Real Estate
This year we will provide housing to over 300 men and women living with a mental illness. Some of this housing has around-the-clock supports, while other units are rented at substantially under-market rates to clients who can live more independently.
Whatever the need, whatever the program, one truth never changes: we always need more housing. Every one one of our programs has a long waiting list.
If you leave your home to TMHA through your estate plan, we can make that property part of our Housing Program. In the course of 10 years, a 3-bedroom house will likely provide over 18 different people with a wonderful chance to live somewhere safe while they work on their recovery.
How does it work?
When you make a gift of real estate that you have owned longer than one year to TMHA, we may use the property for one of our housing programs, or sell it to buy a more appropriate property. You receive an income tax deduction for the fair market value of the real estate AND you pay no capital-gains tax on the transfer. This is crucial because capital gains in California are among the highest taxed in the world.
Finally, the transfer is not subject to the gift tax, and the gift reduces your future taxable estate.
Do you want to continue living in your home for your lifetime, but enjoy the tax benefits RIGHT NOW of leaving your house to TMHA? A Retained Life Estate plan is a wonderful and creative way to make a major gift without creating an enormous disruption to your lifestyle