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.
Here are the more popular ways to leave a gift for Lollypop Farm:
A general gift in will provides a gift of a stated sum of money in your will or living trust, typically personal property or assets.
A residual gift in will provides a percentage of the remainder of your estate after other bequests, debts and taxes have been fulfilled.
A specific gift in will provides a specific dollar amount or stated fraction of your estate or a specified gift in kind (collections, art, books, jewelry, and so on).
A contingent gift in will provides a stated share of your estate, only if a spouse, family member or other beneficiary does not survive you.
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. 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 35%. This means, for example, that a $100,000 IRA will be worth only $65,000 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. Benefits include:
- 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.
If you have questions, please contact Cathie Wright, CFRE at 585-223-1330 ext.245 or email@example.com