Charitable giving is an essential way to help those who are less fortunate. The Mason Wright Foundation traces its community support to the founding bequest of $25,000 given by Primus Mason in 1892. In 1944 Horace P. Wright gifted more than $550,000 from his estate to the Foundation through seven family trusts and the residual of his estate. Over the decades, hundreds of generous benefactors have enabled the Foundation to provide affordable assisted and independent living to thousands of elderly, Pioneer Valley residents.
The Mason Wright Foundation is a nonprofit organization, designated by the IRS with 501(c)(3) status. Contributions to the Foundation are tax-deductible to the full extent allowed by law. Our Federal tax I.D. number is 04-2105936.
There are many ways for you to support the Foundation’s mission and realize the benefits of a charitable tax deduction. Some of them are noted below and include:
Charitable Gift Annuities
Charitable Gifts of Securities
Charitable Gifts by Check
Charitable Gifts through Insurance Policies
Charitable Gifts through Individual Retirement Accounts
Charitable Gifts through Personal Property
Charitable Gifts through Real Estate
Please scroll down or click the above links for more information.
Charitable Bequests, the most common of gifts made to the Foundation, are made through a will or living trust, providing one of the simplest ways for directing all or part of one’s estate to support the Foundation’s mission. The alternative wording below is intended only to suggest three simple ways in which bequests can be made, not as a substitute for legal advice, which we encourage you to obtain.
“I bequeath the sum of $100,000 (or, all of my General Electric stock) to the Mason Wright Foundation, a Massachusetts nonprofit corporation located in Springfield, Massachusetts.”
“I bequeath 10% of my residual estate to the Mason Wright Foundation, a Massachusetts nonprofit corporation located in Springfield, Massachusetts.”
“If my sister does not survive me, then I direct her interest to the Mason Wright Foundation, a nonprofit corporation located in Springfield, Massachusetts.”
Charitable Gift Annuities can provide significant income for life for you, or you and one other beneficiary. When annuities are funded with appreciated securities, you also avoid capital gains tax, so the annuity is based upon the fully appreciated value of the stock. The interest paid to you is dependent upon your age (or ages, in the case of a two-life annuity) at the time the gift is made, and can vary from 6.8% at age 80 and 9.0% at age 90 and above. Rates mentioned are as of January, 2012 and are subject to change when revised by the American Council on Gift Annuities. For current gift annuity rates, please click here.
Charitable Gifts of Securities enable both the donor and the Foundation to enjoy the full value of appreciated securities. The donor can leverage the deduction by deducting the full, pre-capital gains value of the security. Since the Foundation does not pay capital gains either, the securities’ full value can be used to help us meet our mission.
Securities are valued for income tax deduction purposes by the mean value on the date the securities are transferred to the Foundation. For information on how to make a direct stock transfer to the Foundation’s account, please call Alan Popp, Chief Executive Officer at 413.733.1517 x2011.
Charitable Gifts by Check should be mailed to the Foundation office. Our address is at the bottom of the page. However, if you plan to fund your gift with appreciated securities, we advise that you not sell the securities, but rather, transfer them directly to our account in order to maximize the benefit to both you and the Foundation. (Please see above section: Securities.)
Insurance Policies can be used to make a gift in three different ways, if you already carry sufficient insurance to meet the needs of your family.
• You can name the Foundation as the beneficiary of all or part of an existing policy, simply by contacting your insurance agent or financial services advisor.
• You can take out a new policy, naming the Foundation as the owner and irrevocable beneficiary. The premiums are then paid by us through the tax-deductible gift(s) you make to the Foundation.
There are several IRS approved ways in which you can gift real estate to the Foundation, providing you with a tax deduction, income or both.
Outright Gifts of real estate are, of course, the least complicated. However, the Foundation must perform its “due diligence” before accepting such a gift.
A Retained Life Estate works in this way: You gift your home to the Foundation; then continue to live there the rest of your life. You receive a tax deduction for based upon the fair market value of your home minus the present value of the life tenancy you have retained. Once the Foundation owns your home, you retain responsibility for taxes, maintenance and repairs.
Charitable Bargain Sale is the only real estate gift you can make that provides you with both a large sum of cash and a charitable gift deduction. You sell your home or other property to the Foundation at less than its market value. You receive a tax deduction for the discount you took from fair market value, and we make a lump sum cash payment to you—cash you can use for your own retirement needs or for the purchase of a new home.
The IRS also allows deductions for gifts of personal property. We are pleased to meet with potential donors of personal property to discuss how their gift might help us better achieve our mission.
Charitable Trusts provide options for donors that offer flexibility, as well as tax advantages. Your legal advisor or trust officer will advise you on options. We will be happy to meet with your advisors, either independently or along with you.
Make a Gift
To discuss your charitable gift options and how your gift can help provide independence, dignity and support to low income elderly, please contact
Alan will be pleased to meet with you in confidence at your home or office or at Mason-Wright Retirement Community so you can tour our facilities before making a gift.