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An excellent way for you to support HomeAgain’s mission is to leave us a bequest in your will, living trust or with a codicil. A significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy in supporting.
Types of Bequests
There are a number of ways you can make a bequest to HomeAgain.
- Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Home Again.
- Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Home Again.
- Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to HomeAgain.
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to HomeAgain in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to HomeAgain, of a specific dollar amount, we recommend the following language:
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to HomeAgain, a nonprofit organization located at P.O. Box 5222, Richmond, VA, 23220, Federal Tax ID #54-1159513, for HomeAgain’s general use and purpose.
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to HomeAgain, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to HomeAgain, a nonprofit organization located at P.O. Box 5222, Richmond, VA, 23220 , Federal Tax ID #54-1159513, for HomeAgain’s general use and purpose.
3. Residual Bequest
We recommend the following language: I hereby give, devise and bequeath to HomeAgain, a nonprofit organization located at P.O. Box 5222, Richmond, VA, 23220, Federal Tax ID #54-1159513, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for HomeAgain’s general use and purpose.
Please contact us if you have any questions about how to make a bequest to HomeAgain or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us. If you have included a bequest for HomeAgain in your estate plan, please contact us to let us know. We would like to thank you and recognize your gift.