Legacy Builders

Frequently Asked Questions

If you have further questions about planned giving, please contact Maureen Parsons at mparsons@indyhabitat.org or 317.777.6140.

How can I make a planned gift to Greater Indy Habitat?
The most common way of making a planned gift is by designating Greater Indy Habitat for Humanity as a beneficiary in your will. There are several other options to create a legacy for Habitat. More gift options can be found here or contact us to set up a meeting to discuss the various options. Your attorney or financial planner may have suggestions that are best suited to your unique needs.

What is the difference between a bequest and a beneficiary designation?
A bequest is a gift that you make through a will or a revocable trust functioning as a will. A beneficiary designation is a gift you make by way of a contract. Life insurance policies, bank accounts, brokerage accounts, and retirement plans are examples of assets that pass by contractual beneficiary designations. If you don’t name a beneficiary for one of these contracts, or if the beneficiary designation is to someone who has predeceased you or from whom you have since been divorced, then the assets will go to your probate estate and pass by bequest. Probate can sometimes add costs and delay to estate administration.

What are the benefits of a charitable bequest?
You can make a gift that costs you nothing during your lifetime and keeps your assets under your control. You can change your bequest at any time if your circumstances change. Your bequest creates a legacy that will have an impact far into the future.

How do I benefit from a planned gift?
A planned gift enables you to create a legacy by supporting a charity for years to come.

How do my family and other loved ones benefit?
A planned gift can create potential savings on capital gains taxes or estate taxes, lessening the financial burden on your family and loved ones. For instance, a planned gift can reduce your estate tax liability. The assets that you transfer to Greater Indy Habitat for Humanity remain outside of your taxable estate.

How does Greater Indy Habitat benefit from a planned gift?
Your gift can make a transformative impact on Greater Indy Habitat for Humanity and creating more affordable housing solutions in our community now and in the future. We can assist you with the designation and provide suggested language for your will to ensure your gift is used how you intend.

How do I name Greater Indy Habitat for Humanity in my will?
To name Greater Indy Habitat for Humanity as a beneficiary in your estate plans, you can include the following language:

“I give to Habitat for Humanity of Greater Indianapolis, DBA Greater Indy Habitat for Humanity, a nonprofit corporation currently located at 3135 N. Meridian St, Indianapolis, IN 46208, or its successor thereto, [written amount/percentage and description] for its unrestricted charitable use and purpose. Greater Indy Habitat for Humanity EIN is 35-1715910.”

To make a specific bequest, please contact us for more details and language.

What are the benefits of a gift of retirement plan assets?
You escape the income and estate tax that will both be levied on the remaining balance of your retirement plan if you leave it to heirs. You can give us the most disadvantageously taxed asset in your estate and leave more favorably taxed property to your heirs. You can continue to take withdrawals from your plan during your lifetime. You can change the beneficiary if your or your family’s circumstances change.

How do I arrange a gift from my retirement plan?
Simply contact your IRA or retirement plan administrator and request a copy of the Change of Beneficiary Form. Use the form to designate our organization to receive all or a portion or the remainder of your plan’s assets.

How would my legacy gift be recognized?
All donors who make a planned gift become members of our Legacy Builders Society and are recognized in our annual community report. Donors can choose to be recognized anonymously for their gift. There are also additional opportunities for recognition based on donor’s intent and type of gift.

What is the difference between a revocable trust and irrevocable trust?
A revocable trust can be changed at any time by the grantor during their lifetime, as long as they are competent. An irrevocable trust usually can’t be changed without a court order or the approval of all the trust’s beneficiaries. This makes an irrevocable trust less flexible.