Legacy Circle

Our Legacy Circle is comprised individuals who have chosen to leave PAAM a legacy gift, which can benefit you and your loved ones while creating a lasting impact on PAAM’s future. And it’s easier than you may think.

Legacy gifts strengthen PAAM’s endowment and provide much-needed annual income to an institution you value. Your estate plan can evolve over time, allowing you to create solutions that benefit you, your family and PAAM. There are many rewards for making a gift to PAAM, not the least of which is seeing PAAM use your endowment gift to provide life-enhancing programs to the community.

• You can make a gift that costs nothing during your lifetime
• You can name PAAM as a beneficiary of your IRA, retirement plan, or life insurance policy
• You can allocate a gift to PAAM from your annual IRA distributions
• You can receive an annual payment for life in return for your gift
• You can donate appreciated stock and enjoy a tax savings
• You can donate your house, continue to live there, and also get a tax break

Types of Legacy Gifts

Bequests

Bequests are the simplest way to make a significant and lasting gift to PAAM without affecting your cash flow. You may gift an amount of money, a percentage of the remainder of your estate after it is settled, or specific property such as stock or real estate. There is no upper limit on the estate tax deductions that accrue to charitable bequests.

Gifts from IRAs

You can watch the growth of tax-deferred IRA earnings and enjoy knowing no one will ever have to pay taxes on them if you name PAAM as the beneficiary. The process is simple: you only need to name PAAM is the beneficiary on a form obtained from your financial institution.

Gift of Life Insurance Policies

You may want to donate to PAAM a paid-up policy that you carried while your children were dependent; the gift may make you eligible for a charitable deduction equal to the lesser of the premiums you paid over the life of the policy or the cost of a comparable replacement policy.

You may want to purchase a policy, naming PAAM as the irrevocable beneficiary, and claim the annual premiums as a charitable deduction.

You may wish to make PAAM the beneficiary (or a contingent beneficiary) of a life insurance policy while retaining ownership of the policy—keeping the right to cash it in, borrow against it and change the beneficiary. A gift of this nature is treated much like a bequest made through your will. The policy’s proceeds will be included in your gross estate, which may take an estate tax charitable deduction.

Life Income Gifts (Charitable Remainder Trust)

A Charitable Remainder Trust (CRT) is an irrevocable trust that can provide you with a fixed income from the sale of appreciated assets without immediate capital gains and qualify you for a charitable income tax deduction, while also making a provision for PAAM. In addition to the value of the gift, a CRT reduces your taxable estate. Trusts such as this were the cornerstone of PAAM’s successful capital campaign during 2005.

Personal Trusts (Charitable Lead Trust)

A Charitable Lead Trust (CLT) is a trust that “leads” with fixed annual payments to PAAM before the asset reverts to your beneficiaries. You may wish to see your gift benefit PAAM while making a transfer of an asset to your heirs free of gift taxes. Now is a great time to establish a CLT, as the monthly rate the IRS uses to calculate the remainder interest in charitable trusts has dropped to historic lows. The lower the rate, the larger the tax benefit in a CLT.

Gifts of Real Estate

PAAM will consider any gift of real estate. And without leaving home, you can generate an income tax deduction for something you may leave to PAAM anyway. You may take a significant deduction for gifting your home to PAAM, while continuing to live in it for the rest of your life. Additionally, the residence is removed from your taxable estate.

Gifts of Stocks or Securities

You may transfer stock and securities to PAAM by electronic transfer, mail or hand delivery.

Electronic Transfer

Ask your broker to notify Christine McCarthy (508-487-1750) to transfer the gift. Please specify the name of the stock, the number of shares you wish to transfer and how you would like your gift to be designated when it reaches PAAM.

Hand Delivery

Certificates may hand delivered to Christine McCarthy at PAAM.

Mailing Stock Certificates

Send your unendorsed certificate(s) and a cover letter including your name, address and purpose of the gift in one envelope to Christine McCarthy, PAAM, 460 Commercial Street, Provincetown, MA 02657.

In a second envelope send a signed signature-guaranteed stock power.

We strongly recommend using registered mail to forward your certificates and stock power. A stock power form can be obtained from your local bank or by calling Christine McCarthy at (508-487-1750). Please do not mail endorsed certificates. Once the certificate is endorsed, it is legal tender and can be exchanged by anyone.

Take The Next Step

Interested?

Chief Executive Officer Christine McCarthy would love to speak with you about what kind of legacy gift is right for you, please contact her at cmccarthy@paam.org or 508-487-1750.