Legacy FAQ

Legacy Society's most frequently asked questions:

Is there a minimum amount I can donate?

There is no minimum. Every bequest, of any size, is significant for the future of NNV.

How do I make a Legacy Gift?

The easiest way to make a legacy gift to NNV is to designate Northwest Neighbors Village as a beneficiary of your bank or brokerage account, retirement or IRA account, or life insurance policy. If you wish to include NNV as a beneficiary in your will or trust, you may choose to make a gift of a stated dollar amount, a percentage of your estate, real estate or other specific property, or the remainder after distributions to your other beneficiaries. In doing so you leave a legacy to NNV and your community yet preserve and enjoy assets you might need during your lifetime. Making a gift from your IRA or retirement plan is often the most tax efficient way to leave a designated gift to a charity.

Do I have to use a lawyer to include NNV in my estate plan?

Many planned gifts – such as beneficiary designations on financial accounts – do not require a lawyer's involvement. For wills or trusts, it is advisable to seek legal counsel to make sure that your intentions are clearly and accurately stated. Your attorney will know what to do; it could be as simple as adding a brief codicil to your will or amendment to your revocable living trust. We recommend you consult your legal and tax advisors regarding your specific situation and what is best for you, your family and your financial future. Other alternatives such as a charitable remainder trust or a lead trust generally require an attorney's assistance.

Can NNV assist in my dealing with an attorney?

Northwest Neighbors Village can provide members with a list of local attorneys for you to contact for estate planning. Here is a sample codicil that you might discuss with your attorney:

"I bequeath the sum of _________ dollars [OR all of the rest, residue and remainder of my estate OR an amount equal to _____ percent of the net value of my residuary estate] to Northwest Neighbors Village, or its successor(s), Federal Tax ID ____ (please contact the NNV office for our Federal Tax ID by calling 202-935-6060), a charity currently located in the District of Columbia. It is my intent that this bequest be used for the area of greatest need at the time it is received [OR specify a specific purpose that you have discussed with NNV]."

What information will my attorney need?

Name: Northwest Neighbors Village, a 501(c)(3) non-profit corporation.
Federal Tax ID: Please contact NNV at 202-935-6060 or info@nnvdc.org
Mailing Address: PO Box 39135, NW Washington, DC 20016

Can my bequest to NNV be reversed?

Yes, your legacy gift is revocable at any point during your lifetime. You can also change your mind as to the amount of your gift at any time.

Does NNV require a copy of my will or trust?

While this is not a requirement, we welcome the opportunity to retain a copy of your information in our files for planning purposes. We do not need to know what legacy you are contemplating, and your gift may be anonymous if that is your preference.
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From an organizational perspective, we ask that you inform us of your intent or action through our Declaration of Intention form. This allows us to add your name to our NNV Legacy Society and increases our ability to let others know that you are a member of the NNV Legacy Society. Your actions may encourage others to consider joining the NNV Legacy Society.

What about taxes?

Assets distributed to NNV are exempt from estate and income tax. Please consult your attorney or tax advisor.

How might I be recognized?

NNV Legacy Society Members will be invited to a special annual event. With your permission, we would list your name on our website and in our newsletter with other NNV Legacy Society members.

What if I need more information?

Please call us at 202-935-6060, or send an email to info@nnvdc.org.
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You can complete our Declaration of Intent Legacy Gift Form (PDF download) to tell us about your intention or commitment to make NNV one of your beneficiaries.
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Review our sample estate planning language available via PDF download.

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