community Foundation that receives the charitable portion of the trust can be tailored to the charitable interests of the donor. It is normally not economical to establish and administer a charitable trust with less than $50,000.
4. IRA, 401(k), or Other Qualified Retirement Plan Assets may be used to leave a legacy simply by naming a fund at the Community Foundation as the beneficiary. There are some restrictions on the types of funds that can receive such assets. Please contact us for more details.
5. Life Insurance can be used if your client names the Community Foundation of Western Massachusetts as the owner and beneficiary of a new or existing policy – perhaps a policy that is no longer essential to their financial goals. Premiums on the policy that your client pays will then become tax deductible.
The staff of the Community Foundation is available to meet with you and your clients to answer questions and discuss ideas regarding estate and gift planning. Please contact us if you would like more information or a private consultation.