Planned Giving and the 1919 Society
Since its founding in 1919, the Austen Riggs Center has benefited from the caring and support of those in our extended community. Over the years, Riggs has received many generous bequests and other estate gifts that have helped us build an endowment, increase financial aid for patients and secure our fellowship program.
The 1919 Society recognizes and honors those who have provided for Austen Riggs in their estate plans. There are a number of ways to plan a gift that provides generously for Riggs while at the same time providing your estate with significant tax benefits and helping you meet other financial planning needs.
As you review and update your financial plans, we hope you will consider providing for the Austen Riggs Center through a bequest, trust, retirement plan, life insurance, or gift of real estate. And if you have already included Riggs in your estate plans, please let us know so that we can thank you personally and welcome you into our 1919 Society.
Among the most popular planned gifts:
BEQUESTS AND REVOCABLE TRUSTS
A will provision allows you to make a substantial contribution to Austen Riggs without diminishing the assets available to you during your life. Since bequests are deductible from your taxable estate, significant estate tax savings may be possible. Another common way to provide testamentary support for Riggs is through a provision in your revocable trust.
Click here for sample bequest language.
CHARITABLE REMAINDER TRUSTS
You can use an irrevocable trust to provide yourself and/or a loved one with a fixed annual income or an income that varies with the value of the trust. Part of your gift qualifies for an income tax deduction. At the death of the last income beneficiary, the corpus of the trust is distributed to Austen Riggs.
CHARITABLE LEAD TRUSTS
You can support Austen Riggs and other charities for a term of years or for the life of an individual by creating a charitable lead trust. Income will be paid to Austen Riggs each year during the term of the trust. When the trust terminates, the assets in the trust revert to you or to individuals you wish to benefit.
Naming the Austen Riggs Center a partial or full remainder beneficiary of your retirement plan is easy, inexpensive and beneficial from a tax standpoint. Distributions to Riggs from your retirement plan are not taxed, since Riggs is a tax-exempt organization, while distributions to you or your heirs from a retirement plan are usually fully taxable as ordinary income.
When you give a life insurance policy to Austen Riggs, the cash surrender value of the policy or the cost of a replacement policy is deductible as a charitable contribution. Premiums paid after your gift are also deductible. Austen Riggs may be named a full or partial beneficiary of your policy, while you maintain ownership. This approach is similar to a bequest provision in your will.
A residence or other real property may be given as an outright gift, or you may give your residence, farm or vacation home and retain the right to occupy it for life. You get a charitable deduction in the year you arrange your gift.
For more options and further information, contact Janet Hiser, Director of Communications and Advancement, at 413-931-5333.