Types of Gifts

Making a planned gift — one that benefits the community after your lifetime — is easier than you might think. Options include:

Gifts by Will & Trust

After providing for your loved ones, leaving a bequest to Greater Worcester Community Foundation can be one of the simplest ways to achieve your charitable goals. A fund created through a Will or Trust can benefit particular organization(s); an area of interest, e.g. the arts, environment, education, etc., to meet the changing needs of the community (discretionary), or a scholarship. No matter which option you choose your bequest will generate an estate tax deduction. In consultation with your attorney you may wish to consider which of the following types of charitable bequests would best suit your situation.

Learn more about Gifts by Will & Trust.

Life Insurance Policies

Your premium payments become tax-deductible when you designate the Foundation as owner and beneficiary of your life insurance policy. After your lifetime, the Foundation uses the money to create a fund in your name that fulfills your charitable goals in perpetuity.

Life insurance policies are an excellent vehicle for charitable gifts, often enabling donors to achieve family and charitable goals simultaneously.

What are my options?

For insurance policies with a cash surrender value whose original purpose no longer exists, you can:

• Gift the policy to Greater Worcester Community Foundation, Inc., and receive an income tax deduction for the present value of the policy. The tax savings can be invested to generate future income and will reduce the value of your taxable estate.
• Make Greater Worcester Community Foundation, Inc., the owner and irrevocable beneficiary; you continue to pay the premiums and claim continuing tax deductions. It is possible to use appreciated stock as a gift to Greater Worcester Community Foundation to cover premium costs and avoid capital gains.

Individual Retirement Account (IRA) assets

Now it’s easier than ever to make the gift of a lifetime.

IRAs can qualify for tax-free charitable distributions.

Greater Worcester Community Foundation can help turn your individual retirement accounts (IRAs) into tax-saving charitable gifts. Extended tax benefits allow more people to experience the joy of giving during their lifetimes.

Learn more about Individual Retirement Account (IRA) assets.

Charitable Gift Annuity

Greater Worcester Community Foundation offers Charitable Gift Annuities. This enables you to make a contribution and receive steady income during your lifetime. State Street Global Advisors administers the Charitable Gift Annuity program on behalf of the Foundation.

Learn more about Charitable Gift Annuity.

Pooled Income Fund

Greater Worcester Community Foundation offers a Pooled Income Fund (PIF) to provide donors with lifetime income from a professionally managed, diversified fund. Our PIF is administered by State Street Bank & Trust Co. and is comprised of the commingled gifts of many donors, invested in a balanced equity/bond portfolio.

Learn more about Pooled Income Fund.

Charitable Remainder Trusts

A Charitable Remainder Trust provides income to you for life or for a limited number of years. After that time, the remainder is distributed to the Foundation in accordance with your charitable intentions. Contact your legal advisor to discuss.

Gift of a Retained Life Estate

You may donate a residence, farm or other land as a future gift and continue using the property throughout your lifetime. You receive a partial income tax deduction and reduced estate taxes.