Planned Giving
Bequests
Including the Southern Maine Agency on Aging in your will can help ensure that older adults have access to programs and services that help them live with independence, dignity, and joy in their homes and communities.
Benefits of a Bequest
- You can make a significant gift without affecting your current income or cash flow.
- You can direct your bequest to a specific Southern Maine Agency on Aging program or purpose. (Be sure to check with us to make sure your gift can be used as intended.)
- You may receive a charitable estate tax deduction.
When you make a gift by will, you retain the use of your assets during your lifetime, so there is no disruption of your current income or lifestyle. You can change any bequest provision should your personal circumstances change.
How to Make a Bequest
You can make a bequest to the Southern Maine Agency on Aging by writing a new will or adding a codicil to an existing will. Your bequest can be stated as a dollar amount, percentage of your estate, or a designation of specific property. Ask your attorney about your bequest options. Your bequests can be made to our endowment or designated for a specific program.
Sample Bequest Language
If you are drafting a new will or codicil or establishing a trust, the following is sample language for your bequest:
"I give to Southern Maine Agency on Aging (SMAA), a not-for-profit corporation, located in Scarborough, Maine (insert here the sum, description of property, or percentage of residual estate). This gift is to be placed in said Agency’s endowment, a spending portion of which will be used to support the Agency’s activities and programs.”
Unless further directed by the donor, the spending portion will support Southern Maine Agency on Aging programs as determined by the organization's Board of Directors.
If it is your intention to restrict the spending portion to a specific SMAA program, please have the second sentence of the sample language read:
“This gift is to be placed in said Agency’s endowment, the spending portion of which will be used to support (name the specific program).”
How Your Bequest Benefits Our Annual Fund
Here’s what your bequest to support our Annual Fund will do:
A bequest of $ 2,000 will provide an Annual Fund gift of $100
A bequest of $ 4,000 will provide an Annual Fund gift of $200
A bequest of $10,000 will provide an Annual Fund gift of $500
A bequest of $20,000 will provide an Annual Fund gift of $1,000
A Named Gift for Endowment
A named gift for endowment is one in which you have the opportunity to create a named gift for endowment in honor of or in memory of a loved one. The minimum gift for funding a named gift for endowment is $20,000. Donors who wish to create a named endowment must sign an endowment memorandum of understanding signed by the donor(s) and the President of the Board.
Legal and Financial Considerations
Gifts made to endowment are irrevocable. As planned gifts may not mature for many years, it is important that the donor and a SMAA development officer discuss and document the donor’s intentions for future administration of the endowed gift. Donors should discuss the feasibility and practicality of intended gift restrictions by contacting Peg Brown, Director of Development.
The Southern Maine Agency on Aging strongly recommends that individuals consult with their legal, financial and tax advisors as they consider establishing any type of planned gift.
For a listing of lawyers in Maine and nationwide who are skilled in the preparation of wills and trusts and have been accepted into membership into the American College of Trust and Estate Counsel, go to www.actec.org.
