Gifts That Cost You Nothing Now
Once your family and loved ones are provided for, consider giving a gift for Lollypop Farm in your will or trust or by beneficiary designation. These gifts cost you nothing now. You can change your beneficiaries at any time. Even better, your love for animals will be your lasting legacy. Please let us know if you’ve included a gift for Lollypop Farm in your will or trust or by beneficiary designation. Providing us with documentation is the best way to ensure that you wishes are honored.
Gifts in a Will
Here are the more popular ways to leave a gift for Lollypop Farm:
General Gift
Residual Gift
Specific Gift
Provides a specific dollar amount or stated fraction of your estate or a specified gift in kind (collections, art, books, jewelry, and so on).
Contingent Gift
Provides a stated share of your estate, only if a spouse, family member or other beneficiary does not survive you.
Gifts by Beneficiary Designation
A gift by beneficiary designation is one of the easiest gifts to give. It costs you nothing now. It doesn’t require an estate plan or a lawyer. And you can change your beneficiaries at any time. You can name Lollypop Farm as a beneficiary of your retirement account, life insurance plan, bank account, or other assets. It’s as simple as requesting a change of beneficiary form from your plan administrator and adding Lollypop Farm as a full or partial beneficiary. Forms are often available online.
Retirement Plan
Most retirement assets, including 401(k)s and IRAs, are among the most heavily taxed, making them an ideal opportunity for charitable giving once you no longer need the assets.
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Consider making Lollypop Farm a beneficiary of your retirement assets and leaving other less-heavily taxed assets to loved ones. Income taxes to your beneficiaries on retirement assets can be as high as 37%. This means, for example, that a $100,000 IRA will be worth only $63,000 when it gets to your loved ones. Naming Lollypop Farm as a beneficiary of your retirement assets generates no income taxes. Lollypop Farm is tax exempt and eligible to receive the full amount, bypassing any income taxes. This means, for example, that a $100,000 IRA given to the Humane Society will be worth the full $100,000. Contact your plan’s administrator to specify The Humane Society of Rochester and Monroe County PCA, Inc., as a beneficiary. Our Federal Tax ID Number is 16-0743047.
Life Insurance Plan
A gift of life insurance is an affordable way to support Lollypop Farm while also enjoying tax savings during your lifetime.
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- A significant gift at a fraction of the value.
- Easy to set up with beneficiary designation.
- Tax savings can be immediately realized.
- Your donation could reduce final taxes of your estate.
- Insurance gifts pass outside of the state.
CDs, Bank Accounts, and Brokerage Accounts
Naming Lollypop Farm as the beneficiary of a certificate of deposit, a checking or savings bank account, or a brokerage account is one of the easiest ways to care for and protect animals for years to come.
Donor Advised Fund Residuals
Final distribution of contributions remaining in a Donor Advised Fund is governed by the contract you completed when you created your fund. We hope you will consider naming Lollypop Farm as a “successor” of your account. Or, you can name Lollypop Farm as the successor for a portion of the account value, leaving the remaining portion for your heirs to continue your philanthropic legacy.
As with all gift planning, you should consult with your tax advisor and lawyer to determine what planned gift strategy is best for your current tax situation and income requirements. Consulting estate-planning professionals will help ensure that your wishes to make a lasting impact will be fulfilled.
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Cathie Wright, CFRE
Vice President of Donor Relations
Donate with confidence! Lollypop Farm, the Humane Society of Greater Rochester, is registered as a 501(c)(3) non-profit organization. Contributions to Lollypop Farm are tax-deductible to the extent permitted by law. The tax identification number for The Humane Society of Rochester and Monroe County PCA, Inc. is 16-0743047.
The content found on this site is general in nature and intended to be used for informational purposes only. It should not be relied upon as legal, tax, accounting or other professional advice. To determine how a gift or estate planning decision might affect your particular circumstances, it is expressly recommended that you consult an attorney, financial advisor or other qualified professional.