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Lou Oldershaw

Planned Giving

 

Planned giving strategies can help you make charitable gifts while enjoying tax benefits and preserving economic value for yourself and your 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. Simply list the Community Foundation of Western Massachusetts as a beneficiary of your estate plan (suggested language for a bequest). Donors are encouraged to consult with our staff when preparing their estate plans to insure that the Foundation is able to carry out their wishes.


2. IRA, 401(k), or Other Qualified Retirement Plan Assets may be used to leave a legacy simply by naming the Community Foundation as the beneficiary.


3. Life Insurance can be used if you name 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 your financial goals. Premiums on the policy that you pay will then become tax deductible.


4. Charitable Gift Annuities at the Community Foundation pay a fixed income, usually for the life of the donor and/or spouse. 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.


5. Charitable Remainder Trusts allow you to receive income (or provide income for another person) with the knowledge that the funds remaining when the trust terminates will be used to support your charitable interests.


6. Charitable Lead Trusts enable you to make significant charitable gifts in the near term while eventually transferring substantial assets to beneficiaries, who may benefit from significantly lowered gift and estate taxes.

The staff of the Community Foundation is available to meet with you and your professional advisor to discuss questions and concerns regarding estate and gift planning. Please contact us if you would like more information or a private consultation.