An Investment for the Future

Planned Gifts to Support FCC

Would you like to give to others in a lasting way? Do you want to increase your income? Have you been modifying your estate plans in the wake of COVID-19? You can fulfill your financial goals and help fund the vital programs and services Franklin Community Center provides to our community members by including a charitable gift in your estate plans.

Your planned gift will reflect your support of our mission and honors the special place Franklin Community Center holds in your heart. More people than ever are discovering the benefits of supporting the FCC through their estate plans. These donations, often called planned gifts, can offer many advantages:

  • Reduce estate taxes
  • Provide a life income stream
  • Allow you to make a much larger gift than you thought possible
  • Receive a current income tax deduction
  • Reduce or avoid capital gains tax
  • Determine the legacy you leave behind and support the vital work of the Franklin Community Center

You do not have to be wealthy to make a planned gift, and you can make a gift that does not cost anything during your lifetime, such as a Charitable Bequest as defined in a Will or Trust. Another option would be to name Franklin Community Center as a beneficiary of your retirement account or of an insurance policy that you no longer need. If you would like to make a gift that gives you income for life, you may want to consider a Charitable Remainder Trust.

Qualified Charitable Distribution (QCD) benefits donors aged 70½ and up

The Qualified Charitable Distribution is an excellent way to show your support for FCC and receive tax benefits in return. As you plan your charitable giving for this year, consider using your IRA account to make the most of your charitable giving. You receive a tax benefit even if you take the standard deduction!

It’s important to consider your tax situation before deciding whether to make a charitable contribution from your IRA. Be sure to share this gift plan with your financial advisor.

To qualify, you must be 70½ or older at the time of gift and distributions must be made directly from a traditional IRA account by your IRA administrator to Franklin Community Center.  Ask your financial advisor if it would make sense for you to create a traditional IRA account so you can benefit from an IRA Qualified Charitable Distribution. [Gifts must be outright, meaning they go directly to FCC. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify. Gifts from 401k, 403b, SEP and other plans do not qualify. ]
What are your tax benefits?

  • IRA Qualified Charitable Distributions are excluded as gross income for federal income tax purposes on your IRS Form 1040.
  • The gift counts toward your required minimum distribution for the year in which you made the gift.
  • You could avoid a higher tax bracket that might otherwise result from adding an RMD to your income.

Download Estate Intention Form

Regardless of the size of your estate, proper planning is important to ensure that the assets you have spent a lifetime accumulating are distributed according to your wishes. As with all tax and estate planning, please consult with your attorney or estate specialist. When including a bequest provision, always use the legal name, Franklin Community Center, Inc. and provide the Federal Tax Identification Number, 14-1667397. We have provided sample language, below, but encourage you to seek the advice of your attorney or estate specialist. We will be glad to answer questions and offer suggestions confidentially based upon your personal circumstances and interests. Please contact Mary Beth McGarrahan at (518) 587-9826 x227 or email [email protected].

Become a Member of the Legacy Society

The FCC Legacy Society acknowledges donors who have named Franklin Community Center as the beneficiary of a planned gift in their estate to ensure that we will continue in our mission to work collaboratively with individuals and other agencies to provide services that will improve the quality of life and foster a sense of neighborhood, community and family for all people. If you have already named FCC as a beneficiary in your planned giving plans, please contact us to let us know of your generosity. This will allow us to thank and recognize you for the plans you have made.