As Knoxville Habitat for Humanity begins its 25th year of service in the Knox County community, we look back with great pride on our accomplishments during that quarter century. We will pass 400 homes built and more than 1,400 adults and children who have achieved homeownership in that period.
But we are also looking forward and establishing strategic parameters for our “long term” fiscal health and the future of our core mission. One key element of that is estate planning.
As we mentioned in our last newsletter, there are many ways in which you can support Knoxville Habitat for Humanity through the structure of your estate. Although we will explore a few of the more complex and sophisticated options in future e-newsletters, this issue will review the simplest: a direct bequest to the organization in your Last Will and Testament.
This option has the advantages of enabling you to:
- Choose the designee beneficiary, e.g., Knoxville Habitat for Humanity;
- Determine the timing of the bequest, e.g., immediately or on a timetable created by you; and
- Structure the bequest as an unrestricted gift (i.e., one that can be used by the beneficiary as it sees
fits in the pursuit of its mission) or a restricted gift (i.e., one in which you determine exactly where
the resources should be used).
As an example of a restricted gift, you may wish for your bequest to be directed towards Habitat houses built in a specific area of Knox County or used in collaboration with a traditional Covenant Partner (e.g., your church or company), thereby doubling the impact of your bequest.
Through your Last Will and Testament, your bequest does not have to be in the form of cash. It can be your house or other real property, stocks or other securities, or any other transferable asset. Your legal advisor and financial advisor can help you identify the assets available to you for the purposes of such a bequest.
We have begun the planning for a free “Lunch and Learn” seminar this spring to discuss the basics of estate planning. If you would be interested in participating, or if you have any questions about estate planning before that time, please contact Archie Ellis at 865-523-3539 for more information.