HYC Planned Giving Program

We invite you to consider a gift to the Hull Yacht Club Planned Giving Program — a meaningful way to support the future of our Club while maintaining your own financial flexibility.

This program recognizes and honors members who include HYC in their estate plans and encourages others to explore these thoughtful and lasting ways of giving. Through a planned gift, you can create a lasting legacy that helps ensures the continued vitality and tradition of our Club for generations to come.

Your support helps preserve and protect our historic clubhouse, maintain and improve water access, keep Club vessels in top condition, and strengthen both our junior and adult sailing programs.

In addition to planned gifts, members may also choose to contribute more directly. In recent years, several members have generously funded key projects — from resurfacing the hoist area and re-shingling portions of the clubhouse to replacing essential safety equipment required for occupancy permits. Their quiet generosity and leadership have made a visible difference, and we are deeply grateful.

Below, you’ll find more information about the Planned Giving Program and other ways to support the Club. If you have any questions or suggestions, please reach out to a member of the Executive Board or the Finance Committee.

Thank you for your continued support and for being a valued member of the Hull Yacht Club community.

 Warm regards,

The Executive Board

 

PLANNED GIVING TO HULL YACHT CLUB

We hope you will consider including a planned gift to Hull Yacht Club in your will or living trust. A planned gift for Hull Yacht Club can be an outright gift, a life income gift, or a charitable bequest; and it can be made during your lifetime or at the time of death.

A charitable bequest offers these main benefits:

• Simplicity. Just a few sentences in your will or trust are all that is needed. The official legal bequest language for Hull Yacht Club is: “I, [insert name], of [insert city, state, ZIP], give, devise and bequeath to Hull Yacht Club, Hull, Massachusetts [insert written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”

• Flexibility. Because you are not actually making a gift until after your lifetime, you can change your mind at any time.

• Versatility. You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to the club.

How to complete your gift:

1.      Choose what to give. Pick from one of these four primary options.

• A general bequest gives us a stated sum of money. If there is insufficient cash in your estate to cover the bequest, other assets will be sold for cash to honor your wishes for us.

• A residuary bequest gives the “rest, residue and remainder” of your estate, or, more commonly, a percentage of the residue after all other bequests, debts and taxes have been paid.

• A contingent bequest requires a certain event to occur before the gift can happen. For example, you could bequeath funds to a family member provided that person survives you; if not, the funds would then go to Hull Yacht Club.

• A specific bequest gives us a particular piece of property. If you disposed of the property before your death, we won’t receive your intended gift because we cannot claim any other property.

 

 2.      Decide how you would like HYC to use your gift. Choose from one of these three options.

• An unrestricted bequest allows us to use the assets in the most beneficial way.

• A restricted bequest allows you to specify how we are to use the funds. Contact us in advance to be certain your intent can be fulfilled. Suggestions for restricted funds include:

Building & maintenance

Landscaping

Docks, floats and hoist

Launches and other club vessels

Junior sailing program

Adult racing program

Adult learn-to-sail program

Debt reduction

Capital improvements

 

• An endowed bequest allows you to restrict the principal of your gift so we can use only a small portion each year, typically allowing the fund to last forever.

 

3.      Make your bequest in honor or in memory of someone special, if you so choose.

 

CHARITABLE BEQUEST LANGUAGE

 

Here are some samples of bequest language for your use:

 

SPECIFIC BEQUEST CLAUSE:

I give ($ ________ or a specific asset, or ______ % of estate) to Hull Yacht Club, 5 Fitzpatrick Way, Hull, MA 02045, for its unrestricted use.

 

RESTRICTED BEQUEST - INCOME ONLY MAY BE USED BY HULL YACHT CLUB:

I give ($ ________or _________ % of my estate) to Hull Yacht Club, 5 Fitzpatrick Way, Hull, MA 02045, income only to be used for its general purposes.

 

RESTRICTED BEQUEST - SPECIFIC PURPOSE:

I give ($ ________or ___ ______ % of my estate) to Hull Yacht Club, 5 Fitzpatrick Way, Hull, MA 02045, for the_________ designated fund). If at any time in the judgment of the Hull Yacht Club Executive Board it is deemed impossible or impractical to carry out the above purpose, the executive Board shall determine a purpose as near as possible to that described above.

 

GENERAL BEQUEST CLAUSE:

I give all my real and personal property to Hull Yacht Club, 5 Fitzpatrick Way, Hull, MA 02045, for its unrestricted use.

 

RESIDUARY BEQUEST CLAUSE:

I give all my remaining assets of any kind to Hull Yacht Club, 5 Fitzpatrick Way, Hull, MA 02045, for its unrestricted use.

 

CODICILS TO AN EXISTING WILL

 

A codicil is simply an amendment to an existing will. If you already have a will, you can add a new gift, change a provision, or delete a gift by making a codicil. Please note, however, that making a codicil requires consulting your attorney, who will review your entire estate plan to make sure that the codicil enables you to achieve your wishes, goals and objectives.

ADDITIONAL GIVING OPPORTUNITIES 

More immediate gift giving opportunities are also available. The projects below have been discussed by the Executive Board and are part of our 5-year long-term planning goals. If you don’t want to wait for a bequest and want to give now, the Club will welcome any contribution toward any given project.

 

·        Remodeling of Kitchen - $75K

·        Replace Kitchen floor – 10K

·        Purchase refrigerators and coolers for the Bar & Kitchen – 7K

·        Replace 420s float and redeck other club floats – 10K

·        Regrade the lawn and add/maintain landscaping – 10K

·        Reside or replace two storage sheds – 5-15K

·        Re-shingle street-facing shingles – $20K

·        Purchase two Rhodes 19s for Adult Learn-to-Sail Program - $25K

·        Mitigate erosion – 6K

·        Other available opportunities – please inquire

 

Members have recently given monetary gifts to complete the following projects. We thank them wholeheartedly for their generosity and commitment to improving the Hull Yacht Club.

 

·        Regrade and gravel the hoist / dry sail area

·        Replace the vent hood in the kitchen

·        Replace all shingles on porch, including trim and corners