INCLUDING MAKE-A-WISH IN YOUR WILL
INCLUDING
MAKE-A-WISH IN YOUR WILL
Please seek professional counsel in preparing any of the documents listed here. If you are interested in or have questions regarding the legal or tax implications of any of these giving opportunities, feel free to call us at (505) 888-9474. We will be happy to refer you to one of the many professionals associated with the Make-A-Wish Foundation of New Mexico.
You should first take care of those individuals who are central in your life, your family, friends, and others close to you. After that, you may want to make bequests in your will to help support the work of the Make-A-Wish Foundation of New Mexico.
Include an explicit request of an amount of money or specific property (stocks, bonds, etc.) to the Make-A-Wish Foundation using the following clause:
“I give to the Make-A-Wish Foundation of New Mexico, Inc., the sum of _____dollars (or describe the specific property you intend to bequeath.)”
Include a percentage bequest of your estate using the following clause:
“I give to the Make-A-Wish Foundation of New Mexico, Inc.,_____percent of my estate, both real and personal property of whatever kind and wheresoever situated.”
Include a residual bequest from the remainder of your estate once you have made all your specific bequests using the following clause:
“I give to the Make-A-Wish Foundation of New Mexico, Inc. all (or____%) of the residue of my estate, both real and personal property of whatever kind and wheresoever situated.”
Include a contingent bequest should one or more named beneficiaries not survive you, using the following clause:
“If any of the above-named beneficiaries should predecease me, I hereby bequeath his/her share of my estate to the Make-A-Wish Foundation of New Mexico, Inc.”
Include a life income bequest whereby after your death, income is paid to another individual for his/her lifetime. After that individual’s lifetime, the Make-A-Wish Foundation of New Mexico will receive the principal. This type of bequest is often set up to provide for elderly parents, family members or friends in special circumstances.
“I give to _________________ all of my right and interest in the following property, __________, for and during his/her lifetime, and upon his/her death, I give said property to the Make-A-Wish Foundation of New Mexico, Inc.
Revocable (or “Living”) Trusts
A Revocable Trust offers a good way for you to manage property and income during your lifetime. You are allowed to change or cancel this type of trust at any time. You can also list the Make-A-Wish Foundation of New Mexico as a beneficiary of your trust, just as in a will.
Irrevocable Trusts
Irrevocable
Trusts offer considerable tax advantages but cannot be changed after
the establishment of the trust. Through a Charitable Remainder
Unitrust or Charitable Remainder Annuity Trust, you will receive
annual income at a fixed rate or percentage. At your death, the
Make-A-Wish Foundation of New Mexico or other designated charity
receives the principal. Additional tax deductible contributions may
be made to the Unitrust.
Through a Lead Trust the annual
income is paid to a charitable organization such as the Make-A-Wish
Foundation of New Mexico for a set number of years. After that, the
assets of the trust revert to you or to the other beneficiaries of
the trust. If the assets of the trust appreciate in value over the
years, this increase is passed on to the trust beneficiaries without
any gift or estate tax.
Life Insurance Policies
Gifts of life insurance can provide a large gift at a minimum cost.
You may have purchased a life insurance policy that is now fully paid-up. By transferring ownership and beneficiary status to the Make-A-Wish Foundation of New Mexico, you can receive an immediate income tax deduction and make a significant gift to the Foundation.
You may decide to include the Make-A-Wish Foundation of New Mexico as a beneficiary of a life insurance policy that you already have. To do this, you will need to contact your insurance company and formally assign beneficiary status to the Make-A-Wish Foundation of New Mexico.
You may wish to purchase a new insurance policy naming the Make-A-Wish Foundation of New Mexico a beneficiary or co-beneficiary. This is a convenient way of making a much larger gift than its cost to you.
Savings Accounts and Certificates of Deposit
One
of the most convenient ways to benefit the Make-A-Wish Foundation of
New Mexico is through your savings plans, including savings accounts,
certificates of deposit, and other savings arrangements. All you
need to do is make the Make-A-Wish Foundation of New Mexico the
paid-on-death recipient of the account.
This is not a
permanent arrangement. At any time, you can withdraw the money,
change the survivor designation or close the account, thereby
revoking the arrangement. The Make-A-Wish Foundation of New Mexico
has no claims whatsoever to the account except upon your death.
You
remain in complete control of the account. The amount of the account
is deductible from your estate taxes. The gift will pass immediately
to the Make-A-Wish Foundation of New Mexico at the time of your death
without any delay or expense to your estate.
Please
seek professional counsel in pursuing these giving opportunities. If
you are interested in learning more about how you can contribute to
the Make-A-Wish Foundation of New Mexico, please call us at (505)
888-9474. We will be happy to talk with you personally, or refer you
to one of the many professionals associated with the Make-A-Wish
Foundation of New Mexico.
Your Donations are Tax-Deductible
The Make-A-Wish Foundation of New Mexico is exempt from Federal Income Tax under Section 501(c)(3) of the IRS Code. Check with your tax advisor regarding your personal deductions for gifts of cash, mileage, goods and services.
Frequent Flyer Miles
Many times, when Make-A-Wish children wish “to go” some place special – like Disney World or to see a pro football game or the filming of a movie in another state – the Foundation is able to use frequent flyer miles to send them there, rather than paying cash for the airline tickets. Unfortunately, donations of these airline miles have slowed dramatically in the last few months and the “pool” of miles for their use is quickly drying up. This is resulting in a dramatic increase in wish costs to the Foundation. If you have Frequent Flyer Airline Miles that you aren’t using, please consider donating them to Make-A-Wish. It’s easy to do…and your contribution can make a world of difference to some very special New Mexico children!
Memorial and Honorary Gifts
A gift to the Make-A-Wish Foundation, including through a will or a trust, may be made in the name of someone who has died or in honor of a person who is still living. Birthdays, anniversaries, retirements, holidays, or other special occasions offer excellent opportunities to honor someone in a special way by sending the Make-A-Wish Foundation a contribution in their name. The person or family honored will receive a card signifying this special tribute.
Kids for Wish Kids
The Kids for Wish Kids program enables students of all ages to create and manage fund-raisers. Along the way, students experience the joy of giving by helping to make wishes come true. They gain the valuable knowledge that even kids can make a difference in somebody’s life!
Wishmakers at Work – Matching Gifts
Employers often have matching gift programs. Through them, an employer or corporation will make a contribution equal to any you make to the Make-A-Wish Foundation of New Mexico – thus doubling the amount Make-A-Wish receives because of your gift. Consult your employer to see if you can take advantage of this simple but excellent way of supporting the work of the Make-A-Wish Foundation of New Mexico. Employee groups can also join together and design a fund-raising event or campaign on our behalf. Tap the creative talents of your co-workers and have a craft show, raffle, or golf tournament.
Online Shopping
Supporting the Make-A-Wish Foundation of New Mexico just got easier and a lot more fun! Now you can shop online for products you need – everything from books and toys, to specialty foods and clothing – from retailers you’ve grown to trust, with up to 15% of every purchase benefitting the Make-A-Wish Foundation of New Mexico. Through the Make-A-Wish shopping village, provided by GreaterGood.com, you can shop such reputable retailers as Amazon.com, ToysRUs.com, L.L. Bean, REI, Priceline.com and OfficeMax.com, while helping to grant wishes to children with life-threatening illnesses. The prices are the same as if you purchased them directly through the retailer! Check it out! What a great way to make a difference! Helpful Hint…. When indicating your charity of choice, be sure to specify the New Mexico Chapter of Make-A-Wish!
Retirement Plans
You may designate the Make-A-Wish Foundation of New Mexico as the final beneficiary of a company pension or profit-sharing plan or a private fund such as the IRA, Keogh, or tax-sheltered annuity. If you’re over age 59, you may find it advantageous to make an annual charitable gift from your retirement plan to receive a tax-deduction and save yourself and your heirs costly income and estate taxes. This may be especially attractive if you’re over 70 and are required by law to begin withdrawing these retirement funds.
Charitable Gift Annuities
The Charitable Gift Annuity offers a way to make a significant gift to the Make-A-Wish Foundation of New Mexico while continuing to provide for your future. In exchange for making a gift of cash, securities or property, you and/or the person you designate will receive fixed payments for life. In addition, your gift qualifies for a charitable tax deduction and a portion of your annuity income is tax-free. Your annual payment depends upon the value of the gift and the age of the income beneficiary(ies) when the gift is made.
Securities
Publicly traded securities (stocks, bonds, etc.) may be transferred to the Make-A-Wish Foundation of New Mexico and may entitle the donor to an income tax deduction for the full market value of the securities, while avoiding capital gains tax associated with the sale of appreciated securities. If you transfer title of appreciated securities to the Make-A-Wish Foundation of New Mexico, you will not owe any capital gains tax.
Our Own Wish List
We are proud of the fact that more than 91% of every dollar raised goes directly to support the cost of our children’s wishes. This is thanks to caring folks like you who donate the following items to our office:
Postage Stamps • Copy Paper • Disposable Cameras • Large Envelopes • File Folders Film Developing Services • Pre-paid Phone Cards • Professional Photo Services • Volunteer Time