Leave a Legacy
Support Father Bill’s & MainSpring
There are many ways to help change the lives of people in need in our community. Many of our loyal friends at FBMS have worked together to help those experiencing homelessness through our volunteer opportunities, career programs, and corporate and personal donations.
While a discussion should occur with your financial advisor or lawyer (or both), a planned gift through your will, life insurance, bequests, or obituary, can be a great way to include FBMS in your financial plans. The simplest of these is by making FBMS one of your beneficiaries in your will, life insurance, or retirement accounts.
As you think about your future plans, we hope you will also remember Father Bill’s & MainSpring, and our mission of helping those in need find a place to call home. With your help and kindness, we may finally “take down the signs” at Father Bill’s Place and MainSpring House permanently.
If you have questions or would like more information on making a planned gift to Father Bill’s & MainSpring, please contact Lucille Cassis at 617-376-2255 x222.
Remembering FBMS in Your Will
We hope you will consider including a gift to FBMS in your will. Called a charitable bequest, this type of gift offers three primary benefits:
- Simple: Just a few sentences in your will or trust stating your intentions. "I, (name), of (city, state, ZIP), give, devise and bequeath to Father Bill’s & MainSpring (written monetary amount, percentage of your estate, or description of assets or stocks) for unrestricted use or for use in greatest area of need."
- Flexible: You can change the amount or percentage of your gift at any time based on the needs or desires of you or your family. You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to us.
- Tax Deductable: Your estate is entitled to an estate tax charitable deduction for the gift's full value.
To make a charitable bequest, you need a current will or revocable living trust. Most attorneys who deal with estate and financial matters can work with you to create a will or revocable living trust that suits you and your family.
Gifts of Securities:
If you would like to make a large gift to Father Bill’s & MainSpring, you may wish to consider a gift of appreciated stock or equities instead of an outright cash donation. You may realize greater tax benefits from transferring stock as opposed to a monetary donation. You may be able to donate more to Father Bill’s & MainSpring while also realizing a considerable tax savings.
Life Insurance and Retirement Accounts:
Naming the individuals and charities that will be beneficiaries of your life insurance or retirement accounts can be a simple process. These policies and account require separate beneficiary designation outside of your will, which you can easily modify to suit the needs of you and your family..
Life Insurance Policies:
Life insurance is an easy and low cost way to remember Father Bill’s & MainSpring in your estate plans. Life insurance proceeds are almost always income tax–free to the beneficiary. The beneficiary designation in your life insurance policy determines where the proceeds will be distributed. Life insurance can be distributed to Father Bill’s & MainSpring if we are named as the beneficiary or one of the beneficiaries of the policy at the time of your death.
To add or change a beneficiary on your insurance policy contact your insurance company to receive a copy of its change of beneficiary form. Then return the updated form to your insurance company indicating your changes.
IRAs and Retirement Accounts:
Most retirement plans, including 401(k)s and IRAs, are income tax–deferred, meaning income tax is not paid until the funds are distributed to you in life, or upon your death. This taxation makes retirement assets among the most costly assets to distribute to loved ones.
Because they are subject to income taxes to your beneficiaries, retirement assets make ideal gifts to Father Bill’s & MainSpring. Income taxes on retirement assets you leave to your family can be as high as 35%, which can be a substantial sum taken from your savings. Should you wish to name Father Bill’s & MainSpring as your IRA/Retirement account beneficiary, funds would be transferred to us tax-free. Thus your family wouldn’t be burdened with having to pay income tax on your retirement account, and the organization would receive the full amount in the account.
For more information, please contact us:
Lucille Cassis, Director of Resource Development at email@example.com, or 617-376-2255 ext 222