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Creating Housing, Healing, and Hope for Adults with Mental Illness for the Next Generation

By August 11, 2019 No Comments

How do you want to be remembered? What do you want your legacy to be? Would you like your legacy to live on into the future?

If so, Interim Inc., a private nonprofit organization that provides support services, housing and treatment for adults with mental illness in Monterey County, has a Legacy Society that helps the organization provide its services well into the future.

With gifts both large and small, donors have helped Interim build 20 housing, treatment, and service facilities. Interim serves more than 2,000 adults with mental illness each year and offers a range of programs and supportive housing to improve the quality of life for those with psychiatric disabilities.

By creating a Legacy Gift during your lifetime, you will have the satisfaction of knowing that your planning will fulfill important community needs, and that you have left a legacy for the future.

Making a commitment to sustain Interim for the future is not difficult to do. Two simple gifts now can make a huge difference to Interim in the future:

  • Naming Interim in your will or trust means that your generous donations to support adults with mental illness will continue even after you are gone.
  • Naming Interim as the owner and beneficiary of a life insurance policy can provide an easy, often tax-deductible, way to ensure that our programs continue.

Planning to make a gift for some future time may seem confusing. There are so many different types of planned gifts — stocks, real estate, annuities, retirement plans —all with different tax implications. We recommend that you talk to a financial advisor, and ask him or her about including Interim in your will or estate plan.

There are several ways to leave a legacy to Interim Inc.; most options are simple to arrange and may result in beneficial tax considerations.

A bequest in your will, or by designation of Interim, Inc. as a beneficiary in your living trust, insurance policy, or tax deferred retirement plans such as IRA, Keough, profit-sharing or 401-K or 403B plans. Simple language in your will can specify an amount, a percentage of the estate, or the residue of the estate to go to Interim Inc. after other specific gifts have been made to family and friends.

The establishment of a highly tax-advantaged trust can provide income to family or friends during their lifetime and designating the principal to Interim thereafter. The trust can also be set up to provide income to Interim for a specified number of years, then the principal goes to your named heirs.  This option may significantly reduce your estate taxes.

A gift of property such as your home, vacation home, or condominium can be done with significant tax benefits, and you can continue to live in your home. You may choose to gift the entire home or just a part interest in it, reserving the rest for family or friends.  This type of gift can offer significant tax advantages.

Naming Interim as the Owner or Beneficiary of a life insurance policy can provide and easy, often tax-deductible way to ensure that our programs continue.

Naming Interim as the remainder beneficiary of the residual amount in a Special Needs Trust can help a disabled family member in their life time, and then continue to help Interim continue programs to help other clients after the family member has died.

These methods may sound technical, but they are simple to arrange with the help of an attorney or tax advisor. All of these gifts may provide estate tax advantages.  Some may also provide current tax deductions and eliminate capital gains tax.

Interim can also discuss these options with you. When you decide which is best for you, we are available to talk to your attorney or tax advisor, if you wish.  If you do not currently have advisors, Interim has a list of professionals you might choose.

Simply call Interim’s Executive Director or Development Officer at (831) 649-4522.

As a member of the Interim Legacy Society, the following benefits are available:

  • Income and estate tax reduction
  • Possible increased income by converting low yielding assets to higher yielding assets without capital gains tax
  • Probate avoidance
  • Planning for the needs of family members

In addition, you will receive invitations to estate planning seminars, major donor recognition events, and other educational and community events.

Membership is open to anyone who has designated a future gift to Interim, Inc.  Simply let Interim know of your plans by contacting the Executive Director at bmitchell@interiminc.org or calling (831) 649-4522 ex 204.