Planned Giving
Through planned giving to The Masonic Charity Foundation of Connecticut, your generosity can spring eternal.
Unlike endowment gifts, which are restricted with only the earnings available for use, unrestricted donations to The Masonic Charity Foundation of Connecticut can be used in their entirety to support the healthcare programs, services and facilities offered by Masonicare and its affiliates. Donors contributing outright, unrestricted gifts or bequests of $10,000 or more to the foundation in a one-year period are recognized as Cleaveland Society members.
Gifts to the Endowment Fund are held in trust and prudently invested. Only income earned from our endowment is used to support innovative programs and services, and to expand Masonicare’s reach throughout Connecticut. Donors who give or bequeath $10,000 or more in one year restricted to the Endowment Fund are recognized as members of our Baldwin Society.
Bequests
A gift in your will, also known as a bequest, is a wonderful way to support The Masonic Charity Foundation and provides a powerful statement to others of your belief in the mission of Masonicare. There are three types of bequests:
- Residuary – This bequest directs that The Foundation receives all or a portion of the balance of your estate after all necessary costs and pecuniary bequests have been met. A residuary bequest is a gift of whatever remains in your probate estate.
- Percentage – This is a bequest of an amount equal to a fixed percentage of the value of your estate at the time of your passing.
- Pecuniary – This is a bequest of a specific dollar amount that will not fluctuate if your estate increases in value after you have signed your will.
Should you wish to remember The Foundation in your Will, Masonicare encourages you to provide the following bequest language to your attorney: “I give, devise, and bequeath all the rest, residue, and remainder of my estate, or _________% (percentage) of my estate, or $_________ (sum of money) to The Masonic Charity Foundation of Connecticut, Inc., located in Wallingford, CT.”
Charitable Gift Annuities
A charitable gift annuity is a simple agreement between you and The Masonic Charity Foundation. In exchange for your irrevocable gift of cash or securities, you and/or a family member receive a fixed income for life. Annuities can be single-life or two-life contracts, and income rates depend upon the age(s) of the annuitant(s) at the time the gift is made. Please contact The Foundation for current rates. Please email Alison Koons at AKoons@Masonicare.org for a personalized illustration.
Deferred Gift Annuities
With a deferred gift annuity, the gift is generally made at a younger age, and annuity payments are deferred until a later date and time—typically until one’s retirement. The rate is determined by your age when the payments will begin. Please email Alison Koons at AKoons@Masonicare.org for a personalized illustration.
Beneficiary Designations of Retirement Plans
Retirement assets include IRA, 401(k), and 403(b) plans. You can request a Beneficiary Designation Form from your plan administrator and designate The Masonic Charity Foundation as a beneficiary of either a percentage of your plan balance or a specific dollar amount. Retirement assets can be taxed heavily if you leave them to someone other than a charity. This is because distributions to an individual from an IRA, 401(k), 403(b), or other retirement plan will be subject to income tax and possibly estate tax. In contrast, retirement funds that pass to The Masonic Charity Foundation by beneficiary designation are not subject to these taxes. Please note that The Foundation is a non-profit 501(c)(3) organization and its full, legal name is “The Masonic Charity Foundation of Connecticut, Inc.” The Foundation’s Federal Tax Identification Number is 06-1435920.
Beneficiary Designations of Insurance Policies
Gifting a paid-up life insurance policy is one of the easiest and most cost-effective ways to support The Masonic Charity Foundation of Connecticut. By naming The Foundation as the beneficiary of your paid-up policy, you will be making a future gift to The Foundation and will be entitled to an income tax deduction equal to the value of the policy. This change of beneficiary can be made quite simply by contacting your insurance carrier and requesting a beneficiary change form. This form will typically ask you to provide the name and federal tax identification number of the new beneficiary, in this case, The Masonic Charity Foundation of Connecticut. Please note that The Foundation is a non-profit 501(c)(3) organization and its full, legal name is “The Masonic Charity Foundation of Connecticut, Inc.” The Foundation’s Federal Tax Identification Number is 06-1435920.
TOD/POD Accounts
An easy and tax-wise way to support The Foundation through your estate plan is to add a “Transfer on Death” (TOD) or “Payable on Death” (POD) designation to your investment account or bank account, naming The Foundation as beneficiary. By filling out a simple TOD or POD beneficiary designation form, you can designate that all or a portion of your investment account, savings account, checking account, money market, or certificate of deposit pass directly to The Foundation at your passing. You can request the simple TOD/POD form from your bank or investment firm. Please note that The Foundation is a non-profit 501(c)(3) organization and its full, legal name is “The Masonic Charity Foundation of Connecticut, Inc.” The Foundation’s Federal Tax Identification Number is 06-1435920.
Charitable Remainder Trusts
With the help of your financial and/or legal advisors, cash or other assets are transferred into a trust that is created under state and federal laws. Trust payments can be made to you and/or one or more other persons for life or for a period up to 20 years. When the trust period ends, the property remaining in the trust passes to the charities you designate, such as The Masonic Charity Foundation of Connecticut.
Gifts of Real Estate
The Foundation is happy to work with you to determine if a piece of property is suitable to donate. This process begins with the donor completing a property inquiry form and providing The Foundation with a qualified appraisal of the property. Click here for a property inquiry form.
