By planning now to include our local Friends of the Hunt Hill Sanctuary, Inc. in your estate, you may be able to make a bigger difference at Hunt Hill without having to come up with funds immediately.
After taking care of your loved ones, here are some other options available to help you leave a legacy for environmental protection and education:
- Beneficiary Designations– Consider including the Friends of Hunt Hill Audubon Sanctuary as a beneficiary in your will or to receive assets such as retirement plans and life insurance policies after you’re gone. You simply fill out a form that is entirely separate from your will, which makes the process an easy way to give.
- Considering giving your IRA to loved ones? Think carefully! When you name anyone other than your spouse as beneficiary of your IRA, it will be exposed to heavy taxation, leaving less for your heirs. Upon your death, the income tax bill can take as much as 39.6 percent. If you’ve thought about donating to Hunt Hill, consider giving IRA assets to us and giving other assets that are not as heavily taxed to family members. As a nonprofit organization, we are tax-exempt and so we receive 100% of your IRA contribution. To get the process started: 1) Decide what percentage you want to give to FOHHAS. 2)Contact your IRA administrator for a change-of-beneficiary form. 3) Name Friends of Hunt Hill Audubon Sanctuary and the gift percentage on the form. 4) Return the form to your IRA administrator. 5) Let us know about your plans so we can thank you (we do honor anonymity).
- Donate land with a retained life estate clause that would allow you to live on the property as long as you wish. Check with your tax adviser or attorney for possible tax advantages – for property taxes, capital gains taxes, and charitable donation tax deduction.
- Living trusts – giving ownership of assets, but keeping your rights to the assets while you’re still alive.
- Donate stocks or other securities.
- IRA Rollover – if you are age 70 1/2 or older, you can give up to $100,000 from your IRA directly to a qualified charity such as Hunt Hill Audubon Sanctuary without having to pay income taxes on the money. The law permitting this type of gift, called an IRA rollover, no longer has an expiration date, so this is a great way to give annually. The transfer does not generate taxable income or a tax deduction, so you still benefit even if you don’t itemize your tax deductions. If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
The information on this website is not intended as legal or tax advice, please check with an attorney or tax adviser for their professional guidance for your situation.