Planned or Deferred Giving
Planned gifts mean a legacy of care at the Masonic Home. So called because in each of these options, the donor makes plans today to create funds for the Home to use in the future. Legacy gifts allow the donor’s impact to be felt after he or she is no longer with us.
BEQUEST by WILL or LIVING TRUST:
A will or living trust is a very personal matter and should be prepared with an attorney. The following language is an example of how a bequest may be worded:
I give, devise and bequeath to the Masonic Home of Virginia, located at 500 Masonic Lane, Richmond, Virginia, _______ percent of my estate (or $______ or other personal or real property appropriately described) to be designated to the New Century Fund.
RETAINED LIFE ESTATE:
A donor may generate a current income tax deduction by giving a home or farm to the Masonic Home, while retaining the right to occupy, rent or otherwise use the property during the donor’s lifetime. The property will also be removed from the donor’s taxable estate.
GIFTS of INSURANCE:
A donor may name the Masonic Home of Virginia as beneficiary of a life insurance policy. If the Home is named both the sole owner and the beneficiary, the contributor is eligible to receive an immediate charitable deduction for the policy’s fair market value or the net premiums paid, whichever is less. Additional premiums paid may also be tax deductible.
RETIREMENT PLAN GIFTS:
Designation of the Masonic Home as primary or contingent (after a spouse) beneficiary of a private pension fund (e.g., IRA, SEP, 401(k), profit sharing plan) can result in the most “tax wise” testamentary gift possible. This is because retirement accounts are subject to taxes that other estate assets may avoid. A donor may simply designate the Masonic Home of Virginia as beneficiary on the plan’s “Beneficiary Designation” form.
LIFE INCOME GIFTS:
By establishing a life income gift, the donor receives an immediate tax deduction, subject to his/her personal limitations, equal to the fair market value of the cash or assets donated, less an IRS-approved calculation of the benefits that the donor will receive in the future. Specific examples include:
A donor writes a check or transfers stocks or securities to the Home, signing an annuity agreement in which the Home agrees to pay the donor an annual fixed dollar amount for life. The donor receives an immediate income tax deduction.
A donor writes a check or transfers stocks or securities to a trust, naming the Home as the charitable beneficiary. The donor receives a tax deduction and lifetime income equal to an agreed upon, fixed percentage of the annual value of the trust.
A donor writes a check or transfers stocks or securities to an annuity trust, naming the Home as the charitable beneficiary. The donor receives an immediate tax deduction and income for life, of a fixed dollar amount per year.
This information is provided for general information purposes only. Specific information should be obtained from your attorney or financial advisor.
Confidential proposals detailing the specifics for any donor can be obtained by emailing firstname.lastname@example.org.
PLEASE NOTE: The Masonic Home of Virginia is supported by Virginia Masons. As such, this website is NOT intended as a solicitation of gifts from residents of other states. Further, while the Masonic Home of Virginia will accept gift annuity arrangements from Virginia residents, acceptance of gift annuities from residents of other states will require a review of that state’s gift annuity regulations.