You Can Leave a Legacy of Caring
You can help support older adults by leaving a gift to Springwell in your will. Your gift will be a living legacy of your compassion for those who struggle with the challenges related to aging and caregiving. When you make a planned gift to Springwell, you’ll become part of the Springwell Legacy Society.
How to Make a Legacy Gift
The simplest way to make a legacy gift to Springwell is through your will or by designating Springwell as a beneficiary of your retirement plan, life insurance policy, or bank account. A legacy gift can allow you to make a bigger impact through a larger gift than is possible with present-day funds — without affecting your finances today and offering tax advantages to you and your heirs.
For more information or to let us know you have included Springwell in your estate plans, please contact Director of Development, Beth Schultz at 617-972-5687 or firstname.lastname@example.org.
This information is not legal or tax advice. We recommend you talk with an attorney and/or financial planner before including Springwell in your estate plan.
If you already have a will, a quick phone 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 Springwell, Inc., a 501(c)(3) charitable corporation (Tax ID #04-2616064) with offices at 307 Waverley Oaks Rd., Suite 205, Waltham, MA 02452.
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 Springwell, Inc., a 501(c)(3) charitable corporation (Tax ID #04-2616064) with offices at 307 Waverley Oaks Rd., Suite 205, Waltham, MA 02452.
Life Insurance, Retirement & Bank Accounts
Naming Springwell 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 Springwell for an immediate income tax deduction. Additionally, bank and brokerage accounts can name Springwell 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, Springwell 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 Springwell are not taxable.
Naming Springwell 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 Springwell 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 & Trusts
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 Springwell, diversify assets, and receive annual payouts.
Charitable Lead Trusts
You would fund the trust, preferably with an asset expected to appreciate; Springwell 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 Springwell.