You may wish to make a planned gift to Lifeworks to help ensure the future of the services and programs we provide in your community and at the same time further your financial goals. Our planned giving strategies include:
- Life Estate
- Life Income Gifts
- “Homes of Our Own” Capital Fund
- Gift of Life Insurance
- Gift of Retirement Plans
- Gift of Securities/Land
Who to Contact
If you wish to consider making a donation using a planned giving or other giving strategy, please call or email us.
Charitable bequests are the “mainstay” of planned giving. Naming Lifeworks as a beneficiary in your will help Lifeworks continue with its programs in the future. Lifeworks will receive the gift specified in your will.
The gift may be a specific dollar amount, a percentage of the estate, or the residual of the estate. Lifeworks greatly appreciates each and every bequest no matter how big or small.
A Charitable Bequest is not subject to estate taxes.
Continue to live in your home, while receiving an income tax deduction.
A Life Estate is a gift of a reminder interest in your personal residence. You would irrevocably transfer title to your personal residence to Lifeworks with related rights to use your property for a term that is specified in your gift agreement…usually for you and your spouses life.
You will continue to live in your house while receiving an income tax deduction for the value of your gift. The value of your gift is calculated using the present value techniquest on the gifted home.
Make a Gift and Receive Income for Life
A life income gift…You irrevocably transfer some assets to Lifeworks now, and in return, you (and a survivor, if you wish) receive income for life. As a result, the assets are used to carry out our mission.
Benefits of Life Income Giving:
- You will receive yearly income
- A charitable deduction in the year you make the gift for the present value of our right to eventually receive the assets
- Your effective yield is increased by substantial income tax savings.
- Income can be taxed more favorably in some plans.
- Your probate and estate administration costs may be reduced.
- The pleasure of knowing the good work your gift will do.
In exchange for your gift of cash or marketable securities to Lifeworks, we agree to pay you (and a survivor or other beneficiary) a fixed amount annually for your lifetime. The transfer is part gift and part purchase of an annuity. The rate of return is attractive and the payments are guaranteed for life.
The rates are different for an annuity for two lives. The rates for two lives are less than rates for one life because the period of payment may be longer. If you wish, you may defer charitable gift annuity. You can make the gift now, and the Lifeworks will pay you (and another beneficiary, if you wish) life income starting at any date you specify. This is a great option if you are concerned about retirement income. Also, you receive the income tax deduction in the year you make the gift. The amount you receive each year depends on the amount transferred, your age now, and your age when the payments are to start.
To learn more about the ways to establish a Life Income Gift, please call Lifeworks at 781-762-4001.
Lifeworks is launching a capital campaign to raise funds to help purchase homes for individuals with developmental disabilities. All monies raised will be restricted to the Homes of Our Own Fund.
Some of our supporters no longer need their life insurance that was purchased years ago to provide for children or other family members.
By transferring the life insurance policy to Lifeworks you can help us and receive an income tax deduction for the gift.
There are a variety of ways to use your life insurance for a substantial gift to Lifeworks. Depending on the type of policy you donate, you may receive an upfront income tax deduction for approximately the amount of the policy’s cash surrender value and any future premium payments may also be tax-deductible. The proceeds from the insurance are completely removed from your estate.
You may have a qualified retirement plan such as an IRA, 401(k), 403(b) or Keogh plan that has grown assets tax free for years. Since the distributions from these plans are subject to income tax and are also included in one’s taxable estate, retirement plans may be an excellent source for making a tax deductible donation to Lifeworks.
One good tax friendly way to make a donation of all or part of your qualified retirement plan is by creating a Charitable Remainder Trust through your will. It works like this: The retirement plan assets you designate are transferred to the tax exempt trust. The trust will provide life income to the designated beneficiary with an eventual gift (the remainder) made to Lifeworks. The beneficiary will pay income tax on the distributions from the trust. Your estate will receive an estate tax charitable deduction for the value of the donation that eventually goes to Lifeworks.
A gift of appreciated stock or real estate is a great way to make a donation. You will help Lifeworks and get a smart tax donation in the process.
789 Clapboardtree Street
Westwood, MA 02090