Planned Giving Opportunities
What is planned giving? Simply put, planned giving is giving wisely. There are several ways to give, and we want to help you find the best way you feel led. Whether you want to further the mission of Shining Hope Farms, or benefit now and in the future from tax breaks, there are ways for everyone to benefit, it just takes planning.
What is very important to note is that every gift begins with the heartfelt desire to give. As you review these giving options, think about the goal you have in mind. Think about the purpose and scope of the gift you would like to make and which offers the tax benefits that best fit your portfolio, and remember there are many resources available to help you achieve your gift giving and tax savings.
This list is designed to offer a brief outline to several different giving vehicles, or ways to give that can be customized to suit the individual giver, your estate, and maximize the impact of the gift you give.
A word of counsel, every gift is unique and has a unique set of circumstances. While we are here to help and have resources to assist you, you will want to enlist the help of your estate planner, CPA, and/or financial advisor to guide your specific best served avenue. No matter how you choose to sow into Shining Hope Farms, know that you will be a part of ensuring we positively impact future generations through your gifts and partnership and we are so thankful!
Become a part of Shining Hope Farms Hope Society
One of the most powerful ways to support Shining Hope Farms for generations to come, is through a gift in your will. Making a planned gift to Shining Hope Farms is a meaningful way to carry forward a legacy of helping those in our community with special needs. Estate gifts are personal and make a significant impact, and offer significant tax benefits; avoiding estate and income tax through your gift.
We take providing clinical therapies and therapeutic riding for those in need, seriously. By joining the Hope Society, you are part of a select group that wants to be a part of securing our impact on the community for the next 20 years and beyond.
Questions? Contact Patrice Gibson at email@example.com.
The information provided here is general in nature and not intended as legal advice. Shining Hope Farms recommends that you consult with an attorney or tax advisor to determine which giving opportunity is best for you.
Ways to Give
Naming Shining Hope Farms as a Beneficiary
One of the simplest ways to leave a charitable legacy to Shining Hope Farms is through a provision in your will. Regardless of your age or financial status, a will is essential to ensure that your property is distributed according to your wishes instead of the arbitrary laws of the state in which you live.
Bequests made through your will may take various forms such as:
- A percentage bequest that designates a percentage of the estate’s total value as a gift to the Farm.
- A specific bequest that directs a specific dollar amount pass to the Farm
- A residual bequest which directs that the Farm receive the remainder of the estate, or a portion of the remainder, after all expenses and other bequests have been completed.
- A contingent bequest which directs that the Farm receive all or part of your estate only under specific circumstances such as no surviving family members. (Example: If [insert family member name] is not living, on the 10th day after the day of my death, I give all the rest of the property I own at my death to Shining Hope Farms.)
A bequest to the Farm is not subject to Federal or estate taxes, and there is no limit on the amount of the deduction. Most importantly, your bequest to Shining Hope Farms will help ensure our ability to continue serving those in need in our communities in the future.
Attorney-recommended bequest language:
I leave [insert dollar amount or percentage] of my Residuary Estate to Shining Hope Farms (Federal Tax ID: 30-0067482), which is presently located at 328 Whippoorwill Ln Mt. Holly, NC 28120-9765, to be used for its general purposes, unless otherwise specified.
Stock is a wonderful non-cash gift option. By directly giving a gift of appreciated stock, you as the donor will avoid ALL capital gains tax AND state income tax on capital gains (because your stock gain will be subject to state tax that is treated as income). You as the donor will also receive a state and federal income tax deduction for the FULL present value of the stock.
Successor Interest of a Contract
In the event you are receiving payments from the sale of a business or real estate or are receiving royalties? You may be able to designate Shining Hope Farms as the successor interest to receive any payments that continue after your death.
There are many other powerful ways to combine continuing support for our Farms with tax benefits and income for you and your loved ones. Please consult with an attorney or tax advisor to determine which giving opportunity is best for you.
Charitable Remainder Trust (CRT)
Giving through a Charitable Remainder Trust allows the donor to receive income for the rest of his or her life and know that whatever remains will benefit Shining Hope Farms. There are different types of Trusts to accomplish this and all can be structured to accommodate the financial goals of the donor. As a rule, the donor first determines the amount of the gift, which can be cash, appreciated stock, real estate or other assets. An immediate charitable tax deduction is received for the charitable portion of the trust. The trust pays the beneficiary, which can be the donor, regular income payments. Upon the beneficiary’s death, the remaining assets of the trust transfer to the Shining Hope Farms Reserve Fund.
There is also what is known as “Give it twice.” This is where a designated portion or entire estate is put into a trust. Then income is distributed from the trust to family members for a designated period of time (usually 8-12 years). At the end of that time period, when the family member has received off the trust, the amount is usually equal to the value of the trust. The non-profit is the final beneficiary and the donor has in essence given both to his or her family as well as the organization of choice- hence- “giving twice.”
Gift of Insurance
A donor can name the Shining Hope Farms Reserve Fund as the beneficiary of a life insurance policy. This can be a paid-up policy or a policy requiring continued premiums. A tax deduction for the approximate cost or fair market value, whichever is less, will be received. If the policy is paid up, the tax deduction can be immediate. If not, continued tax deductions can be claimed on premium payments made directly or through gifts to the Fund. This giving tool works especially well for couples that may have purchased policies years ago with children in mind. Now, with those children as self-supporting adults, the policy may no longer have its original purpose. The purpose can be redirected and benefit Shining Hope Farms.
Gifts of Real Estate
Gifts of Real Estate Real Estate can be a means of fulfilling a goal to give a substantial gift to Shining Hope. In some cases a gift of real estate can help avoid estate taxes and minimize or eliminate burden placed on heirs. Charitable gifts of real estate range from personal residences and vacation homes to rental properties, farmland and commercially developed land. Once the gift is deemed acceptable, the gift can be directed to the Shining Hope Farms Reserve Fund or to a separate fund for the benefit of Shining Hope.
Naming Shining Hope Farms as a Beneficiary
If you have an insurance policy that is no longer needed for its originally purchased purpose, you may wish to change the beneficiary to Shining Hope Farms. This may enable you to make a significant gift to the Farm without using any of your estate’s capital.
Some assets, such as IRAs and other qualified retirement plans, do not pass directly through your will and require you to name a beneficiary. Consider making Shining Hope Farms a full or partial beneficiary. Such plans can be excellent choices for charitable giving because they are taxed more heavily than other assets. However, by making the Farm the beneficiary, the gift’s full value will pass to the Farm to be used to benefit those in need in the community. You will maximize the impact of each dollar in your plan and your impact on those we serve. Request a beneficiary designation form from your plan administrator and designate Shining Hope Farms as your beneficiary.
Another simple and relatively straightforward planned giving option is to buy a Certificate of Deposit (CD) at your local bank and name Shining Hope Farms as the beneficiary, payable-on-death. The CD can remain on deposit earning interest until the holder’s death, and then the Farm would receive its value. Simply make sure the CD you buy rolls-over automatically and maintains the beneficiary designation.