Creating Your Legacy
Many of our supporters choose to make their most significant gift with Wills & Bequests, naming Big Brother Big Sister of Central MA as the designated beneficiary on defined assets by using Trust planning techniques. By utilizing estate planning documents and naming BBBSCM as a beneficiary of your retirement/investment accounts or life insurance policies, your future legacy and impact will carry on in your name.
WILLS & BEQUESTS
A properly executed will or living trust is a flexible way to provide gifts to BBBSCM, including assets such as real estate. Donors can designate a particular amount, a percentage of a certain amount, or direct that BBBSCM receive the residual amount of an estate after all other named beneficiaries receive their share.
DIRECT NAMED BENEFICIARIES
Instead of gifting your retirement assets to a charity during your lifetime, it can be advantageous to designate the charity as the beneficiary of your retirement account. Under this option, the charity—not you—will be treated as receiving the distribution; therefore, neither you nor your estate will owe income taxes on the amount.
A charity can be the beneficiary of a relatively simple revocable trust or irrevocable trust. Other giving strategies using charitable trusts can provide benefits to charity as well as to your family or yourself. A charitable lead trust lets you provide a payout to a charitable cause during your lifetime (or a term of years) and preserve assets for other beneficiaries, such as children or grandchildren.
Big Brothers Big Sisters and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for general informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Please consult your own tax, legal and accounting advisors before acting on the information provided herein.