Legacy gifts through VIM’s Heritage Society give a donor the opportunity to make a larger charitable donation while providing a stable funding source to VIM for years to come.
There are many options – some may actually enhance your immediate financial security and/or that of your loved ones. All will help VIM by lessening the yearly fundraising needs of the clinic, making our future more secure and less subject to the whims of the economy.
Bequests: A bequest is a gift made through your will that directs the estate’s personal representative or trustee to make a gift from your assets to VIM after you die. Bequests may be used to provide gifts of money, stocks, real estate, or other property such as art or jewelry.
Endowment Legacies: Endowments are named gifts that start at $50,000 and are invested in perpetuity. The annual interest income from an endowment then supports specific programs and needs at VIM. Endowments are established through outright gifts, a will, insurance or retirement policies, trusts and other planned gifts.
Charitable Remainder Trust: Charitable remainder trusts allow you to transfer assets into an irrevocable trust that will provide you and/or your beneficiaries with fixed percentage payments for life, or for a set period of time. Upon termination of the trust, the remaining assets are distributed to VIM and will be used for the purpose specified by the donor.
Charitable Annuity Trust: With a charitable annuity trust, the donor transfers assets to VIM in exchange for a guaranteed, fixed annuity payment to them or one other beneficiary for life. Upon the death of the donor, VIM receives the full amount of the initial gift to use as specified in the agreement.
Retirement Assets: While current tax law does not allow a donor to transfer retirement assets directly to VIM, the donor can name VIM as the beneficiary on the account and, by doing so, the donor may be able to avoid both income and estate taxes upon his or her death.
Life Insurance: The gift of a life insurance policy can be a great way to combine charitable objectives with tax advantages to donors, since donors may receive an income tax deduction by naming VIM as a partial beneficiary or owner of a life insurance policy.
Real Estate: Real estate may be given outright, used to fund a charitable remainder trust, or given as a life estate (see below).
Life Estate Agreements: In a life estate agreement, the donor transfers the title of his or her real property to VIM. In return, the donor reserves the right to use the property throughout the donor’s lifetime. Upon the death of the donor, the property becomes an asset of VIM.
Many of the plans described here can be a welcome addition to your retirement plans. By carefully planning legacy gifts, you may be able to substantially increase income from investment assets, while receiving the satisfaction of making a very meaningful gift to VIM in the process.
If you would like to discuss these options or make a planned gift to VIM, please contact Executive Director Kat Mastrangelo via email, or by phone (541) 585-9005.