Estate Gifts for the Tacoma Rescue Mission
How Do I include the Mission in my will?
Some of the greatest improvements in the history of the Tacoma Rescue Mission have resulted from being remembered in the estates of longtime Mission donors. It's a fact that most of us will be able to give more upon our passing that we can give now. And what better a legacy than to help people in need? When you create or revise your will, you should obtain the assistance of an attorney. The Executive Director is available to work with you and your attorney to discuss how you can include the Mission in your estate plans.The following are examples of language that can be included in a will for various types of charitable bequests:
Specific Bequest: "I give (amount of $) OR (all my right title and interest in the following described property...) to the Tacoma Rescue Mission, a Washington nonprofit corporation, to be used in such manner as the Board of Trustees of said Mission shall in its discretion determine," (or state gift condition).
Residuary Bequest: "I give the residue of my estate to the Tacoma Rescue Mission, a Washington nonprofit corporation..."
Proportional Bequest: "I bequeath (a stated fraction of my estate) to the Tacoma Rescue Mission, a Washington nonprofit corporation..."
Contingency Bequest: Insert the contingency language in one or more of the above provisions. For example:
"In the event that (name of spouse, child) shall not survive me, then I give the same to the Tacoma Rescue Mission, a Washington nonprofit corporation..."
Gift or Bequest of Charitable Remainder Trust: A trust establish by will or separate agreement would state:
"Upon the death of (name of spouse, child), the trustee shall distribute all of the then remaining principal and income of the trust, other than any amount due to (spouse, child), to the Tacoma Rescue Mission, a Washington nonprofit corporation..."
What about Securities and Stock?
Gifts of appreciated securities or stock can be one of the best and most advantageous ways of giving. If your gift of stock is one you have owned for more than a year, you may deduct the full fair market value of the stock as a charitable contribution, while bypassing all capital gains taxes.
How about Real Estate?
Real Estate is treated the same way as gifts of appreciated stock. If you have owned the property for longer than a year, you can deduct it as a charitable contribution at the fair market value of the real estate without paying capital gains tax.
Insurance?
Life insurance is a unique way to give to charity. To qualify, the Mission needs to become the owner and beneficiary. No incidents of ownership should be retained. If the policy is paid up, your charitable contribution is generally the replacement value or cost basis of the policy, whichever is less. Ongoing premiums paid on a gifted life insurance policy also qualify for charitable deductions.
Personal Property?
Gifts of tangible personal property related to the charity's exempt purposes are fully tax deductible at fair market value. Gifts of tangible personal property given to charity which are not related to its tax-exempt purposes are limited to cost basis for determining your tax deduction.Donations can be dropped off at the Donation Center at 425 South Tacoma Way, Monday through Friday, 9:00 a.m. to 4:00 p.m.
Questions about accepted donations may be directed to the Donation Center at 253 383-4493
Vehicles?
Have a vehicle you would like to donate? Contact Bob Kilmer @ 383-4493If you need any further help, or would like to donate in any of these ways, please contact or e-mail Sue Horgen (Finance Director) or David Curry (Executive Director) at 383-4462.