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Legacy Gifts

What is a Legacy Gift?

Make Prescott Area Habitat for Humanity (PAHH) part of your Estate Plan with a Legacy Gift.

Help us continue the work to provide affordable housing for families in the future.  Please consider making a gift to PAHH as part of your estate plan.  There are many options available to you.

 

A Bequest in a Will or Trust

A bequest – a gift through your will or living trust, is the most common method of deferred charitable giving.  Through a bequest, you can direct specific assets, your entire estate, or a percentage of your estate, to PAHH.

  • A specific bequest is the most basic type of bequest – it simply designates a fixed-dollar amount or specific property to a beneficiary. 
  • A residuary bequest designates that all or a certain percentage of your estate go to a beneficiary.
  • A contingent bequest – a bequest that is only carried out under certain circumstances.  For example, if all other beneficiaries are deceased, PAHH is a contingent beneficiary.

It is important to work with an attorney to draft or amend your will because it is a legal document.

Suggested Language for a Bequest to Prescott Area Habitat for Humanity in a Will or Trust:

I hereby bequest to Prescott Area Habitat for Humanity, a tax-exempt organization described under Subsection 501(c)(3) of the Internal Revenue Code, located in Prescott, Arizona, the sum of $__________________ OR ___________ percent or all of the residue of my estate, to be used for the benefit of the Prescott Area Habitat for Humanity.

 

Gift of Real Property with a Retained Life Estate

In a life estate gift, you commit to giving your currently occupied home or property to Prescott Area Habitat for Humanity (PAHH) in the future; however, you continue enjoying your home and immediately receive a tax deduction.  However, normal insurance, maintenance and taxes still remain your responsibility.  

Life Insurance Policies

You may also transfer to PAHH all right of ownership to your existing life insurance policy.  If you do, you may take a charitable deduction equal to the policy’s replacement value or your basis in the policy, whichever is less.  If you choose to continue to pay premiums on the policy, an income tax deduction is allowed for each payment.

This gift allows PAHH the option of holding the policy, terminating the policy and taking the cash surrender value, or taking out a loan against the policy.  A gift of life insurance is viewed as a good choice for giving when the original purpose of the policy, such as mortgage protection, is no longer relevant, the policy is paid up, or you can continue to make payments, and there is a high cost basis or replacement value for the policy.

Questions?

Contact our development director, Eileen Floyd.  You can e-mail her at efloyd@prescotthabitat.org or can reach her by phone at 928.445.8003.  Please let us know if you have made a legacy gift to PAHH.

Our Impact This Year

  • Volunteer Hours

    250

  • Dollars Raised

    $10000

© 2019 Prescott Area Habitat for Humanity

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