Gifts that cost you nothing now
Gifts by bequest
Making a legacy gift in your will or trust is one of the easiest and most popular ways to bring people together to build homes and strong communities. Here are the ways that most people give this lasting gift to Habitat for Humanity:
Residual bequest: A percentage of the remainder of your estate after other specific legacies have been fulfilled.
Specific bequest: A specific dollar amount or stated fraction of your estate or a specified gift in kind, such as collections, art, books, jewelry, etc.
Contingent bequest: A gift that is originally intended for other beneficiaries but, in the event of their prior passing, is redirected as a charitable donation.
Making a legacy gift in your will or trust is one of the easiest and most popular ways to bring people together to build homes and strong communities. Here are the ways that most people give this lasting gift to Habitat for Humanity:
Residual bequest: A percentage of the remainder of your estate after other specific legacies have been fulfilled.
Specific bequest: A specific dollar amount or stated fraction of your estate or a specified gift in kind, such as collections, art, books, jewelry, etc.
Contingent bequest: A gift that is originally intended for other beneficiaries but, in the event of their prior passing, is redirected as a charitable donation.
Retirement funds gift
Many people choose to name Habitat for Humanity as a beneficiary of a retirement plan to reduce their taxes while they empower families to become self-reliant homeowners.
Benefits:
Life insurance policy gift
If you have a life insurance policy that has outlasted its original purpose, you can use it to fund a legacy gift while also enjoying tax savings during your lifetime.
Benefits:
Savings bonds
If you have bonds that have stopped earning interest and that you plan to redeem, you will owe income tax on the appreciation. In the end, your heirs will receive only a fraction of the value of the bonds in which you so carefully invested. Since Habitat for Humanity is a tax-exempt institution, naming us as a beneficiary ensures that 100 percent of your gift will go toward families in need of decent, affordable housing.
CDs, bank accounts and brokerage accounts
Naming Habitat as the beneficiary of a certificate of deposit, a checking or savings bank account, or a brokerage account is one of the easiest ways to help empower individuals and families to become self-reliant homeowners.
Donor-advised fund residuals
Final distribution of contributions remaining in a donor-advised fund is governed by the contract you completed when you created your fund. We hope you will consider naming Habitat as a “successor” of your account or a portion of your account value.
Many people choose to name Habitat for Humanity as a beneficiary of a retirement plan to reduce their taxes while they empower families to become self-reliant homeowners.
Benefits:
- Reduce or eliminate taxes on retirement assets.
- Remove highly taxable assets from your estate by direct beneficiary designation.
- Reduce or avoid probate fees.
- There is no cost to you now.
Life insurance policy gift
If you have a life insurance policy that has outlasted its original purpose, you can use it to fund a legacy gift while also enjoying tax savings during your lifetime.
Benefits:
- Donate ownership and receive a charitable income tax deduction for the market value of the policy.
- Receive additional tax benefits by making annual gifts so that we can pay the premiums.
- Some donated policies can be cashed in and put to good use right away.
- If you retain the policy and name us as beneficiary, the proceeds of your policy will be paid to Habitat for Humanity, and your estate will receive the tax deduction from the charitable gift receipt.
Savings bonds
If you have bonds that have stopped earning interest and that you plan to redeem, you will owe income tax on the appreciation. In the end, your heirs will receive only a fraction of the value of the bonds in which you so carefully invested. Since Habitat for Humanity is a tax-exempt institution, naming us as a beneficiary ensures that 100 percent of your gift will go toward families in need of decent, affordable housing.
CDs, bank accounts and brokerage accounts
Naming Habitat as the beneficiary of a certificate of deposit, a checking or savings bank account, or a brokerage account is one of the easiest ways to help empower individuals and families to become self-reliant homeowners.
Donor-advised fund residuals
Final distribution of contributions remaining in a donor-advised fund is governed by the contract you completed when you created your fund. We hope you will consider naming Habitat as a “successor” of your account or a portion of your account value.
Please contact Greg Hull at 810-766-9089 ext. 210 or development@geneseehabitat.org if you have any questions.
