You can leave a lasting foundation by naming Habitat for Humanity Tucson in your Will. Consult with a financial advisor and attorney to learn how making a charitable bequest can help us continue to make a difference for years to come.
A charitable bequest is simply a distribution from your estate to a charitable organization through your last will and testament. There are different kinds of bequests. For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes. In any charitable bequest, be sure to name the recipient accurately.
Beginning the Conversation
You can begin your conversation with your adviser or attorney by sharing this statement:
“I give, devise and bequeath ____________ (a specific dollar amount or percentage of the residue of my estate) to Habitat for Humanity Tucson, fully incorporated under the laws of the State of Arizona. I direct this gift to be used to support Habitat for Humanity’s general programs where the need is greatest.”
For more information about why to give and how to give, please visit LeaveALegacy.org.
Giving Opportunity for Donors who are 70½ or Older
Congress has approved a two-year retroactive IRA Charitable Rollover Extension. An IRA charitable rollover (or “qualified charitable distribution” ) is money that individuals who are 70½ or older may direct from their traditional IRA to eligible charitable organizations. Individuals may exclude the amount distributed directly to an eligible charity from their gross income. This method of giving had expired in 2011, but is now back for two years.
A couple of key things:
- The new law retroactively reinstates the Rollover for 2012 and allows any otherwise eligible gifts made after December 31, 2012 and before February 1, 2013 to be treated as a 2012 donation.
- The new law also specifies that any portion of a distribution from an IRA to a taxpayer made after November 30, 2012 and before January 1, 2013 may be treated as a qualified charitable distribution for purposes of the IRA Charitable Rollover.
- Finally, the IRA Charitable Rollover has been reinstated for all of 2013 and will now expire at the end of this year, on December 31, 2013.
Please consult your tax professional for more information.