How You Can Plan to Give...
Wills and Family Trusts
Your estate planner can provide you with a variety of ways to help provide decent shelter for families in need. In your will you may decide to leave Habitat:
- A specific amount of money
- A percentage of your estate
- All or part of the residue of your estate, or what's left after loved ones have been provided for.
A gift to Habitat in your will is a meaningful way to create a memorial that lives on to help families avoid the indignity of poverty housing. Simply ask your attorney to include a bequest in your will. Our legal name is:
- Habitat for Humanity Hernando County
- Our tax ID is: 91-1914868
- Affiliate # 1386-3544
You'd like to help, but need the income. Or you may have the highly-appreciated stock that pays a low dividend, but you don't want to trigger the capital gain. Whether funded with cash or stock, a gift annuity will provide a handsome cash flow that may be partly tax-free. You'll also get a partial tax deduction now. If you transfer your stock to the gift annuity, you can significantly reduce the capital gain, and spread the rest of out over a number of years. The best part is, after you're gone, what's left over will help build a nice new home for a Habitat family.
Gifts of Stock
Do you have some shares of long-term appreciated stock you won't need? You can simply transfer these shares directly to Habitat for Humanity Hernando County. You'll get a full tax deduction for the entire market value, avoid the capital gain, and do your part in helping to create a world where poverty housing is unacceptable.
Life Insurance Policies
Many families own life insurance policies that have outlived their original purpose, and which can aggravate estate taxes if not treated with care. Often, these old policies can be used to create a new life for a Habitat family in a clean, comfortable home.
Also, new life insurance policies can sometimes be used to make giving a larger gift to Habitat more convenient and affordable.
Minimum IRA Distribution after Age 701/2
Are you forced to take money you don't really need from your IRA accounts each years just so you can pay taxes on it? If so, you can change the world for a deserving family, and perhaps ease your tax pain at the same time. Simply write a check for the same amount as your required IRA distribution to Habitat for Humanity Hernando County, and if you itemize, you may be able to eliminate some or all of your tax liability on the transaction.
Defusing the IRA Tax Time Bomb
If you hope to leave IRA or pension plans to your heirs, they could be in for a rude surprise. Some estates will suffer double taxation on these assets, and end up losing 50% or more to taxes!
If you are worried about this possibility there may be some strategies available that can help you preserve more of your estate for your entire family while still furthering the vision to eliminate poverty housing here in your home town.
Habitat for Humanity of Hernando County does always advise you to seek legal and financial counsel when deciding on estate planning.
Contact us if you are interested in any of these options
Call: 352 - 754 - 1159
19450 Cortez Blvd
Brooksville, FL 34601