The Legacy Society honors and recognizes individuals and families who have established a Planned Gift benefiting Greater Albuquerque Habitat for Humanity. The purpose of the Legacy Society is to recognize those individuals and families who have remembered Habitat in their estate plans through a documented planned gift. The Society enables members, friends and family to witness the building of communities one home, one family at a time by making it possible for low-income families to own decent, affordable homes.
Gifts to the Legacy Society are acts of hope for the future of Habitat Families. Through God’s grace and your generosity, Habitat will be equipped to serve our community for generations to come.
The Benefits & Rewards
- Each year, names of new members of the Legacy Society will be added to a plaque displayed in the entrance of our administrative office
- Members will be honored at an annual event
- Members will be invited to special events
Forms of Planned Giving
- Bequest in a Will
- The easiest and most common way of making a planned gift is through a bequest in your will. You can designate a specific amount of money, a percentage of your estate, or a specific asset. Habitat could also be named as a contingent beneficiary.
- Gift of Real Estate
- You can deed your home, vacation property or condominium to Habitat and retain the right to live in the property and/or receive income from the property for as long as you or your beneficiaries live. A life estate gift reduces capital gains, inheritance and estate taxes and offers an income tax deduction as well.
- Life Insurance
- Life insurance can be used to make a sizeable gift to Greater Albuquerque Habitat for Humanity. For example, you can purchase a new policy and make Habitat the owner and beneficiary of the policy. You can also make Habitat the owner and beneficiary of an existing policy you no longer need. Or, you can name Habitat as a contingent beneficiary on an existing policy. Your life insurance could “endow” your annual pledge to Habitat.
- Life Income Gifts
- Gifts such as a charitable gift annuity, a charitable remainder trust, or a pooled income fund provide you and/or your designated beneficiary income for life. Upon your passing, Greater Albuquerque Habitat for Humanity receives the gift. Life income gifts generally reduce or eliminate certain taxes and guarantee an income for life.
- Retirement Plans
- You can name Greater Albuquerque Habitat for Humanity as a beneficiary of your pension, 401k, 403b, IRA or other retirement plan. This gift could be the most cost-effective that you could make, because you avoid the possible double taxation on retirement plan assets left to your heirs.
Bequest Language for your Will or Trust
If you are interested in supporting only the construction of homes replace “for its general support” with the words “for construction of housing for low-income families exclusively.”
Specific Bequest
Naming Greater Albuquerque Habitat for Humanity as a beneficiary of a specific amount or asset is easy.
“I give and bequeath ____ dollars ($______) (or other asset) to Greater Albuquerque Habitat for Humanity, a non-profit institution incorporated in the State of New Mexico with a business address of 4900 Menaul Blvd. NE, Albuquerque, NM 87110 to be used for its general support.”
Residual Bequest of the estate
A residual bequest comes to Greater Albuquerque Habitat for Humanity after the estate expenses and specific bequests are made:
“I give and bequeath _____ percent (___%) of the residue of property owned by me (or held hereunder) at my death, whether real or personal, and wherever located to Greater Albuquerque Habitat for Humanity, a non-profit institution incorporated in the State of New Mexico with a business address of 4900 Menaul Blvd. NE, Albuquerque, NM 87110 to be used for its general support.”
Contingent Bequest
Greater Albuquerque Habitat for Humanity can be named as a contingent beneficiary in your will or trust if one of your specific bequests cannot be fulfilled:
“If (insert name) (insert location and/or relationship to person) survives me, I devise and bequeath (specific or percentage) of the remainder and residue of property owned at my death, whether real or personal, and wherever located to (insert name). If (insert name) does not survive me, then I devise and bequeath (specific or percentage) of my residuary estate, whether real or personal property, and wherever located to Greater Albuquerque Habitat for Humanity, a non-profit incorporated in the State of New Mexico with a business address of 4900 Menaul Blvd. NE, Albuquerque, NM 87110 to be used for its general support.
Customized Language
If you are interested in supporting a specific program at Greater Albuquerque Habitat for Humanity, please contact us to help you and your attorney draft customized language that is specific to your goal and interest.