The Legacy Circle honors friends whose generosity will help us thrive for generations to come. Please consider naming BCNC as the beneficiary of your bequest or estate plan. A planned gift takes many forms, and depending on which path you choose, it can provide significant tax benefits or even a lifetime income for you and your loved ones.
With the following planned gift options, your gift to BCNC can last far beyond your lifetime.
A bequest is a provision in a will that provides a specific dollar amount or a percent of your estate to Boston Chinatown Neighborhood Center upon death. Large or small, a bequest is an easy and flexible way to support BCNC far beyond your lifetime.
When preparing or revising your will, please consider using the following wording to include a gift to BCNC: “I leave ($____ or X% of the residue of my estate) to Boston Chinatown Neighborhood Center whose current legal address is 885 Washington Street, Boston, MA 02111”.
You can name BCNC as a beneficiary and/or owner of a life insurance policy that you no longer need for its original purpose. Such a gift would entitle you to a current income tax deduction and would remove the asset from your estate, thus saving potential estate taxes as well.
IRA or Retirement Plan
An IRA or Retirement plan can make a great gift to BCNC. Since these assets generally incur income taxes and estate taxes at death, a gift of such assets allows 100% of the amount to be put to use.
Charitable Gift Annuity - Receive a Fixed Income from your Gift
Through a charitable gift annuity, you can make a gift and receive a guaranteed, fixed income for your lifetime. The payment can be made to you alone or to you and a survivor (commonly a spouse). BCNC has partnered with the Greater Worcester Community Foundation to provide this gift option to BCNC donors. The minimum gift is $10,000. A charitable gift annuity provides several benefits:
- A fixed income for life;
- An income tax deduction;
- No loss to capital gain taxes on appreciated securities;
- A portion of the annuity payment tax-free.
Following is a sample of the single-life* Gift Annuity Rates effective July 1, 2010:
Age Rate Age Rate
60 5.3% 75 6.4%
65 5.5% 80 7.2%
70 5.8% 85 8.1%
*Call us for a rate quote for a two-life gift annuity.
Don’t need the income now? You can defer payments to a later date. The annuitant must be a minimum of age 60 when payments begin. When you defer the payments, you receive a higher income tax deduction and a higher annuity rate than for an immediate payment annuity.
In addition to current gifts for operating purposes, we welcome you to consider a gift to our Permanent Endowment. All endowed funds are held permanently with income only to be used. By making a gift to the BCNC Endowment, you can permanently link your name to BCNC or pay tribute to loved ones through a gift in their honor.
BCNC is happy to work with you and your professional advisor to create a charitable gift plan to meet your personal and philanthropic interests. Please contact Carmen Chan, Director or Development or call 617-603-2538.
*In all cases, please consult your own financial advisor before entering into a planned gift arrangement with BCNC.
We are proud to honor the following in BCNC’s Legacy Circle:
Chin Tunn Fon Endowment Fund
Fung Family Endowment Fund
Elaine Ng and William Greally