Legacy Gift Options
Retirement Plans & Life Insurance
You can name a nonprofit as the beneficiary of a portion of your life insurance policies or unused retirement assets. These can include individual retirement accounts (IRAs), 401(k)s, 403(b)s, or pensions.
These types of planned gifts are a good option for individuals who have retirement accounts that they won’t use up or life insurance policies. If an individual has a large estate, gifting retirement accounts and life insurance policies can help heirs avoid income and estate taxes.
To designate the Nashua River Watershed Association as a beneficiary of your retirement plan or life insurance policy, contact the administrator of your plan for a Change of Beneficiary. To complete the form, provide the Nashua River Watershed Association’s legal contact information:
Name: Nashua River Watershed Association, Inc.
Legal Address: 592 Main Street, Groton, MA 01450
Taxpayer Identification Number: 23-7055674
Relationship: 501(c)3 Nonprofit Organization
Bequests
A bequest is a gift that is directed from your will. Bequests are a simple, impactful, and popular way to make a Legacy Gift. Bequest gifts don’t cost you anything during your lifetime, yet they allow your lifetime values to carry forward. They can be modified if desired.
To make a charitable bequest, a donor allocates a portion of their estate to a nonprofit in their legal will. Allocation is typically in one of three forms:
- Cash Bequest: A specific amount of cash
- Percentage Bequest: A percentage of the total estate
- Residual Bequest: The remaining value of the estate after all other bequests have been paid
View examples of typical language for each of these types of bequest.
If you already have a will or trust, please review the documents to determine if any changes in your family or other circumstances warrant revising the document.
If you wish to add the Nashua River Watershed Association for a gift in your existing will, you can add a Codicil, which is a legal addendum. You can contact the attorney who drafted the original document, or utilize a template available online.
If you don't have a will or trust, you can contact an attorney to have these documents prepared. A will is very important, regardless of wealth, as it ensures your wishes are known and can save loved ones from the complications of probate proceedings. There are also free online platforms available to create a will.
Other Planned Giving Options
A variety of other options exist for planned gifts. Some of these options pay income to the donor, while others provide income for the Association today, and protect the donor’s assets for their heirs.
Charitable Lead Trust
A Charitable Lead Trust helps you build a charitable fund for a non-profit organization during the trust’s term. When the trust terminates, the remaining assets are transferred to you or your heirs, often with significant transfer-tax savings.
Charitable Remainder Trust
Giving through a Charitable Remainder Trust allows you to receive income for the rest of your life, knowing that whatever remains will benefit your community. You transfer cash, appreciated stocks, real estate, or other assets into a trust. You receive an immediate charitable tax deduction for the charitable portion of your trust. The trust pays you or a beneficiary you designate regular income payments. Upon the beneficiary’s death or after a defined period of years, the remaining assets in the trust transfer to the non-profit organization.
Contact Information
The NRWA is happy to answer any questions or provide additional information about legacy gift planning. We can help to make the process straightforward and rewarding.
For more information, please This email address is being protected from spambots. You need JavaScript enabled to view it., Development Director, or This email address is being protected from spambots. You need JavaScript enabled to view it., Executive Director.
Please let us know if you choose to include the Association in your estate plans. We want to thank you and welcome you the Nashua River Legacy Circle. Sharing your plans places you under no obligation and we will honor all wishes for anonymity.
