Legacy Society & Bequests

The Legacy Society honors and recognizes individuals and families who have established a Planned Gift benefiting Greater Albuquerque Habitat for Humanity (GAHH). The purpose of the Legacy Society is to recognize those individuals and families who have remembered GAHH in their estate plans through a documented planned gift. The Society serves to enable 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 simple, decent, affordable and energy efficient homes.

Gifts to the Legacy Society are acts of hope for the future of our Habitat Families. Through God’s grace and your generosity, GAHH Will be well equipped to serve our community in generations to come – ensuring that no one in the Greater Albuquerque area will live in substandard housing.

The Benefits & Rewards

  • Each year, names of new members of the Legacy Society will be added to a plaque displayed in the entrance of the GAHH 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. GAHH could also be named as a contingent beneficiary.
Gift of Real Estate
You can deed your home, vacation property or condominium to GAHH 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 GAHH. For example, you can purchase a new policy and make GAHH the owner and beneficiary of the policy. You can also make GAHH the owner and beneficiary of an existing policy you no longer need. Or, you can name GAHH as a contingent beneficiary on an existing policy. Your life insurance could “endow” your annual pledge to GAHH.
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, GAHH receives the gift. Life income gifts generally reduce or eliminate certain taxes and guarantee an income for life.
Retirement Plans
You can name GAHH 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.

 

For more information on Planned Giving, Bequests and the Legacy Society please email Beth Goldman, Director of Resource Development or call 505-265-0057.