Legacy and Bequests

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.

For more information on Planned Giving, Bequests, and the Legacy Society, please fill out the following form below to receive your Free Planned Giving Guide or email Liz Vincent at liz@habitatabq.org

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