Make a lasting impact with a Legacy 2Life.
When you make a Legacy Gift to 2Life Communities, you support our mission to give older adults the opportunity to live in community, surrounded by friends with vital support for generations to come.
Your generosity will empower 2Life to expand our reach and continue making vibrant, inclusive communities affordable and accessible. It will ensure older adults have opportunities to continue to learn, grow and contribute to their communities and society. And it will strengthen our ability to elevate societal standards through advocacy, thought leadership, and policy influence.
Benefits of Legacy Giving
Also known as planned giving, legacy giving can help you meet both your immediate and long-term financial goals while making an enduring gift to 2Life. In addition to extending your generosity into the future, Legacy Giving can:
- Save on gift and estate taxes
- Mitigate capital gains taxes
- Transfer wealth to family members with reduced tax burdens
- Help you create a legacy for yourself and your loved ones
Common Legacy Giving Options
Legacy Giving can take many forms depending on your needs and goals. Our experts are available to work with you or your financial advisor to plan a legacy gift that will embody your personal vision for the future. Questions? Call us at 617-912-8486 or email Legacy@2LifeCommunities.org.
This is the simplest form of legacy giving and only involves adding language to your will or estate plan to gift a certain amount or percentage of your assets to 2Life after your lifetime. We are happy to share suggested bequest language with you and your financial advisor. Our Tax ID number is EIN 04-2607197.
Here are some benefits of leaving a gift to a charitable organization:
Tax benefits: Leaving a charitable contribution in your will can be a strategy for reducing your overall taxable estate. Your gift is fully deductible for federal estate tax purposes, and there is no limit on the deduction your estate can claim. In addition, the gift may be exempt from state estate taxes.
Control: Your assets remain in your control during your lifetime.
Flexibility: Like any bequest, charitable bequests can be modified at any time.
Here’s the process:
Decide what type of bequest you’d like to make. Here are some options:
Specific Bequest: A bequest of a specific dollar amount or a specific asset.
Residual Bequest: A gift of a percentage of the balance or remainder of your estate. Your donation to charity is made with the remainder of your estate after your debts, expenses, and bequests have been paid.
CHARITABLE GIFT ANNUITY
A charitable gift annuity (CGA) is a gift that provides income during your lifetime, while also reducing your tax burden. You can fund an annuity that will make fixed annual payments to you — or up to two beneficiaries of your choosing — during your lifetime. The remainder then passes to 2Life Communities after the lifetime of the beneficiaries.
Benefits of a charitable gift annuity:
- A reliable income stream for the rest of your life
- An immediate (partial) tax deduction, based on your life expectancy and the anticipated income stream
- Reduced or eliminated capital gains tax liability for gifts of appreciated securities
Here’s the process:
- You donate $10,000 or more in cash or securities to 2Life, toward a charitable gift annuity.
- You and/or your beneficiaries receive fixed annual payments for life at a fixed rate based on the age of the beneficiaries.
- You can begin receiving payments immediately (if you are 50 or older) or defer payments for a year or more.
- You are eligible for an immediate tax deduction for your initial donation. If you donated appreciated assets to create the CGA, you may save on capital gains taxes as well.
- The principal passes to 2Life after the lifetime of the beneficiaries.
RETIREMENT PLAN GIVING
AAn IRA, 401(k) or other qualified retirement plan provides a way to make a future charitable gift and helps to reduce tax burden on your retirement plan. Simply use your plan's beneficiary designation form to indicate the amount or percentage of the plan's assets you would like to gift to 2Life Communities.
Here's the process:
- You name 2Life as a beneficiary of your qualifying retirement plan through a beneficiary designation form along with any other beneficiaries, such as heirs.
- After your lifetime, the remaining amount of your plan passes to your heirs, as well as to any charitable organizations such as 2Life, which will receive the benefit, tax-free.
You can continue to make withdrawals from your retirement plan during your lifetime - and qualified charitable distributions (QCDs) you make to 2Life from your retirement plan after age 73 can help you meet the required minimum distribution and support 2Life today, while saving on taxes.
Naming 2Life Communities as a beneficiary of a life insurance policy is a relatively simple way to create a Legacy Gift to 2Life. You can name 2Life Communities as a primary beneficiary of your life insurance policy or the contingent beneficiary should your other beneficiaries not survive you. You can also donate your paid-up life insurance.
Here's the process:
- Provide now for a future gift by naming 2Life as a beneficiary of a qualifying life insurance policy.
- After your lifetime, the benefits pass to 2Life free of the federal estate tax and are applied to programs supporting 2Life’s mission.
GIFTS OF ASSETS
Many types of assets may be used to make a planned gift to 2Life Communities, including stocks, bonds, art or real estate. In many cases, gifting appreciated assets can reduce or eliminate capital gains taxes.
The Legacy 2Life Society
A Legacy Gift to 2Life comes with benefits. To recognize your significant contribution to the ongoing work of 2Life Communities, when you make a Legacy Gift to 2Life, you’ll become a member of the Legacy 2Life Society. Members enjoy a variety of benefits including:
- Invitation to an annual Legacy 2Life Society meeting with 2Life leadership
- Tickets to our annual fundraising event and recognition in the program book
- Recognition in each 2Life annual report
- A specially selected Legacy 2Life Society gift
- The satisfaction of knowing you’ve made a lasting contribution to 2Life Communities’ long-term growth
If you’ve already included 2Life Communities in your will or estate plan, please let us know by calling us at 617-912-8486 or emailing Legacy@2LifeCommunities.org so we can welcome you into the Legacy 2Life Society.