Planned Giving
Leave a Legacy by Planning Ahead
Consider naming Beauty’s Haven Farm and Equine Rescue, Inc. as a beneficiary in your will and be a savior and a hero to abandoned, neglected, and special needs sanctuary horses. Our Legacy Program was established to express gratitude to supporters who have made a commitment through a bequest. By including Beauty’s Haven in your estate plans, you can leave a legacy memorializing a lifetime of caring and compassion for horses.
Our rescue, rehabilitation and “Adoption for Life” efforts, combined with our sanctuary program and community outreach and education efforts, work together to create a more humane future for horses and to educate horse owners of tomorrow. Through planned giving to Beauty’s Haven, you can be certain that it will enable us to continue our most important mission of helping horses in need. You may even find that your generosity to the horses of Beauty’s Haven may actually provide some financial benefit, both now and in the future, by reducing income and estate taxes.
A Charitable Bequest is a distribution from your estate through your last will and testament which can be a specific dollar amount, a percentage of your total estate, the residual of your estate after other bequests are paid, or specific property such as stock, personal property, and/or real estate. It is revocable at any time prior to your death by simply changing your will.
Here are some of the types of bequests: percentage, specific, contingent, and residual.
Percentage Bequest
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 to100% of your estate, is left to Beauty’s Haven. An advantage of this type of bequest is that as your estate increases in value over time, your gift to for the horses will increase as well.
Sample language:
“I give, devise and bequeath to Beauty’s Haven Farm and Equine Rescue, Inc. (tax identification number 20-4783950), a charitable corporation organized under Florida law in 2006 and located in Morriston, FL, _______% of the rest and residue of my estate.”
Specific Bequest
The Specific Bequest is a bequest for a specific item(s) or dollar amount.
Sample language:
“I give and bequeath to Beauty’s Haven Farm and Equine Rescue, Inc. (tax identification number 20-4783950), a charitable corporation organized under Florida law in 2006 and located in Morriston, FL, the sum of $__________.”
Contingent Bequest
Sample language:
“If [name(s) of primary beneficiary(ies) does/do not survive me, or shall die within ____ days from the date of my death, or as a result of a common disaster, then I give, devise and bequeath to Beauty’s Haven Farm and Equine Rescue, Inc. (tax identification number 20-4783950), a charitable corporation organized under Florida law in 2006 and located in Morriston, FL, [beneficiaries’ shares of my estate, exact dollar amount, description of property, percentage of residual estate, etc.].
Residual Bequest
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 Beauty’s Haven as the beneficiary of this residue, you simplify the probate process and ensure that the remainder of your estate is allocated to help the horses.
Sample language:
“I give, devise, and bequeath to Beauty’s Haven Farm and Equine Rescue, Inc. (tax identification number 20-4783950), a charitable corporation organized under Florida law in 2006 and located in Morriston, FL, all or _____% of the rest, residue, and remainder of my estate.”
Other Planned Giving Options
Naming Beauty’s Haven 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.
Retirement Plan Designation names Beauty’s Haven 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 Beauty’s Haven for a term of years; after that time, the principal can be distributed to Beauty’s Haven.
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 Beauty’s Haven. These types of trusts are:
Annuity Trust where payments are a stated percentage of the value of the principal when the trust is established and do not change.
Uni-trust 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.
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.
Retained Real Estate is a property such as a personal farm or residence. When given to Beauty’s Haven, the donor retains the right to live in or use the property for life. Upon the death of the donor, the property passes to Beauty’s Haven.
Gifts of Securities are non-cash gifts of stocks certificates. Your financial services provider would transfer the certificate(s) to Beauty’s Haven security account at which time, once the process is completed, Beauty’s Haven 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 which might include items such as real estate, equipment, vehicles, and stock. Gifts-in-kind, other than publicly traded securities, must meet specific requirements regarding tax benefits and deduction limitations.
Speak with your financial advisor and/or attorney when deciding which type of contribution may be most beneficial to you and your family. If you include Beauty’s Haven in your plans, please use our legal name (Beauty’s Haven Farm and Equine Rescue, Inc.) and Federal tax ID number (20-4783950).