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Planned Giving
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Life savings that open doors to independence and dignity
Review the various types of planned gifts listed to see how you can realize significant
income and tax-savings benefits and help people in our community with mental health
and mental retardation needs. |
Gifts of Retirement Plans
When you participate in a retirement plan, you set aside money to use later. If
you die before you receive any lifetime payments, the accumulated funds go to the
beneficiary or beneficiaries that you’ve named.
If you die after your retirement benefits have begun, the remainder in your fund
is paid to your beneficiaries. It’s also possible to donate all or part of your
retirement plan to MHMR Visions. If you are considering this, here are some points
to keep in mind.
You may name MHMR Visions as first, second or last beneficiary for part or all of
the remainder. (You may name Visions as beneficiary at any time.)
A spouse must sign a spousal waiver when Visions is named for benefits to which
the spouse is entitled.
Types of retirement plans
There are four basic types of retirement plans:
- Qualified pension and profit-sharing plans
- 401(k) Plans
- Keough Plans
- Individual retirement accounts (IRAs)
Tax benefits
Retirement plans offer important tax advantaged to participants. Contributions can
be deductible for federal income tax purposes, by the employer, the participant,
or both. Earnings from investments accumulate and income tax is deferred until retirement
payments begin.
We encourage you to consult with your legal and financial advisors when considering
a planned gift. If you have questions or comments, please
contact us.
Please contact the Development Office about designating Visions as a beneficiary.
Your gift will help assure the important work of MHMR of Tarrant County for people
needing services.
Wills and Bequests
Leaving a legacy that helps people achieve their dreams
When establishing your will, we hope you will consider a bequest to Visions that
will help assure services for a higher quality of life.
A bequest is a testamentary gift made through a will or beneficiary designation
on a life insurance policy or retirement account policy. Through careful planning,
more of your lifetime-accumulated assets can go to those individuals and institutions
that have been important in your life.
Bequests are great ways to express your values and further an important cause, leaving
a legacy of healing for those who follow you.
Gifts of Insurance
Ensuring health by promoting wellness and helping people to fulfill their dreams
Many people have insurance policies that have outlived their original purpose. For
example, some people have old policies to cover the cost of a child’s education
or to provide financial support to a spouse or child in case of premature death.
If the original need for a policy has been met, consider gifting the policy to MHMR
Visions. In so doing, you may find yourself able to make a much more significant
gift toward mental health and mental retardation services.
How to Give General Insurance as a Gift
There are ways that you can give life insurance.
- Give a Paid-up Policy
Policies that have outlived their intended purpose can make wonderful gifts.
- Buy a New Policy
You can make a substantial gift by taking put a policy and making us both owner
and beneficiary. The premium payments can be tax deductible.
- Give a single premium policy for maximum benefits
Add a beneficiary. You can name MHMR Visions as a primary or joint beneficiary.
Another option is to name us as a secondary or final beneficiary on an existing
or new policy. If the beneficiary (ies) dies before you do, we will become the beneficiary.
This lets you provide for loved ones and potentially make a gift to provide mental
health and mental retardation services. Because the gift isn’t definite, the tax
benefits would be deductible from federal estate taxes. You may name us as a beneficiary
on whole or term life insurance policies.
Charitable Lead Trust
Fund projects while retaining ultimate distribution of assets
A charitable lead trust creates a gift for MHMR Visions today and ultimately returns
that gift to the donor or his or her loved ones. 
A charitable lead trust is created by the irrevocable transfer of assets, such as
cash or securities, to the trust. The gift that results is an annual income that
is paid to Visions, generally for a lifetime(s) or a period of years.
The donor determines the income amount to be paid when the trust is created. At
the end of the trust period, the accumulated assets in the trust are returned to
the donor or passed to others as he or she has chosen.
The charitable lead trust presents an attractive method for a donor to return assets
to his or her control in later years or pass assets to family members while advancing
our mission to preserve, protect, and enhance MHMR of Tarrant County at-risk services
for people with mental health, mental retardation, addiction, and early childhood
development needs.
Benefits of a Charitable Lead Trust
- The satisfaction of creating a gift that immediately benefits MHMR of Tarrant County
- A gift of current income for MHMRTC
- The ability to provide a multi-year gift this nonprofit
organization can count on
- The ability to transfer assets back to yourself or to other generations
- Potential tax savings
- The ability to make a gift now, but retain control of assets in later years
We encourage you to consult with your legal and financial advisors when considering
a planned gift.
Explanations of Tax-related Terms
Holding period
Assets held long-term (at least 12 months and a day) can be deducted for federal
income tax purposes for the fair market value on the date of the gift.
Assets held short term (for 12 months or less) are limited to your cost basis, as
ling as the cost basis is less than the fair market value of the securities.
Charitable deduction
The deduction is limited to 30 percent of your adjusted gross income, with up to
a five-year carryover for gifts of long-term appreciated assets.
The deduction is limited to 50 percent of adjusted gross income for gifts of cash
and short-term appreciated assets, with up to a five-year carryover.
Income tax deduction
To be entitled to a charitable federal income tax deduction in the year of the gift,
your must itemize deductions.
Tangible personal property
Examples of tangible propertied are paintings, antiques, artwork, rare coins, stamps,
etc. Gifts of tangible personal property to MHMR Visions entitle you to a deduction
limited to the cost basis. Such a gift must be put to a related use to receive a
deduction for the fair market value.
Appraisals
Donors are required to report gifts of noncash property of more than $500 to the
IRS. If the noncash property exceeds $5,000 ($10,000 for closely held stock), a
“qualified appraisal” is also required.
A “qualified appraisal” can be done at any time from 60 days before the gift is
given until the due date for the return on which you report or claim the gift. The
appraisal must be prepaid, signed and dated by a qualified appraiser.
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