HMI Planned Giving Program
Bequests and planned gifts of all sizes (whether $1,000 or $1,000,000) are a vital revenue source that supports the Hetrick-Martin Institute’s programmatic work to create a safe and supportive environment for at-risk LGBTQ young people to achieve their full potential. Planning for the future may seem like a daunting task, but creating a lasting legacy is much easier than many people realize.
If you wish to include HMI in your will or living trust, we recommend as a first step that you contact your attorney to create (or amend) your personal estate and charitable gift plans.
Options to discuss with your attorney include:
o Naming HMI as a beneficiary.
o Gifts of Appreciated Securities.
o Gifts of Life Insurance.
o Charitable Lead Trusts.
o Charitable Remainder Trusts.
Naming HMI as a beneficiary – The most common option, naming HMI as beneficiary in your will to receive a percentage or a set dollar amount of your estate upon your death. You can also name HMI as beneficiary of an IRA or 401K. The benefit of naming HMI as beneficiary of an IRA or 401K is the potential estate tax savings plus income tax savings the donor can receive.
Gifts of Appreciated Securities – A gift of stocks, bonds or mutual funds doubles the benefit to you. You will pay no capital gains tax on the transfer and you can claim a charitable income tax deduction for the full fair market value of the securities (up to 30% of your adjusted gross income), no matter what you initially paid for the securities.
Gifts of Life Insurance – If you own a paid-up life insurance policy and no longer need the coverage, you can transfer ownership of the policy to HMI. HMI can elect to surrender the policy for cash or keep the policy and receive the death benefit later on. Either way, you will receive an immediate income tax deduction for the cash surrender value of the policy. If you are not ready to transfer the ownership of your life insurance policy, another alternative is to name HMI as the beneficiary at your death. Including HMI as death beneficiary will not affect your ability to access the cash value of the policy during your life.
Charitable Lead Trust – Assets are placed in a trust with periodic payments supporting HMI during the term of the trust. When the term of the trust ends, the assets remaining in the lead trust pass to your designated heirs. Charitable Lead Trusts can take effect at one’s death or be created during ones life. Establishing a Charitable Lead Trust may provide income or estate tax deductions. A lawyer is needed to establish the trust.
Charitable Remainder Trust – If you have appreciated property to contribute, such as real estate, stocks and bonds, you may want to consider a charitable remainder trust. With a charitable remainder trust, you transfer assets that you are ready to dispose of to a trust, prior to the sale of the assets. The trust sells the assets and pays you a percentage of the market value of the assets for life or a fixed term not to exceed 20 years. At the end of the term the assets pass to HMI. You will receive an immediate income tax deduction for a portion of your contribution to the trust and pay no immediate capital gains tax on the appreciated assets that you donate. A Charitable remainder Trust may also be established by a will. A lawyer is needed to draft a Charitable Remainder Trust.
If you wish to include a bequest to HMI in your will or trust, we suggest sharing the following language with your attorney:
"I give to the Hetrick-Martin Institute, a non-profit, tax-exempt 501(c)(3) organization incorporated by the laws of the State of New York with federal tax identification number 13-3104537, having its principal office at 2 Astor Place, 3rd Floor, New York, NY, 10003, the sum of $___ (or, __ percentage of my estate) (or, ___ percentage of my residuary estate) for its general corporate purposes."
Another possibility is to name HMI as a contingent beneficiary of assets you have designated for a loved one, should that person no longer be alive at the time of your death.
Leaving a gift of real estate:
"I give to the Hetrick-Martin Institute, a non-profit, tax-exempt 501(c)(3) organization incorporated by the laws of the State of New York with federal tax identification number 13-3104537, having its principal office at 2 Astor Place, 3rd Floor, New York, NY, 10003, real property located at _________________, together with all buildings and improvements located that on and all insurance policies relating thereto”
Leaving your entire estate:
"I give my entire estate to the Hetrick-Martin Institute, a non-profit, tax-exempt 501(c)(3) organization incorporated by the laws of the State of New York with federal tax identification number 13-3104537, having its principal office at 2 Astor Place, 3rd Floor, New York, NY, 10003."
Planning for the Hetrick-Martin Institute through Beneficiary Designations
Many estate assets may be transferred outside of your will. These include qualified retirement plan assets, bank and brokerage accounts, and the proceeds from life insurance policies. You may name HMI as a beneficiary of these assets, or as a contingent beneficiary in the event that the loved one you named as primary beneficiary is no longer living at the time of your death.
To name HMI as a beneficiary you may need to provide the following information on your beneficiary designation form:
Address: The Hetrick-Martin Institute, 2 Astor Place, 3rd Floor, NY, NY 10003
Tax ID # : 13-3104537
Join our Planned Giving Initiative
Please let us know today if you are including (or have included) HMI in your estate plans. Members receive special recognition, as well as invitations to donor events and programs. Plus, your participation will inspire others to create future gifts and add their names to the growing roster of Planned Giving members.
For more information about Planned Giving, including HMI in your estate plans, or other gift planning vehicles, please contact, Chandler Bazemore, Assistant Director of Development, Individual Giving at 212-674-2600 ext. 257 or at firstname.lastname@example.org.