Leave A Legacy
There are many different ways to leave a legacy that will support our mission for years to come. Some examples are wills and bequests, and gifts of real estate, retirement assets, and appreciated stock.
Including Gospel Rescue Mission in your Estate Plans
Making a bequest in your will, living trust, or with a codicil is an excellent way to support the mission and programming of the Gospel Rescue Mission. Making a gift by bequest allows you to continue to use any property you would leave to charity during your lifetime, while still leaving a lasting legacy that will help bring those facing challenges from Homeless to Wholeness.
Specific Bequest
A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or a specific ammount like $10,000 to Gospel Rescue Mission.
Percentage Bequest
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Gospel Rescue Mission.
Residual Bequest
A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the remainder of your estate to Gospel Rescue Mission.
Contingent Bequest
A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Gospel Rescue Mission.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
To make a bequest, you should speak with your attorney, who can help you include Gospel Rescue Mission in your estate plan. We have provided some basic bequest language to assist you.
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _ and No/100 dollars ($DOLLARS) to Gospel Rescue Mission, a nonprofit organization located at 4550 S. Palo Verde Rd., Federal Tax ID #86-6054088, for the Gospel Rescue Mission’s general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Gospel Rescue Mission, a nonprofit organization located at 4550 S. Palo Verde Rd., Federal Tax ID #86-6054088, for the Gospel Rescue Mission’s general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Gospel Rescue Mission, a nonprofit organization located at 4550 S. Palo Verde Rd., Federal Tax ID #86-6054088, for the Gospel Rescue Mission’s general use and purpose.
Percentage Bequest
If you are considering making a bequest of a percentage of your estate to Gospel Rescue Mission, 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 Gospel Rescue Mission, a nonprofit organization located at 4550 S. Palo Verde Rd., Federal Tax ID #86-6054088, for Gospel Rescue Mission ’s general use and purpose.
Residual Bequest
I hereby give, devise and bequeath to Gospel Rescue Mission, a nonprofit organization located at 4550 S. Palo Verde Rd., Federal Tax ID #86-6054088ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Gospel Rescue Mission’s general use and purpose.
Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Gospel Rescue Mission, a nonprofit organization located at 4550 S. Palo Verde Rd., Tucson, AZ 85714, Federal Tax ID #86-6054088, DESCRIPTION OF PROPERTY to be used for Gospel Rescue Mission’s general use and purpose.
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney or estate planner to help you identify ways to meet your charitable objectives. We will also work with you to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney or estate planner include the following provision to give Gospel Rescue Mission flexibility should it no longer be possible for Gospel Rescue Mission to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Gospel Rescue Mission, it shall become impossible for Gospel Rescue Mission to use this bequest to accomplish the specific purposes of this bequest, the school may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please contact us if you have any questions about how to make a bequest or to request additional information that might be helpful to you and your attorney or estate planner.
Legal Name: Gospel Rescue Mission
Address: 4550 S. Palo Verde Rd., Tucson, AZ 85726-8813
Tax ID: 86-6054088 QCO Code: 20311
If you have included a bequest for Gospel Rescue Mission in your estate plan, please contact us to let us know. We would like to thank you and recognize your gift.
For more information on estate planning and planned giving, please contact Dana Cooper at [email protected].
As with all estate (and tax) planning, please consult a professional. Individual financial circumstances will vary and information on this site does not constitute legal or tax advice.