Planned giving joins a donor’s charitable gift with his or her own financial, tax and estate planning goals to benefit both the donor and the Mental Health Association.
Planned gifts generally come from the donor’s assets rather than from current income. The gift can be made outright or deferred to a later date. These are some types of planned gifts:
- Real estate
- Life Insurance
- Mutual Funds or appreciated stocks or bonds
We always recommend that donors consult with their own tax or legal advisors prior to making a planned gift.
Planned Giving and the MHA Frequently Asked Questions:
Planned gifts are for wealthy people, aren’t they?
No. This is a common misconception. Anyone who has owned a home, purchased a life insurance policy or saved money during his or her lifetime can make a planned gift that is significant to the MHA and to the donor.
What if I don’t have a will?
We encourage everyone to have a will prepared. Without a will, decisions on the distribution of an estate fall to the State of New York and its laws. Even younger adults, especially those with children, should have a will that clearly states who will become guardians in the event of a tragedy and how family property is to be distributed. For more information on how to get started, click Wills.
What if I can’t afford to give up assets now?
There are ways in which one can make a planned gift now but continue to earn interest on the gift for the lifetime of the donor. If this would be advantageous to you, we encourage you to speak with your attorney. The MHA would also be pleased to provide you with information to consider.
How can I do something simple that will benefit the MHA’s programs?
The easiest form of planned giving is to add a codicil to your will that designates a stated amount or a percentage of the estate to the MHA. We would be pleased to supply you or your attorney with such language. For sample language, click Wills.
How could life insurance be a benefit?
Many people purchased life insurance policies when their families were young and needed financial security. Now the children are grown up and living quite independently, even prosperously. A donor could name the MHA as beneficiary of that life insurance policy, thus making a significant planned gift without giving up any current assets.
If I wanted to discuss planned giving with someone at the MHA, who should I contact?
Our Executive Director, would be pleased to speak with you and answer your questions at 516-489-2322, ext. 1309. These conversations are treated confidentially. Once again, we encourage donors to consult with their own tax advisor or attorney as well and would be pleased to work with your professional on fulfilling your wishes. You can make a significant impact on the ability of the MHA to continue its valuable services into the future through a planned gift. We hope that you will take the first step.