Charitable gifts help you meet your current philanthropic goals and extend your generosity well into the future. But did you know that a planned gift can also protect your assets and provide for your family? You can even make a significant impact through a gift that costs nothing in your lifetime (through a charitable bequest under your will).
Ways to Make a Planned Gift:
Gifts in your Will:
Including a provision for SBHF in your will or revocable trust provides support for SBHF's work long into the future. You control the funding property during your lifetime, and can change your bequest or trust designation at any time. Upon your death your specified bequest or trust designation is transfered to SBHF, and will not be subject to any federal estate tax.
Naming SBHF as a Beneficiary of your IRA or Bank Account:
Bank accounts and IRAs give you the opportunity, outside of a will, to name a beneficiary in the event of your death. You may name SBHF as a direct or contingent beneficiary on your financial institution's form. In place of a social security number for an individual, when listing SBHF as a beneficiary use our tax ID number: 04-3067595
Gifts of Life Insurance:
Life insurance can play a significant role in charitable gift planning. By listing SBHF as a beneficiary on your life insurance policy you can make a substantial future gift (the face value of policy) for a relatively modest annual contribution (the premium payment).
Life insurance can also be used to replace an asset that has been given to SBHF. How? After a donor makes a gift to SBHF, the tax savings produced by the charitable deduction are used by his or her children or an irrevocable trust to purchase and pay the premiums on a life insurance policy on the donor's life. Such an arrangement can ensure that the interests of family beneficiaries will not be adversely affected by charitable gifts made during the donor's lifetime.
To learn more about these and other planned giving options, please consult your financial advisor. To discuss including SBHF in your planned giving, or to notify us of your plans, please contact us at 617-244-9800.