By including Missouri Forget-Me-Not Horse Rescue and Sanctuary (MFMN) in your will you will be able to continue providing a second chance for abused and unwanted horses. You can make your bequest for a specific dollar amount, a percentage of your estate or specific assets from your estate. Bequests, like other gifts, can be designated for many purposes or given without restriction.
Your first step, once you decide to leave a gift, is to contact your attorney or estate planner to help you draw up your will.
There are three main types of bequests: percentage, residual and specific.
The Percentage Bequest is a bequest of a certain percentage of your estate or of another asset. You designate that a specific percentage, anywhere from 1 to 100% of your estate, is left to MFMN. The greatest advantage of this structure is that, as your estate increases in value over time, your gift will keep pace and your support for the horses will grow.
The Residual Bequest is a bequest of all or a portion of the remainder or residue of your estate after specific and other bequests have been distributed. By naming Missouri Forget-Me-Not Horse Rescue and Sanctuary as the beneficiary of this residue, you simplify the probate process and ensure that the remainder of your estate is allocated to care for rescued horses.
The Specific Bequest is a bequest for a specific item or dollar amount.
Other Planned Giving Options
A Charitable Lead Trust is a gift of income from trust assets for a specified period of time. After the trust terminates, the trust principal is returned to the donor or his/her family.
A Charitable Remainder Trust holds and invests assets in such a way that income is paid out to the donors. After the trust terminates, the “remainder” of the principal amount in the trust is distributed to MFMN. These types of trusts are 1) Annuity Trust where payments are a stated percentage of the value of the principal when the trust is established and do not change. 2) Unitrust where payments are a stated percentage of the trust’s principal, based on its value as determined annually. the value of the payments increase or decrease along with the principal value of the trust.
A Gift Annuity is a contractual agreement between the donor and MFMN. In exchange for a gift to our organization, MFMN agrees to pay a fixed annuity to the donor each year as long as he/she lives. The annuity is a percentage of the gift and is based upon the donor’s age. A portion of each annuity payment is a tax-free return of the principal. A gift annuity can be funded with cash or securities. With a Deferred-Payment Gift Annuity, donors receive a more attractive gift annuity rate by making the gift today and deferring the annuity payments to some date in the future. The longer the deferral period, the greater the annuity rate and the charitable income tax deduction.
The Gift of Life Insurance naming Missouri Forget-Me-Not Horse Rescue and Sanctuary as owner and beneficiary of a paid-up life insurance policy entitles the donor to a deduction equal to his/her cost basis in the policy, or its replacement cost whichever is less. A gift of a policy that has not been fully funded provides an income tax deduction approximately equal to the policy’s surrender cash value. Continued payments by the donor to cover the cost of premiums are deductible to the donor for income tax purposes.
Retained Real Estate is a property such as a personal residence or farm and when given to MFMN the donor retains the right to live in or use the property for life. Upon the death of the donor, the property passes to MFMN.
Retirement Plan Designation names Missouri Forget-Me-Not Horse Rescue and Sanctuary as beneficiary of a retirement plan and will provide an estate with a charitable estate tax deduction and avoid income tax on the appreciation in the plan. Further, using a retirement plan to fund a Charitable Remainder Trust provides an income stream to MFMN for a term of years; after that time, the principal can be distributed to MFMN.
Gifts of Securities are non-cash gifts of stocks certificates. Your financial services provider would transfer the certificate(s) to MFMN's security account at which time, once the process is completed, MFMN will have the options to keep the stock active or sell it for cash value.
Gifts-in-kind are donations of assets other than cash. These might include items such as stock, real estate and equipment. Gifts-in-kind, other than publicly traded securities, must meet specific requirements regarding tax benefits and deduction limitations.