PLANNED GIVING | LEAVE A LEGACY AT COVENANT WOODS, MECHANICSVILLE, VA
Plant a seed. Build a legacy.
In today’s youth-focused culture, less than one percent of philanthropic dollars are directed toward organizations that serve older adults. But when you become a member of the Covenant Society by making a legacy gift to Covenant Woods through planned giving, you’ll not only realize significant estate planning and tax benefits — you’ll also make a statement that you value the generations who have come before and contribute to something that will be here for generations to come.
Covenant Woods is a not-for-profit 501(c)(3) organization.
Gifts are tax deductible as allowed by law.
Tax ID: 54-0524902
Benefits of Legacy Giving
- The opportunity to make a significant difference for those who need it
- A smart way to reduce gift, estate, and capital gains taxes
- A way to continue giving during your lifetime
- The option to structure a perpetual gift
- A vehicle to reduce taxes while transferring wealth to family members
A grateful family, a lasting legacy
We remember how much thought went into making the final decision to choose Covenant Woods when our parents were in the process of looking for an excellent retirement community. We were comforted to know they would be able to start out in independent living in their own cozy apartment and that, as they needed more care, they would be able to receive it at Covenant Woods’ Manor East without having to move to another facility. Both of our parents did end up receiving care at Manor East and it was a relief to us to know the care was right there and just what they needed. We also loved how Covenant Woods had so many activities available for residents. Our dad, at the ripe old age of 80 suddenly began to paint with watercolors and even participated in several art exhibits at Covenant Woods!
Covenant Woods was just the right size for residents to get to know each other and it seemed like dad, especially, knew so many people. Everyone was very friendly and would greet each other in the halls on the way to get mail or eat at Traditions. And then there was the relationship our parents had with many staff members, from the servers in Traditions — who knew our father so well they would remember his daily V-8 juice and his favorite ice cream for dessert — to the front desk attendants who always knew his name. He was always impressed by how so many of the dedicated staff were working to save up for their educations. Then there were others who cared and took the time to help our parents in various ways as they grew older and less able to do for themselves.
We were always so happy they had such a nice place to spend their final years. They included Covenant Woods in their estate planning because they wanted to leave a legacy and help Covenant Woods continue to provide a caring community for future residents.
Types of Legacy Giving
To discuss making a Legacy Gift to Covenant Woods, please contact Laurie Ursiny, director of philanthropy, by phone at 804.569.8007 or by email.
Bequests
A charitable bequest is one of the easiest ways to make a planned gift and typically only involves adding language to your will or living trust to gift a certain amount or percentage of your assets. A bequest may entitle your estate to an unlimited federal estate tax charitable deduction.
Charitable Trusts
In contrast, a charitable remainder trust provides income to family members or other beneficiaries for the term of the trust. At the end of the term, the remaining assets are transferred to one or more charitable organization beneficiaries.
Gifts of Assets
Your gift may include assets such as stocks, bonds, or other securities; real estate; art or other items of value. Often, making gifts of appreciated assets can reduce or eliminate capital gains taxes.
Beneficiary Designations
When you name Covenant Woods as a beneficiary of all or part of a financial asset such as a retirement plan or life insurance policy, you can extend your gift beyond your lifetime. It’s as simple as using your plan’s beneficiary designation form to indicate the amount or percentage of the plan’s assets you would like to give to Covenant Woods, and you may review and adjust your beneficiary designation any time you wish.
Let’s talk about your legacy.
Your Legacy Giving plan is unique to you and should be designed to meet your specific goals. To include Covenant Woods in your estate plan, please contact Laurie Ursiny, director of philanthropy, at 804.569.8007 or by email. She’ll work with you and your financial advisor to craft a plan that’s right for you.
Covenant Woods is a not-for-profit 501(c)(3) organization.
Gifts are tax deductible as allowed by law.
Tax ID: 54-0524902
FUND COMMUNITY EDUCATION
Covenant Woods’ Holmes Fund makes educational programming and services available to residents as well as older adults in the surrounding community.
SEE BENEVOLENT FUNDS
Covenant Woods’ benevolent funds provide ways for your gift to support a variety of needs including the assurance that no resident will be asked to leave due to financial hardship beyond their control.
GET DONOR NEWS
As you consider making a gift to Covenant Woods, you’ll no doubt want to know what’s happening on our campus. Our donor newsletter is a good place to start.