Planned Giving at Tufts Medicine

A bequest is a gift made through your will or revocable trust, or by adding a codicil to an existing will. Bequests may be changed at any time during your lifetime. A bequest may offer tax benefits for your estate—your attorney or financial advisor can help you understand what applies to your situation.

Types of bequests

Specific bequest: A gift of a defined dollar amount or specific asset, such as real estate or securities.

Percentage bequest: A gift of a set percentage of your total estate, rather than a fixed dollar amount.

Residual bequest: A gift drawn from the remainder of your estate after all other bequests, debts and expenses have been settled. You may direct all or a portion of the remaining balance to Tufts Medicine.

Contingent bequest: A gift that takes effect only if a specified condition is met, such as if a named primary beneficiary predeceases you.

You can name Tufts Medicine as a beneficiary of a life insurance policy, IRA or other financial account. This type of gift is typically straightforward and generally revocable, and usually can be completed directly with the account provider without changing your will. If your circumstances or charitable goals change. Because beneficiary designations are made outside of a will or trust, they can be a simple and flexible way to support Tufts Medicine through a planned gift.

Retirement Accounts: Often a tax-efficient vehicle, depending on your circumstances. Tufts Medicine generally receives qualifying charitable distributions without income tax, helping preserve their value.

Life Insurance Policies: Designate a Tufts Medicine entity as a beneficiary of an existing policy. Transfers of policy ownership are more complex and should be reviewed with qualified legal and tax advisors.

A donor-advised fund (DAF) is a charitable giving account that allows you to recommend grants to qualified charities over time. Depending on the sponsoring organization’s policies, you may be able to use a DAF as part of your legacy giving plans by naming Tufts Medicine as the successor organization to receive the DAF assets at the end of your lifetime. This is done through a beneficiary designation within your DAF agreement, rather than through a grant recommendation.

A charitable remainder trust (CRT) is an irrevocable trust that can provide income to you or other beneficiaries, either for a period of years or for life. At the end of the trust term, the remaining assets go to Tufts Medicine. Because CRTs involve complex legal and financial considerations, we encourage you to work with your attorney or financial advisor to determine whether this type of gift is right for your situation.

People join legacy programs for deeply personal reasons. Most often, it comes down to four things:

• Values and identity: A legacy investment is a statement of what matters most to you. Donors who have experienced life-changing, compassionate care, or who have seen a loved one receive it, may want that standard to continue. A planned gift is a means to say so.
• Honor and recognition: Many donors make estate provisions in memory of a loved one or to honor someone whose care they witnessed. The Common Good Society provides a dignified, lasting way to be recognized as part of our institution's history.
• Financial and tax efficiency: Legacy investments can offer meaningful financial planning benefits. Many donors find they can make a more significant impact through their estate than they ever could during their lifetime, without affecting their current financial security. We encourage you to work with your attorney or financial advisor to determine which type of gift is right for your situation.
• Community and legacy: Donors often want to know that this institution that cared for them or someone they love will be here for the next generation. A legacy investment is a powerful way to vote for that future.

No. There is no minimum investment required to join The Common Good Society. Many of the most meaningful legacy gifts come from long-time supporters and grateful patients, not from the largest estates. A percentage of what remains, or a single beneficiary designation, makes a real difference and earns full membership in the Common Good Society.

Estate plans change. Many planned giving vehicles are flexible and are not considered a binding commitment. If your circumstances change, we simply ask that you let us know, so we can update your record accordingly and remain grateful for whatever role we had in your planning. The relationship always matters more than the transaction. Please consult your attorney or financial advisor to determine which type of gift offers the right flexibility for your situation.

Yes. You may direct your legacy philanthropic investment to Tufts Medical Center, Lowell General Hospital, MelroseWakefield Hospital, Care at Home/High Pointe House or any specific department, program or endowment within the Tufts Medicine system. You may also designate your investment as unrestricted, which allows system leadership to direct it where need is greatest at the time of settlement. Our philanthropy team will work with you to ensure your wishes are documented clearly and can be fulfilled.

You will receive a personal welcome into The Common Good Society from our Chief Development Officer. You will be recognized according to your preference, named or anonymous. Most importantly, we will work to ensure that when the time comes, your gift is honored in a way that is meaningful to you.