Click here to read a Q&A on bequeathing a gift to Horizons.
You can also name Horizons for Homeless Children as the beneficiary of your retirement account following your death, which can create a double tax benefit. First, just like bequests under a will, portions of a retirement account passing to charity are not subject to estate taxes. Second, there can be substantial income tax savings. Traditional retirement benefits left to family members are subject to income tax when withdrawn by them, meaning that they receive only a portion of the value of the account. Traditional retirement benefits left to charity, however, are not subject to income tax, which allows the charity to keep 100% of the funds. You can benefit Horizons for Homeless Children in this way by updating the beneficiary designation of your retirement account. The beneficiary designation is a document separate from a person’s will and generally is available from the retirement plan’s administrator or custodian.
If you already have a will, we provide sample language that can easily be given to your attorney to add (outlined below). If you have not yet prepared a will, your attorney can simply incorporate bequest language as a part of the drafting process, using the sample language we provide. A bequest can also be easily incorporated into a revocable living trust.
If your circumstances change, your lawyer can edit your will upon your request.
You’re in Control
If you want to make a significant gift now, but are not currently in a position to draw upon resources you may need in the years ahead, a bequest allows you to make a gift to support Horizons for Homeless Children while preserving your financial security during your lifetime.
Tax laws change over time and you should continue to consult a financial planner or professional. It’s important to note that a bequest to Horizons for Homeless Children may result in a deduction against your taxable estate, reducing the amount of estate taxes that your estate may have to pay. As noted above, naming Horizons for Homeless Children as the beneficiary of your retirement can save income taxes as well as estate taxes.
We are honored that you are considering making a planned gift to Horizons for Homeless Children. Your commitment to helping families with young children who are experiencing homelessness will have an impact for years to come. Once you have arranged a bequest, please let us know, so we can thank you and make sure your wishes are appropriately fulfilled.
If you have already included Horizons for Homeless Children in your estate plans, please let us know so that we can properly thank you and recognize you and your generosity.
Questions? Please contact Tara Spalding at Tspalding@horizonschildren.org.
I give, devise, and bequeath to Horizons for Homeless Children or its successor thereto, (TAX I.D. 22-2915188) a non-profit organization located in Boston, MA,
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.