Properly constructed, a planned gift can minimize tax exposure, provide a significant gift to support the programs that Mental Health Care provides for our community, and increase current income as well as the final value of assets your heirs will inherit. If you are interested in minimizing income or estate taxes and wish to make a charitable gift, you need to take two steps:
1. Talk to a member of the development staff to discuss where you would like to direct your gift. We can help with the decision-making process and make recommendations, as needed.
2. Contact your professional advisor for help. Discuss your objectives with a professional advisor, such as your attorney, accountant, or financial planner. He or she can help you determine the most advantageous method by which to make your gift. We can recommend several expert advisors if you do not have one.
Wills and Bequests
You can name the Mental Health Care Foundation as a beneficiary in your will. By having your attorney revise your will or add a simple amendment, you can provide for a gift of a fixed dollar amount, a specific property, a percentage of your estate, or funds left over after other wishes are fulfilled. Including Mental Health Care Foundation in your will is simple and inexpensive, does not drain on current financial resources, and is revocable. Please consult your financial planner for their advice and have them contact the Foundation office.
Even if you do not plan to make a charitable bequest, you still need a will. Without a will, your estate will be settled according to state law regardless of your intentions. There is no provision in state law to provide for the charities that an individual has supported throughout his or her lifetime.
For sample language in setting up a will or bequest contact the MHC Foundation office at 813-238-8174 or email MHCFoundation@mhcinc.org. See Frequently Asked Questions below for more information about Wills.
A residence, vacation home, farm, acreage or vacant lot may have so appreciated in value that a sale would mean a sizable capital gains tax. You can avoid the capital gains tax and receive a charitable deduction for the full fair market value. Sometimes you can make a gift of your home so that you can continue to use it during your lifetime, while receiving a tax deduction. (see Retained Life Interest).
Retained Life Interest
You can make a gift of personal residence, farm or certain other real estate to the Mental Health Care Foundation while retaining its use of the property for as long as you live. You continue to maintain the property, pay the taxes, and even receive any income it generates. But, because you have already arranged for transfer of the property by deed, it bypasses your probate estate at death, possibly saving unnecessary expenses and delays.
Simply by naming MHC Foundation as beneficiary and owner of a policy or IRA (either existing or new), the donor can make a wonderful gift that may be significantly greater than might otherwise be possible. A donor who irrevocably transfers life insurance or an IRA to us can claim an income tax deduction. The deduction is limited to 50% of adjusted gross income with a five-year carryover period for the excess.