You can become a philanthropist with a gift that is planned today and realized after your lifetime. Simply designate in your will or estate plan that the Community Foundation of North Central Massachusetts will receive a percentage or specific amount from your estate, or take advantage of more sophisticated strategies—like giving instruments that provide an income stream to meet current financial needs.

Charitable Bequest

Including a charitable bequest in your will is a simple way to make a lasting gift to your community.

Bequest by Will

  • You include the Community Foundation of North Central Massachusetts in your will as a bequest; we can help you or your attorney with recommended language.
  • You determine the type of fund you would like to establish with your gift.
  • Upon your death, we set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose.
  • Your charitable gift is excluded from your assets for estate tax purposes.
  • Our professional program staff considers your charitable wishes and determines the areas of community need that would be most impacted by grants from your gift.
  • Our board issues grants in the name of the fund you establish (if you prefer, grants can be made anonymously).
  • We handle all the administrative details.
  • Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift — and all future earnings from your gift — is a permanent source of community capital, helping to do good work forever.

Sample Bequest Language

Charitable Trusts

Giving through a Charitable Remainder Trust allows you to receive income for the rest of your life, knowing that whatever remains will benefit your community.

Charitable Remainder Trusts

  • You transfer cash, appreciated stocks, real estate, or other assets into a trust.
  • You receive an immediate charitable tax deduction for the charitable portion of your trust.
  • The trust pays you or a beneficiary you designate regular income payments.
  • Upon the beneficiary’s death or after a defined period of years, the remaining assets in the trust transfer to the community foundation.
  • We set up a fund in your name, in the name of your family or business, or in honor of any person or organization you choose.
  • We handle all the administrative details after the fund is established, issuing grant awards to charities in the name of the fund.
  • Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift—and all future earnings from your gift—is a permanent source of community capital, helping to do good work forever.

Charitable Lead Trusts

  • You transfer cash, appreciated stocks, real estate, or other assets into an irrevocable charitable trust.
  • We set up a fund in your name, in the name of your family or business, or in honor of any person or organization you choose.
  • Your Charitable Lead Trust pays the community foundation an annual amount to build a charitable fund. You designate the trust to exist for a specified number of years or until your death.
  • You also designate your family or anyone you choose as the final beneficiary of your trust. When the trust terminates, the remaining assets are transferred to you or your heirs, often with significant transfer-tax savings.
  • If you choose, you can stay involved in the good works your gift makes possible—working with our professional program staff to support the causes and agencies you care about most.
  • We handle all the administrative details, issuing grant awards to charities in the name of the fund you establish (if you prefer, grants may be made anonymously).
  • Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift—and all future earnings from your gift—is a permanent source of community capital, helping to do good work forever.

Retirement Account Assets

Individual Retirement Accounts (IRAs) and Tax-deferred Retirement Accounts are simple ways to make a lasting gift to your community. IRAs and other tax-deferred retirement plans such as 401(k)s may be subject to income, estate, inheritance, and other taxes. Many people may not realize that the combination of taxes on IRAs and retirement accounts can be over 70% for transfers to children and over 80% for transfers to grandchildren. Donors are often advised by tax professionals to utilize other assets to provide for loved ones and relatives, and to transfer IRAs and other tax-deferred retirement accounts to nonprofit organizations such as the Community Foundation of North Central Massachusetts.

  • You make the Community Foundation of North Central Massachusetts the beneficiary of your IRA(s) and/or Tax-deferred Retirement Account(s).
  • You determine the type of fund you would like to establish with your gift.
  • Upon your death, we set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose.
  • Your charitable gift is excluded from your assets for estate tax purposes.
  • Our professional program staff considers your charitable wishes and determines the areas of community need that would be most impacted by grants from your gift.
  • Our board issues grants in the name of the fund you establish (if you prefer, grants can be made anonymously).
  • We handle all the administrative details.
  • Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift — and all future earnings from your gift — is a permanent source of community capital, helping to do good work forever.

Life Estate

Give your personal residence as a gift, occupy the residence and receive an income tax charitable deduction for the present value of the remainder interest.

  • You identify real estate property that you would like to give; an appraisal will help you establish its estimated market value.
  • We assess the real estate for compliance with our acceptance policies and gather appropriate documentation.
  • Your gift can be placed in any of our charitable funds. For example, you can use your gift to create a Donor Advised Fund in your name, in the name of your family or business, or in honor of any person or organization you choose. You can then stay involved in recommending uses of the fund.
  • Your gift qualifies for a tax deduction based on its full market value; you avoid the capital gains tax that would otherwise arise from the sale of the property.
  • With gifts of real estate, your property gains translate into community impact, so you get a more rewarding return on a major asset.
  • We handle all the administrative details.
  • Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift — and all future earnings from your gift — is a permanent source of community capital, helping to do good work forever.

Life Insurance Policies

Life insurance provides a simple way for you to give a significant gift to charity, with tax benefits that you can enjoy during your lifetime.

  • You make the Community Foundation of North Central Massachusetts the owner and irrevocable beneficiary of your life insurance policy — you can either give a paid-up policy or continue to pay premiums.
  • You receive a tax deduction for the approximate cost or fair market value, whichever is less. If the policy is paid up, you may receive an immediate tax deduction. If it is not, you can claim continuing tax deductions on premium payments you make directly or through gifts to the community foundation.
  • Upon your death, we set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose.
  • Our professional program staff considers your charitable wishes and determines the community needs that would be most impacted by grants from your gift.
  • Our board issues grants in the name of the fund you establish (if you prefer, your awards can be made anonymously).
  • We handle all the administrative details.
  • Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift — and all future earnings from your gift — is a permanent source of community capital, helping to do good work forever.