Strategies for Planned Giving
For the donor, legacy gifts are an effective way to distribute one’s estate in a way that makes the most sense for that individual, their family, and the nonprofit. These gifts can generate significant estate tax deductions. In addition, charitable bequests are revocable and can be altered if you change your mind.
BEQUESTS IN A WILL OR LIVING TRUST
One of the simplest and most popular ways to make a legacy gift is through your will or living trust.It’s as easy as adding a codicil or paragraph to your will. If you do choose to include the BBAHFH in your will, please make sure that you correctly identify the organization by name.
General Bequest Language
To make a legacy gift to BBAHFH, please include the following language in your will:
Tax ID 04-3315778
I give ___________________ (dollar amount, or a % of total assets or a certain asset) to Buzzards Bay Area Habitat for Humanity, a 501(c)3 nonprofit corporation existing in the Commonwealth of Massachusetts, currently headquartered at 8 County Road, Suite 2, Mattapoisett, MA 02739 (Attention: Executive Director), to be used to support the activities of BBAHFH for their home building and Brush With Kindness activities. This bequest shall be used at such times and for such unrestricted purposes as the BBAHFH leadership in its discretion shall determine.
Please consider talking with a financial advisor, estate planning lawyer, or other qualified advisor regarding a will, a living trust, or whatever else may best suit your unique needs. Tax laws and gift options continue to change, and it is best that you understand all your options.
GIVING RETIREMENT FUNDS
Qualified retirement plan assets (such as those in an IRA, 401k, Keogh, or pension plan) often represent a major portion of one’s estate. Retirement plan benefits are subject to federal estate taxes and can give rise to a substantial income tax liability to the beneficiary who receives them. Directing qualified retirement benefits to BBAHFH, while directing other assets without income tax consequences to your family, can increase the benefits to all. This typically can be easily done by changing the beneficiary on the account. Other double-tax assets include U.S. Savings Bonds and commercial annuities.
Please consider talking with a financial advisor, estate planning lawyer, or other qualified advisor regarding a will, a living trust, or whatever else may best suit your unique needs. Tax laws and gift options continue to change, and it is best that you understand all your options.
LIFE INSURANCE
Many people own some form of life insurance but the original need for that financial protection may no longer exist. Name BBAHFH as a beneficiary of your policy, and you can make a significant gift for a little annual outlay. Or, the policy itself may be gifted to BBAHFH, and you will receive a charitable deduction for the premiums that you continue to pay on the policy. A gift of a paid-up policy can result in a substantial current income tax deduction.
Please consider talking with a financial advisor, estate planning lawyer, or other qualified advisor regarding a will, a living trust, or whatever else may best suit your unique needs. Tax laws and gift options continue to change, and it is best that you understand all your options.
GIFTS OF SECURITIES OR OTHER ASSETS
Such assets could include stocks, bonds, real estate, vehicles, boats, art, or jewelry.