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Making a bequest to Indian River Habitat for Humanity is an easy and usually inexpensive way to transfer assets—cash, securities, real estate, life insurance and retirement plans—to support your favorite charitable cause. And, you can decide to do it at any age by adding to an existing will or trust or by drafting a new one. In doing so, you leave a legacy to Indian River Habitat for Humanity, while enjoying the assets you need to maintain your current lifestyle. In addition, you may be able to distribute some or all of your assets, tax-free or reduce your estate tax entirely.
Tax Reduction Example
In 2009 the maximum estate tax was 45% on estates valued in excess of $3,500,000.00
Linda’s estate has a value of $4,000,000. She would like to reduce or eliminate the tax due when she dies and also wishes to leave a legacy gift to Indian River Habitat for Humanity. Through careful planning with her financial advisor and her attorney, she decides to include a bequest of $750,000 to Indian River Habitat for Humanity. The value of her charitable gift is removed from her estate, reducing its value to $3,250,000 well below the $3,500,000 exemption. Assuming Linda’s estate is in the highest tax-bracket, this charitable gift saves her heirs $337,500 in estate taxes.
Types of Gifts by Will
- Give a specific dollar amount to Indian River Habitat for Humanity for either general use or designate your gift to a specific fund.
- Bequeath a percentage of your estate through your will or trust.
- Donate the remainder of your estate after all other bequests have been satisfied.
Indian River Habitat for Humanity Bequest Language
General Bequest Language
I give, devise, and bequeath the sum of $______________ to Indian River County Habitat for Humanity, Inc. or its successor charitable organization.
Designated Bequest Language
I give, devise, and bequeath the sum of $______________ to Indian River County Habitat for Humanity, Inc. or its successor charitable organization for the use and benefit of (ex: Moorings Fund; Scholarship Fund, etc).
Residuary Bequest Language
All the rest, residue, and remainder of my estate, both real and personal I give to Indian River County Habitat for Humanity, Inc. or its successor charitable organization (Add “for the use of” to designate gifs to a specific fund).
Contingent Bequest Language
I devise and bequeath the sum of $______________ (or percentage of estate, specific asset) to (name of beneficiary) if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath the sum of $____________________ (or percentage of estate, specific asset) to Indian River County Habitat for Humanity, Inc. or its successor charitable organization (Add “for the use of” to designate gifts to a specific fund).
"Guide To Making Your Will"
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