Planned Giving and Estate Planning

Planned Gifts to Benefit Our Community

Create a Lasting Legacy – Planned Gifts to Benefit Our Community

Establish an enduring philanthropic legacy through charitable gift planning with the GLCF. You’ll not only be supporting the issues and causes you care about long into the future, you’ll also realize financial, tax and estate planning benefits.

The Foundation accepts a variety of planned gifts from generous individuals who are dedicated to ensuring a positive future for our community. Read on to learn more about our diverse options, or for more information or to discuss planned gift opportunities, please contact us directly at 978-970-1600.

Bequests

Including specific language in your will or living trust naming the Foundation as the recipient is the easiest way to leave a planned gift to benefit our community. Your will or living trust can include gifts in the form of cash, securities or personal property and you may contribute a specific dollar amount, a percentage of your estate or the residual of your estate in this manner. In addition, your estate will receive a charitable deduction for the full donation, so your heirs will not be subject to estate tax on these assets.

Charitable Remainder Trust

You receive an immediate tax deduction and lifetime income for you or your named beneficiary by transferring assets to establish a Charitable Remainder Trust plus you also reduce or avoid capital gains taxes associated with the gifted asset. When the trust’s term is complete the remaining assets pass on to the community foundation.

Retirement Plan Donations

Naming the Greater Lowell Community Foundation as a beneficiary of your retirement funds is an easy and effective way to benefit the community. You also avoid significant and often unanticipated tax penalties as your retirement plan is tax-deferred only until your passing. The remainder of these assets is subject to multiple taxes when included in your estate. Donating retirement accounts can reduce or eliminate these taxes completely and make a significant impact on the community.

IRA Charitable Rollover

IRA money given directly to the community foundation is not subject to income tax, preserving the full amount for charitable purposes. Most contributions to charitable organizations, including the Foundation, are considered qualified charitable contributions. However, distributions to donor-advised funds and supporting organizations do not qualify.

Life Insurance Donations

The simplest way to donate life insurance money to the Foundation is to designate the Foundation as a beneficiary of the policy.

Ownership of a paid-up policy may also be transferred to the community foundation, or insurance policy dividends may be donated. The community foundation may also be as designated owner and beneficiary, with annual gifts going to the community foundation in the amount of the annual premium, if so desired. If this option is chosen, the premium would be paid by the Foundation.

Establish your own charitable legacy

The Foundation has made it easy for you to establish your own charitable legacy. You have free access to the Foundation’s professional staff who will be happy to work with you and your advisors to decide how best to accomplish your charitable goals.

A family, individual, nonprofit agency or corporation may initially establish a named fund with cash, securities or other property. The fund must be built up to $5,000 within three years, and then the $5,000 must be invested for four quarters before grants can be distributed.

There are many ways for individuals, families, companies and private Foundations to establish a fund at the Foundation. The arrangements usually can be made during one meeting, with funds being governed by a clear and brief agreement and funds may be established immediately or at later date during your life. Please contact us to start a fund.