Planned Giving: Ways to Give
Making a legacy gift in your will or trust is one of the easiest and most popular ways to partner in the mission. Below you'll find some of the most common ways that people make a lasting gift to Habitat for Humanity of Wake County as well as sample language that may help you and your attorney when drawing up a bequest that meets your needs.
Will or Trust
General Bequest
If you intend to leave an outright gift of cash, securities or other property by designating a specific dollar amount, a particular asset or a fixed percentage of your estate to Habitat for Humanity of Wake County to be used for general purposes:
“After taking care of all expenses, debts and other provisions, I give, devise and bequeath ___ percent of the rest and residue [or $___ if a specific amount] to Habitat for Humanity of Wake County [Tax ID# 56-1492703] currently with administrative offices at 2420 North Raleigh Blvd, Raleigh, NC 27604.”
If you have not yet created your will, we've partnered with FreeWill to offer a free online tool that allows you to create your estate plan.
Specific Bequest
If you intend to make an outright bequest for a specific purpose, such as to support advocacy or new home builds:
“I, [name], of [city, state, ZIP], give, devise and bequeath to Habitat for Humanity of Wake County [written amount or percentage of the estate or description of property] for its charitable purposes, including but not limited to ___________ use and purpose.”
If you have not yet created your will, we've partnered with FreeWill to offer a free online tool that allows you to create your estate plan.
Contingency Bequest
If you wish to make a contingency gift so that Habitat for Humanity of Wake County will receive a portion of your estate if your named beneficiary does not survive you:
“If any of the beneficiaries named in this will should die before becoming entitled to receive their distributive share of my estate, I direct my trustee to pay or transfer the share to which such beneficiary would otherwise be entitled to Habitat for Humanity of Wake County for its unrestricted use and purpose.”
If you have not yet created your will, we've partnered with FreeWill to offer a free online tool that allows you to create your estate plan.
Residuary Bequest
A percentage of the remainder of your estate after other specific legacies have been fulfilled.
“I hereby give, devise, or bequeath to Habitat for Humanity of Wake County, Inc, Federal Tax Identification Number 56-1492703, all [or a portion] of the rest, residue and remainder of my estate to be used for Bread for the World’s general use and purpose.”
If you have not yet created your will, we've partnered with FreeWill to offer a free online tool that allows you to create your estate plan.
Charitable Remainder Trust
Planning for the future – for you and your community. Giving through a Charitable Remainder Trust allows you to receive income for the rest of your life or a specified term of years, knowing that whatever remains will benefit Habitat for Humanity of Wake County, NC. You transfer assets into a trust and receive an immediate charitable deduction. The trust distributes regular income payments to you or to designated family members. You may choose to receive a fixed income or one that changes with market conditions; payments can begin immediately, or you can defer them to increase your charitable income tax deduction.
The amount of the income payments and the amount of the charitable tax deduction depends on the age of the recipient and the current annuity rate as established by the IRS. Upon the beneficiary’s death or after a defined period of years, the remaining assets in the trust transfer to Habitat for Humanity of Wake County, NC.
Benefits:
- Receive income for life for you or your heirs.
- Receive a charitable income tax deduction for the charitable portion of the trust.
- Create your lasting legacy of hope and community by bringing people together to build homes.
Charitable Lead Trust
Giving to Habitat for Humanity of Wake County, NC and your loved ones.
A Charitable Lead Trust permits you to remove assets from your estate and benefit Habitat for Humanity of Wake County, NC during the trust’s term. Assets selected by you are transferred into a trust, which pays Habitat for Humanity of Wake County, NC an annual amount to accomplish its mission. During its term, the trust can be managed by experienced professionals, which may help your trust investments grow over time. When the trust terminates, either upon your death or after a specified number of years, its final assets are transferred to the family members you designate. Any growth in the trust passes to recipients, often with significant transfer-tax savings.
Charitable Lead Trusts offer financial benefits by sheltering investment earnings from income tax, too. However, at the time your trust is established, you may owe gift tax on the present value of your gift to the final beneficiary. Charitable Lead Trusts can be arranged to make annual distributions of a fixed percentage of the trust assets or distributions of a fixed dollar amount.
Donors Like You:
Sue Ann and Frank Westmeyer
Frank and Sue Ann generously chose to include Habitat Wake in their estate plan, ensuring their legacy will continue to build homes, communities and hope for years to come. In this video, they share about what inspired their decision and how planned giving enables them to make an enduring impact in our community.
Insurance and Retirement
Life Insurance – Beneficiary Designation
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 of Wake County, NC, and your estate will receive the tax deduction from the charitable gift receipt.
You can also use this free online tool to add Habitat Wake as a beneficiary of your retirement plan.
Donor Advised Funds
You can create a grant recommendation from your donor-advised fund to support Habitat for Humanity of Wake County, NC.
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, you can name us as the successor for a portion of the account value, leaving the remaining portion for your heirs.
Use this secure online tool to provide details about your intended grant to Habitat for Humanity of Wake County from your donor-advised fund. This information makes it easier to locate your gift when it arrives, thank you for your support, and ensure your gift goes to the right place.
IRA Giving
You can reduce or even eliminate tax liabilities on your retirement plan by naming Habitat for Humanity as direct beneficiary. The entire amount of your IRA, 401(k) or other retirement accounts may be taxed if you leave them to your heirs. Instead, consider giving them less tax-burdened assets like real estate and stock, and use retirement assets to create your legacy gift with Habitat.
You can use this secure online tool to give from your IRA and auto-complete your paperwork. We can track your gift to send you the proper tax receipts.
Retirement Assets – Beneficiary Designation
To name Habitat for Humanity of Wake County, NC as a beneficiary of your retirement plan, contact your bank or insurance company to see whether a change of beneficiary form must be completed.
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.
You can also use this free online tool to add Habitat Wake as a beneficiary of your retirement plan.
Cash and Assets
Charitable Gift Annuity
A Charitable Gift Annuity is a life-income agreement. A Charitable Gift Annuity of $10,000 or more provides you with a fixed, guaranteed income for life and supports Habitat Wake with a future gift. The payment rate depends on your age at the time of the gift – the older you are, the higher the rate. The rate remains fixed once your gift is made. Habitat’s annuity rates are aligned with those of the American Council on Gift Annuities. Note that the rate for a two-life gift annuity is slightly lower. Rates below as of January 1, 2024.
Age Rate
65 5.4%
70 5.9%
75 6.6%
80 7.6%
Gifts of Stock
Shares of appreciated publicly traded stock are an effective way to support Habitat for Humanity of Wake County, NC and avoid taxation on the gain. We can receive stock gifts directly through your brokerage account; you receive a charitable income tax deduction, usually equivalent to fair market value as determined under IRS guidelines. We will sell the stock immediately and apply the net proceeds toward our mission.
You can also use this secure online stock tool from our partners at FreeWill to donate stock so we can track your gift, send you the correct receipt and get the tax savings you deserve.
Habitat for Humanity of Wake County, NC will also consider gifts of closely held business interests such as S corporations, limited liability companies, and limited partnerships if an acceptable means of converting the stock into liquid assets can be an anticipated within a reasonable time. This may occur through redemption agreements, liquidation or asset transfers. These are complex transactions, so consultation with your tax advisor or planning professional is necessary.
To give a wire transfer of stock, please provide the following information to your broker:
Habitat for Humanity of Wake County
Tax ID# 56-1492703
Brokerage Account Number: 7292-0816
Wells Fargo Advisors DTC Number: 0141
Switzer-Kline Wealth Management Group
of Wells Fargo Advisors, LLC
3105 Glenwood Ave., Suite #201 | Raleigh, NC 27612
https://fa.wellsfargoadvisors.com/switzer-kline-wmg
Melodie Moore | Senior Client Associate | 919-571-2819 | melodie.moore@wellsfargoadvisors.com
Marti T. Switzer, CFP® | Vice President-Investment Officer-Financial Advisor | 919-881-1013 | marti.switzer@wellsfargoadvisors.com
Mikki A. Kline | Associate Vice President-Investment Officer-Financial Advisor | 919-881-1035 | mikki.kline@wellsfargoadvisors.com
Gifts of Real Estate
Donating appreciated real estate, such as a home, vacation property, undeveloped land, or commercial property can make a great gift to Habitat Wake!
Consider giving us real estate, such as a personal residence, vacation home, farm, commercial property or undeveloped land. Such a generous gift helps us continue our work for years to come.
You can turn the value of real estate into community good and receive financial and tax benefits with a gift to Habitat for Humanity of Wake County, NC of real estate. A rental house, vacation home or unimproved acreage can be gifted to Habitat for Humanity of Wake County, NC for sale. You avoid capital gains tax and the proceeds from the sale of the property will be used to support our work in the community. A gift of only the ‘remainder interest’ in your personal residence to Habitat for Humanity of Wake County, NC while you and your family continue to live in and fully enjoy your home as long as you like can also produce a charitable deduction. This is a retained life estate and works just as well with a farm or vacation home as with your principal residence.
Gifts of Land
If you own land you wish to sell or know of land parcels to recommend, please contact Brad McHugh at brad.mchugh@habitatwake.org
Savings Bond
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 of Wake County, NC is a tax-exempt institution, naming us as a beneficiary ensures that 100 percent of your gift will go toward people in need of decent, affordable housing.
Cryptocurrency
We now accept donations of Ethereum, Bitcoin, and other cryptocurrencies! This gives us one more way to fund our work and can provide you with extra tax benefits. Give Cryptocurrency today.
Giving to Habitat Wake
Please consider this information as a starting point. With all charitable gifts, it is important to consult with your attorney or financial advisor to ensure that you comply with state laws, receive maximum tax benefits, and that your wishes are accurately reflected in necessary legal documents.
Habitat for Humanity of Wake County operates separately from Habitat for Humanity International. To ensure your gift stays in Wake and Johnston counties, make sure you specifically mention Habitat for Humanity of Wake County, Inc. in your official documentation.
Legal Name: Habitat for Humanity of Wake County, Inc.
Address: 2420 N Raleigh Blvd, Raleigh, NC 27604
Tax ID #: 56-1492703
Habitat for Humanity of Wake County is a 501(c)(3) registered nonprofit.
Questions? Please contact Chase Inman, VP of Resource Development at 919.744.2402 or chase.inman@habitatwake.org.
Already included us in your plan? Let us know!
If you have already made a planned gift to the Habitat Wake, please let us know by completing the form below or contacting Vice President of Resource Development Chase Inman at chase.inman@habitatwake.org or 919.744.2402. You can also complete the form to let us know that you have included Habitat for Humanity of Wake County in your estate plans. By letting us know, we can thank you for your gift and ensure that we fulfill your gift as you’ve intended!
