You can leave a legacy of caring
You can help support older adults in our community through planned giving to Somerville-Cambridge Elder Services. Your gift will be a living legacy of your compassion for those who struggle with the challenges related to aging, caregiving and disability.
The simplest way to make a legacy gift to Somerville-Cambridge Elder Services is through your will or by designating Somerville-Cambridge Elder Services as a beneficiary of your retirement plan, life insurance policy, or bank account. Though planned giving you can make a major impact — without affecting your finances today– and offer tax advantages for you and your heirs.
For more information or to let us know you have included Somerville-Cambridge Elder Services in your estate plans, please contact Outreach and Community Relations Director Nathan Lamb at Nathan.email@example.com or by calling 617-628-2601 ext. 3010
This information is not legal or tax advice. We recommend you talk with an attorney and/or financial planner before including Somerville-Cambridge Elder Services in your estate plan.
If you already have a will, a quick call to your attorney or financial planner is all you’ll need to add a charitable gift. In your will, you can specify a dollar amount, a percentage of your estate, or the residual of the estate, as well as make the gift contingent on specific future events.
Below are two examples of types of bequests and sample language for your will:
I give, devise, and bequeath $___ or ___% or ____ [name specific asset] to Somerville-Cambridge Elder Services Inc., a 501(c)(3) charitable corporation (Tax ID # 042515020) with offices at 61 Medford Street, Somerville, MA 02143.
Contingent Bequest or Trust Gift
In the event of the death of any of the beneficiaries, I give, devise, and bequeath $___ or ___% of the rest, residuary, and remainder to Somerville-Cambridge Elder Services, a 501(c)(3) charitable corporation (Tax ID # 042515020) with offices at 61 Medford Street, Somerville, MA 02143.
Life Insurance, Retirement and Bank Accounts
Naming Somerville-Cambridge Elder Services as a beneficiary on your life insurance benefits is another way you can support our future. You could also transfer a paid-up policy to Somerville-Cambridge Elder Services for an immediate income tax deduction. Additionally, bank and brokerage accounts can name Somerville-Cambridge Elder Services as a beneficiary without going through the probate process.
Retirement assets such as an IRA or 401(k) are taxable to your heirs. But as a non-profit, Somerville-Cambridge Elder Services would not pay taxes on funds from a retirement account. Required minimum distributions from an IRA at age 70 1/2 that are directly rolled over to Somerville-Cambridge Elder Services are not taxable.
Naming Somerville-Cambridge Elder Services as a beneficiary is simple:
Contact your life insurance company, retirement plan, or financial institution for a change of beneficiary form.
Complete the form designating what percentage of the assets you wish to contribute to Somerville-Cambridge Elder Services as a primary or secondary beneficiary.
Return the form to your institution. You can share a copy with us to help ensure the plan is completed.
Annuities and trusts offer tax advantages for you and your heirs, and can provide income and support for yourself or a designated beneficiary. Talk with your attorney or financial planner about the tax advantages and income-producing options that make sense for you such as:
Charitable Remainder Trust (CRT)
A tax-advantaged vehicle that enables you, as donor, to give to Somerville-Cambridge Elder Services, diversify assets, and receive annual payouts.
Charitable Lead Trusts
You would fund the trust, preferably with an asset expected to appreciate; Somerville-Cambridge Elder Services receives a fixed annual payout from the trust; and the remainder goes to your beneficiaries at the end of the payout term.
Charitable Gift Annuity
A special type of agreement designed to provide you with the benefits of a traditional annuity while giving the underlying asset to Somerville-Cambridge Elder Services.