You might find that donating the VIC through your will or other estate planning documents will satisfy your desire to help the VIC achieve some of your estate planning goals; such a gift is commonly referred to as a “bequest.” Sometimes it is possible to make a bequest that would not have been feasible during the donor’s lifetime.
Some of the more common bequest methods are:
General Monetary Bequest
This is simple; you are just leaving the charity a specified dollar amount: For example: "I give $__________ to the New Mexico Veterans Integration Centers, a New Mexico non-profit corporation, 1301-1 Ortiz Dr. SE, Albuquerque, NM 87108, to be used for its tax-exempt purposes."
Specific Property Bequest: This is if you want to give to the charity specific personal property or real estate: For example: "I give [here describe the property, including a legal description of the property is real estate] to the New Mexico Veterans Integration Centers, a New Mexico non-profit corporation, 1301-1 Ortiz Dr. SE, Albuquerque, NM 87108, to be used for its tax-exempt purposes."
This is used to give the charity all or a portion of your residuary estate (whatever is left after other bequests, e.g., to your relatives, and after estate obligations have been paid). For example: "I give the rest of the property [or __% of the property] I own at my death to the New Mexico Veterans Integration Centers, a New Mexico non-profit corporation, 1301-1 Ortiz Dr. SE, Albuquerque, NM 87108, to be used for its tax-exempt purposes."
Designated Beneficiary Fund
This is one of the various methods for making a substantial contribution (usually $10,000 or more) to provide long-term support to a charity. A one-time bequest would typically be absorbed into the charity's budget in the year given, whereas a Designated Beneficiary Fund would donate every year, based on income from the original contribution, in perpetuity (for so long as the charity exists). We suggest working with the Albuquerque Community Foundation if you would like to explore this option; the Foundation has the staff and expertise to manage such a fund for the benefit of the VIC, as it does for several other non-profit organizations.
If you are interested in making a bequest to the VIC, please consult with your estate planning professional to consider the various methods to best achieve your tax and estate planning goals. The VIC CEO can provide you and your estate planning professional with any VIC information you might require to complete this gift.