Planned Giving and Estate Planning

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 GLCF 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 GLCF 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 GLCF, 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 GLCF 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.

©2009 Greater Lowell Community Foundation - 100 Merrimack Street, Suite 202, Lowell, MA 01852          Phone: 978-970-1600        Fax: 978-970-2444          National Standards