| Attention Tax Payers born before 1936
Have you considered giving an IRA to the Mission? Gifts of this type can help us to look gallantly into the future as we help rescue and restore Albuquerque's poorest men and women.
If you are 70 years and 6 months old or older you can now contribute up to one hundred thousand dollars directly from your IRA to the Mission without paying taxes on the money withdrawn.
This a direct help for donors who no longer itemize or have to exceed a percentage of their adjusted gross income in deductions in order to qualify for any deductions at all.
If you could benefit from this new tax savings opportunity and would like to make a big difference in changing the lives of thousands of homeless individuals in Albuquerque, please call Albuquerque Rescue Mission 505-346-4673.
Planned / Deferred Giving
Planned or deferred gifts enable you to provide meaningful support for the work of the Albuquerque Rescue Mission. These types of gifts generally provide favorable tax benefits and may provide you with a stream of income for life. Planned gifts are connected directly to your financial and/or estate plans.
Deferred gifts are given today, but the Mission will not realize their benefit until sometime in the future. There are a number of different types of planned and deferred gifts, some of which are outlined below. Consult your financial advisor, attorney or tax professional to see how these gifts might fit into your estate plans.
Wills (Bequests)
Gifts of Life Insurance
Gifts of Retirement Plan Assets
If you are interested in receiving information on any of these planned giving vehicles or have a question, please call at 346-HOPE (4673) for more information.
Planned Giving - Wills (Bequests)
The Lord has blessed the Albuquerque Rescue Mission with many thoughtful donors who have remembered the Mission in their wills. A bequest is made through a written and executed will; adding a bequest for the Mission can be done through a simple addition to the language or codicil such as the following:
"I give, devise or bequeath to the Albuquerque Rescue Mission, 525 Second Street SW, Albuquerque, New Mexico 87102, all (or state fraction) of the rest, residue or remainder of my estate, whether real or personal, to be used for its general purposes"
- or -
"I give to the Albuquerque Rescue Mission, 525 Second Street SW, Albuquerque, New Mexico 87102, the sum of _____ dollars to be used for its general purposes."
Charitable bequests to the Mission have several advantages: You can designate a bequest to the Mission in support of all of its programs and activities.
Bequests are deductible for estate tax purposes and may place your estate in a lower tax bracket.
Planned Giving - Gifts of Life Insurance
Gifts of life insurance provide donors with two options:
You can make the Albuquerque Rescue Mission the owner and beneficiary of an existing policy, which removes the policy from your taxable estate and earns you an immediate income tax deduction approximately equal to the cash value of the policy. Future premium payments are also tax deductible.
You can take out a new life insurance policy that names the Mission as the owner and beneficiary; all premium payments then will be deductible from your income tax as a charitable deduction.
Planned Giving - Gifts of Retirement Plan Assets
While tax-deferred assets from IRAs, 401(k)s, Keough plans, profit sharing plans, or 403(b) annuity plans are a great source of retirement income, they are not always the best gift you can provide for your loved ones. Without careful planning, estate and income taxes can consume as much as 75% of these funds, leaving little for your heirs. By designating Albuquerque Rescue Mission as the beneficiary of any remaining funds, you will reduce the tax burden for your heirs and have the satisfaction of knowing that you have provided a meaningful gift to the Mission.
Make your monthly giving simple by EFT or CCA
Electronic Funds Transfer and Credit Card Arrangement are the simpler ways to give your consistent financial support to Albuquerque Rescue Mission. By your designation and approval, your bank automatically withdraws the amount you specify and transfers it electronically to the Mission or your approved credit card donation is charged once a month. Popular amounts currently given per month are $15, $25, $35, or give whatever amount and frequency you desire. The process is simple and can make a huge difference in the lives of the poor.
Special Year End Gifts
These special year end gifts help insure that all of the people that come to the Mission can continue to receive the help they so desperately need. While all of the gifts that come to the Mission are tax deductible, there may be special tax benefits to making your gift before the end of the tax year. Please consult your tax advisor on the benefits of making a special year end gift to help bring hope to the poor and homeless at the Albuquerque Rescue Mission.
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