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Planned Giving

Houston Family Gives to Hammer

Fund Ensures Future Services for Those in Need

Michael and Pat Houston

Michael and Pat Houston are leaving a gift to Hammer that will help fund services for future generations.

When Pat and Michael Houston began creating a legacy, they knew they wanted to include Hammer in their plans.

The Houstons recognized Hammer as being a very important part of their lives, especially in the life of their daughter and only child, Kerry. They knew that leaving their estate directly to Kerry wasn't an option. Receiving a significant inheritance would disqualify her from the benefits that make it possible for her to be supported by Hammer.

They wanted to express their gratitude and appreciation for the services and support Hammer has provided to Kerry and many others who live with disabilities. After heartfelt reflection and discussion, Pat and Michael chose to establish the Patricia and Michael Houston Home Accessibility Fund as part of their estate plan.

"Hammer has provided innovative services that go above and beyond the basic needs provided by government funding, which is not a guaranteed resource and often inconsistent," Pat says. "We know that Hammer needs financial resources to plan for and ensure future services for those who need and deserve quality care."

Since Kerry moved to Hammer's Carlson home in 1995, she has developed independence and gained self-confidence with the support of her staff team. She feels empowered to advocate for herself. The Carlson staff has encouraged Kerry to explore her own interests. She enjoys music, attending theater and musical productions and sporting events. Kerry loves participating in a bowling league and exercising at the YMCA.

"This gift is intended to benefit all individuals supported by Hammer. It will help sustain the future of Hammer and enhance their ability to serve people with disabilities, especially the challenges that face adults as they age," Michael says.

If you would like to learn more about how you can leave a gift to Hammer in your will or estate plan, please contact Ellen Timmerman-Borer at (952) 277-2433 or ellen@hammer.org.

A charitable bequest is one or two sentences in your will or living trust that leave to Hammer a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

I, (name), of (City, State ZIP), give, devise and bequeath (written dollar amount, $numeric amount) or (written percent amount, $numeric amount of my estate) to Hammer Residences, Inc. Tax ID 410841103, a Minnesota corporation located in Wayzata, Minnesota to be used for its unrestricted use and purposes.

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Hammer or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Hammer as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Hammer as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Hammer where you agree to make a gift to Hammer and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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