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370 Main Street
Suite 650
Worcester, MA 01608
(508) 755-0980

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Giving Later
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Gifts by Will

After providing for your loved ones, leaving a bequest to Greater Worcester Community Foundation can be one of the simplest ways to achieve your charitable goals. A fund created through a Will can benefit particular organization(s); an area of interest, e.g. the arts, environment, education, etc., to meet the changing needs of the community (discretionary), or a scholarshipyou decide. No matter which option you choose your bequest will generate an estate tax deduction. In consultation with your attorney you may wish to consider which of the following types of charitable bequests would best suit your situation.

 

Types of charitable bequests

• Specific
  leave a specified dollar amount or items of property.

• Percentage
  Bequeath a set percentage of your estate’s value.

• Residuary
  Leave the Foundation whatever is left in your estate after specific amounts are bequeathed to other beneficiaries.

• Contingent
  Bequeath all or a portion of your estate to the Foundation which we may or may not receive depending on the occurrence of specific but uncertain events, e.g. all heirs are no longer living.

Why would I leave a bequest to the Foundation to benefit particular organization rather than bequeathing it directly to them?

You want to make sure your bequest benefits the community in perpetuity. Let’s say you establish a fund for a specific organization and in twenty-five or fifty years it ceases to exist. In that situation, the Foundation has a fiduciary responsibility to find another organization that most closely matches the mission of the original organization. This can be done without having to go probate court saving the cost and hassle of legal fees and hurtles. By supporting organizations through a fund at the Foundation, your legacy is never lostin fact, it will have increased due to growth in our investments

To learn about creating a fund at Greater Worcester Community Foundation through a bequest, please contact Ann T. Lisi, President & CEO at (508) 755-0980.