Planned Giving

Why Make a Legacy Gift?

The Better Housing Coalition was built on dreams of a brighter future for all residents of our region. We sat down with BHC’s Co-Founder Carter McDowell and President & CEO Greta Harris to learn how they became – and remained – involved in creating lasting change in their community. Click “play” to hear how BHC grew from a two-woman operation to the region’s largest non-profit Community Development Corporation.

Through a planned gift to BHC, you, too can create lasting change in your community.

Cornerstone Society

Mentioning the Better Housing Coalition in your will is an excellent way to leave a legacy and support our mission. Legacy donors automatically become members of BHC’s Cornerstone Society and receive special recognition in our publications and on our website.

How to Make a Planned Gift to BHC

There are many ways to leave a mark on your community. If you are considering making a bequest to BHC, please consult your attorney, who can help you include a bequest to the Better Housing Coalition in your estate plan.

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.

Below, we have provided some basic information regarding the types of bequests to consider, and language you may copy and use for each. You may copy the bequest language you prefer and paste it into a Word document to use in consultation with your attorney.

Types of Bequests

There are a number of ways you can make a bequest to the Better Housing Coalition:

I. 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, your home or $10,000.

Specific Bequest Language: If you are considering making an outright bequest to the Better Housing Coalition, we recommend the following language:

Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to the Better Housing Coalition, a not-for-profit corporation located in Richmond, Virginia, for the organization’s general use and purpose.

Bequest of Specific Personal Property
I hereby give, devise and bequeath (DESCRIPTION OF PROPERTY) to the Better Housing Coalition, a not-for-profit corporation located in Richmond, Virginia, for the organization’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 the Better Housing Coalition, a not-for-profit corporation located in Richmond, Virginia, for the organization’s general use and purpose.

II. Percentage Bequest

Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity; for example, 10% of your estate.

Percentage Bequest Language: If you are considering making a bequest of a percentage of your estate to the Better Housing Coalition, 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 the Better Housing Coalition, a not-for-profit corporation located in Richmond, VA, for the organization’s general use and purpose.

III. 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, 30% of the residue of your estate.

Residual Bequest Language: If you are considering making a residual bequest to the Better Housing Coalition, we recommend the following language:

I hereby give, devise and bequeath to the Better Housing Coalition, a not-for-profit corporation located in Richmond, VA, ALL or ___ percent (___ %) of the rest, residue and remainder of my estate for the organization’s general use and purpose.

IV. 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 the Better Housing Coalition.

Contingent Bequest Language: If you are considering making a contingent bequest to the Better Housing Coalition, we recommend the following language:

If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to the Better Housing Coalition, a not-for-profit corporation located in Richmond, VA, (description of property or asset) to be used for the organization’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 to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.

If you are making a restricted bequest, we recommend that your attorney includes the following provision to give the Better Housing Coalition flexibility should it no longer be possible for us to use your gift as you originally intended:

If, in the judgment of the Board of Directors of the Better Housing Coalition, it shall become impossible for the organization to use this bequest to accomplish the specific purposes of this bequest, the Better Housing Coalition 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 email Chris Hairston-White or call (804) 644-0546 x119 if you have any questions about how to make a bequest to the Better Housing Coalition, or to request additional information that might be helpful to you and your attorney as you consider making a bequest to us.

If you have already included a bequest for the Better Housing Coalition in your estate plan, please let us know. We would like to thank you and recognize you for your gift.

Better Housing Coalition is tax-exempt under 501 (c)(3) of the Internal Revenue Code.
The Federal Tax ID # for the Better Housing Coalition is: 54-1479059.

All gifts are tax-deductible to the extent allowed by law and will be acknowledged. Fiscal year ends Dec. 31. Thank you for your support. Questions? Call Chris Hairston-White at 804.644.0546 x119.