Planned Giving

Planned giving can provide you with tax benefits while simultaneously helping the horses. Through a planned gift, you may be able to increase your current income or provide additional retirement income while reducing your income tax and estate taxes. These are just a few of the options that are available. We encourage you to talk to a financial planner, attorney or tax accountant to see how you can not only give to the horses but also protect your estate.

Through planned giving, you will give a gift that allows for hope, growth and the ability for Central Virginia Horse Rescue to make a difference to so many horses. We do hope that you will consider Central Virginia Horse Rescue in your plans for it is your generosity that the horses depend.

Giving through Wills and Living Trusts

Giving through your will can be a convenient way to leave a lasting legacy. After first providing for your loved ones, you may decide to make a charitable gift of a specific amount, a percentage of your estate, or all or part of what remains after family and/or friends have been remembered.

Giving through a living trust is another idea to consider. Many make use of trusts created during life to provide for the management and future distribution of assets, then, at the termination of the trust, direct that a portion of the remaining assets be used for charitable purposes. A simple amendment can be all that is required to make a gift in this way.

Giving through Life Insurance

The need for life insurance can change as life progresses. You may have a life insurance policy that was purchased to pay taxes but is no longer needed for that purpose. Or perhaps you have a policy that was meant to provide for your children, but they are now self-sufficient.

You can name Central Virginia Horse Rescue to receive all or a portion of the policy proceeds that are no longer needed for their original purpose. You could also transfer ownership of an existing policy on which premiums are still being paid, or purchase a new policy naming the Rescue as the charitable beneficiary. In either case, future premiums can be tax deductible.

Giving Retirement Plan Remainders

Are you aware that funds remaining in your IRA or certain other retirement accounts could be subject to estate taxes in the future along with other assets? And did you know that, unlike other assets, after payment of estate taxes your loved ones may also be liable for income tax on those amounts? The combined impact of estate and income taxes can in some cases absorb a large portion of retirement assets left to loved ones.

That is why many choose to use retirement funds to make charitable gifts through their estates and leave other, less heavily taxed assets to heirs. A gift of this type can usually be accomplished by completing a relatively simply change of beneficiary form, available from your plan administrator.

Giving through Bank and Brokerage Accounts

Bank accounts or certificates of deposit may be used to provide for charitable interests through what are known as Pay on Death (P.O.D.) or Transfer on Death (T.O.D.) instructions. These accounts can be titled so that whatever remains becomes a gift to charity. Check with your bank officer for details. In most states, brokerage accounts may also be left to heirs or charitable interests through similar provisions.

Giving Securities

If you own stocks, mutual funds, or other securities that yield little income but are worth more than you paid for them, you may want to consider using them to make your charitable gifts. Giving securities can result in maximum tax savings with little or no effect on your spendable income. When you give securities that have increased in value and you have owned for longer than one year, you are entitled to an income tax charitable deduction for their full value, not just their original cost. You also do not have to pay the capital gains tax that would have been due if you had sold the property.

For more information

Cynthia Smith Central Virginia Horse Rescue 389 Boydton Plank Road Brodnax, VA 23920



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