Islands in Time Society
Through gift planning, you can make arrangements now to support the work of Island Institute in the years to come. Planned gift commitments are recognized through our Islands in Time Society and may offer tax benefits to you and your loved ones.
Unrestricted gifts offer the greatest flexibility to respond to priority needs, whenever the gift is realized. If you prefer to direct your gift to a particular program or use, we would be happy to work with you to craft a gift that will meet anticipated future needs.
Collectively, the members of our Islands in Time Society have directed over $1.4 million in legacy gifts to the work of the Island Institute. The commitment of each new member is recognized with a letter signed by the Island Institute President, a commemorative gift, and addition of their name to Society letterhead, used in communication with our supporters. The Island Institute respects the wishes of individuals who wish to remain anonymous, and is grateful to those willing to be named for helping to inspire others through their philanthropy.
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Bequests
Naming Island Institute in your will can be a financially responsible way to make a special gift that otherwise may not be possible during your lifetime. Almost any kind of asset may be bequeathed, including cash, securities, tangible personal property, or real estate. If you are considering leaving a bequest for a specific program or purpose, please contact our development staff. We will work with you to craft a designation that honors your intentions while serving the Institute’s anticipated future needs.
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Charitable Gift Annuities
Under a Charitable Gift Annuity agreement, you can make a gift to the Island Institute during your lifetime (and claim any tax benefits permitted by law), and in exchange, the Island Institute will pay you or a designated beneficiary a fixed and guaranteed annual payment for life. Donors age 65 or older may begin receiving annuity payments immediately, while donors age 45 or older can establish a deferred annuity. Annuity payment rates depend on your age when you make the gift, and the Island Institute uses the rates recommended by the American Council on Gift Annuities.
Please contact plannedgiving@islandinstitute.org with any questions or for a personalized illustration of a one- or two-life immediate or deferred charitable gift annuity. All illustrations and conversations are strictly confidential and at no obligation to you.
What Will Your Legacy Be?
“When we came to Maine in the summer of 1980 to find out more about a 30’ double ender that Tom Morris was building, we had no idea it would change our lives. After a few trips to check progress on our build during Maine’s raw season from November to March, we saw Journey launched in late May of the following year. The two weeks we had allotted to sailing the Downeast coast required navigating through fog, tides and currents, challenges unfamiliar to us growing up on the Great Lakes. But, to both of us, the way of life we witnessed here made us feel right at home, reminding us of the commercial fishermen and boatbuilders we knew, the ever-present water, and the pride in self-reliance. That was two years before the Island Institute was founded, and over the years since, we’ve come to know many people who are making their way on the Maine coast—and the ever-changing challenges they have faced over the years. Along the way, we discovered the Island Institute.
We were fortunate to have taken a trip with Peter Ralston and Rob Snyder on Raven to see a program that was being run by the Island Institute at Schoodic and on the way there and back shared their and our reflections of the issues and future of Maine’s islands and coastal communities. We came away impressed and determined to endow Island Institute’s efforts. Just as we are still navigating Journey among the islands and towns along the Maine coast, we wanted to ensure that Island Institute would have the resources far into the future to help these communities navigate the foggy uncertainties of a changing environment, the shifting currents of economic conditions and changing tides into the future.”
—William M. “Pat” Jackson & Carol Sullivan Jackson
Charitable Remainder Unitrusts
A Charitable Remainder Unitrust is a separately invested and managed charitable trust that pays a percentage of the principal, re-valued annually, to the donor or other designated beneficiary for life, or for a term of years. After the unitrust terminates, the accumulated principal or “remainder interest”, is transferred to the Island Institute as a charitable gift, for the purposes stated by the donor.
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Life Insurance & Retirement Account Beneficiary Designation
Naming the Island Institute as the beneficiary of a life insurance or retirement plan is a simple way for donors at any stage of life to create a legacy gift.
When an insurance policy is fully paid, or in the case of qualified retirement accounts, you may choose to make an immediate gift of these assets by transferring ownership to the Island Institute. There are also significant benefits to naming the Island Institute as a remainder beneficiary of your retirement account. When passed to heirs, retirement plan assets may be subject to both estate taxes and income taxes. By contract, as a tax exempt organization, the Island Institute is eligible to receive the full amount of your gift.
The Island Institute encourages donors to discuss potential gifts, especially those that may affect their estate plans, with a professional adviser.
For more information, please contact Rosemary Price at rprice@islandinstitute.org.
