Houston Area Parkinson Society’s Legacy Circle is a membership of individuals who choose to invest in the future with a planned gift benefiting HAPS and our mission to ensure that no one faces a Parkinson’s diagnosis alone. Guided by compassion, fueled by optimism and driven to make an impact, we envision a world in which all affected by Parkinson’s have the hope, confidence and support to live life to its fullest. Because Parkinson’s can impact every aspect of life, HAPS takes a whole-human approach and addresses each person’s entire needs – from physical and emotional to spiritual, mental well-being, and family. HAPS Legacy Circle members, rooted in and connected to our community, are committed to seeing our mission and vision thrive–today, tomorrow, and forever.
Creating a legacy of giving beyond your lifetime requires wisdom, vision, and a plan tailored to your unique circumstances. It can be any of the following options:
Bequests +A bequest is made in your will or living trust. There is no limit on the amount you can donate through your estate. Bequests will reduce your taxable estate by the amount of the gift. They include:
+ A specific bequest, which names a specific asset or dollar amount. For example, you might bequeath a specific dollar amount; the sale proceeds from a specific asset, such as real property; or specific financial assets, such as stocks, bonds or mutual funds held in a brokerage account.
+ A percentage bequest names a percentage of the total value of your estate as a gift.
+ A residual (contingent) bequest is a gift you make after other bequests have been honored. You can donate all or a percentage of the residual assets.
Beneficiary designation +You can designate HAPS as a direct beneficiary to a retirement account, such as and IRA, 401(k) or 403(b); or to a life insurance policy or annuity. It is one of the easiest ways to create a legacy at HAPS by simply updating your beneficiary designations on your retirement account or insurance policy. These gifts are also seamless as they are outside of your probate estate. However, retirement accounts are still included in your taxable estate. Therefore, like bequests, gifts made from retirement accounts will reduce your taxable estate by the amount of the gift.
Appreciated assets such as stocks or other financial securities +
Gifts of real property +
Outright gifts of real estate offer the opportunity to make a substantial gift during your lifetime. How?+ You might donate real estate that may no longer be needed, for example, a family vacation property that is no longer being used, or a primary residence after you, or a loved one, have moved to an assisted living facility.
+ You can also continue to live in your home and receive an income tax deduction now for the gift of this property in the future by creating a life estate gift. Such an arrangement can allow you to continue your present lifestyle while taking part in HAPS’ future. You continue to live in and take care of the property, just as you always have, for as long as you choose to live there. The life estate gift can create a significant, immediate income tax deduction on the date the arrangement is made. Since the asset is no longer part of the estate, your family may avoid the estate tax on the home’s full value, as well as the difficulties of selling real estate.
Charitable Remainder Trusts +By placing assets of your choosing, such as stocks, bonds or cash, in a CRT, you or someone you designate will receive income generated by the trust for a specified period of time and the remaining principal of the trust would then be donated to HAPS. CRTs are irrevocable.
When the trust sells any of the gifted assets, capital gains are not taxed, making CRTs an effective vehicle for liquidating highly appreciated securities without a tax liability. That means more assets are put to work providing annual income for you and your loved ones. In addition, you will receive an income tax deduction the year the trust is funded. For these reasons, CRTs can be a highly effective method of increasing your income and avoiding taxes while benefiting HAPS.
Charitable Lead Trusts +By placing assets of your choosing, such as stocks, bonds or cash, in a CLT, you can designate periodic payments to HAPS for a specified period of time, which would provide HAPS current support, and then pass on the remaining assets in the trust to your loved ones with a dramatically reduced transfer tax (estate or gift tax). This gift vehicle is especially attractive when using assets that will appreciate significantly over time as these assets would be out of your taxable estate.
Unlike a charitable remainder trust, a charitable lead trust is not tax-exempt. Trust income is taxed like the income of any other complex or grantor trust.
Including HAPS in your estate plan not only impacts those affected by Parkinson’s, but with wise planning it can reduce estate, gift, and income taxes, maximizing the benefits of your gift to your family and to HAPS. Consult your attorney or tax advisor for the option that works best for you. Regardless of the amount or type of giving you choose, you can improve the outlook for individuals with Parkinson’s and their families.
It would be our pleasure to welcome you into this honored circle of recognition. We would like to acknowledge your support of the Houston Area Parkinson Society Legacy Circle by extending the following benefits:
- Invitation to an annual event celebrating the lasting philanthropic impact of our legacy giving family
- Insider communication from HAPS leadership
- Formal recognition in HAPS publications and at signature programs
- Special invitation to select HAPS events
In addition to the potential personal benefits of making a planned gift, you are making a meaningful impact on the daily lives of thousands in our area who live with Parkinson’s. Thank you for your thoughtful consideration. We hope you will be the next member of the HAPS Legacy Circle. Today’s planned gift makes tomorrow more hopeful.