Horse Guardian
When selecting your “horse guardian,” you ideally want an experienced, financially stable person or organization with an established history of caring for senior horses. The guardian will care for your horse according to the instructions outlined in the trust.
- We will care for the horse for the entirety of its life and ensure end-of-life needs are met.
- We will use the bequeathed cash or property to care for your horse directly. Note. The projected monthly costs are $250 for grain and hay, $45 for the farrier, and $10 for worming. End-of-life expenses are $600 (burial and euth).
- We will accept the horse from the hauler with a signed surrender form and proof of Coggins and shots.
More information: https://unitedhorsecoalition.org/estate-planning-what-happens-to-your-horse-if-something-happens-to-you
Wills & Trusts
When you decide to leave assets to Travellers Rest Farm Sanctuary in your will or trust you are making a BEQUEST. You can name Travellers Rest Farm Sanctuary in a variety of ways: as either a direct beneficiary of specific assets such as real estate, art, jewelry, Certificates of Deposit, cash, etc., or as a beneficiary of a percentage or lump sum of your assets.
Here is some language which you can use in your will:
“I give, devise and bequeath to Travellers Rest Farm Sanctuary, 7450 Emory Pl, Hughesville MD 20637 (Tax I.D. No. 83-453113), a non-profit charitable organization,
“The sum of $ ____________” or
“___________% of my estate”, or
“All the rest, remainder and residue of my estate, after all debts, taxes, expenses and other bequests have been satisfied.”
You can also make a specific bequest by describing exactly what you want to leave to Travellers Rest Farm Sanctuary.
For example, if you have a collection of art or jewelry that would like to go to your heirs but wish your securities or pension fund assets to go to Travellers Rest Farm Sanctuary you can specifically designate the source and the amount of the bequest in your will.
For example: ” I leave my collection of Ansel Adams photographs to my grandson, John. I also leave my securities to Travellers Rest Farm Sanctuary.”
If you have real estate or bank accounts or other assets in excess of $100,000, it is usually better to have a living trust.
A living trust will help eliminate probate costs such as court, attorney and executor fees. These fees can be substantial and in some cases can result in little money being left for your heirs and designated charities. With a living trust, your appointed trustee will administer your estate and make distributions in accordance with your instructions. You can use the same language described above to name Travellers Rest Farm Sanctuary as a beneficiary of your revocable living trust.
If you are considering a bequest, you will need to provide your attorney with the following important information:
Name and address of the organization:
Travellers Rest Farm Sanctuary
7450 Emory Pl, Hughesville, Maryland 20637
Phone: 301–922-7029
Tax ID Number: 83-4531103
Tax Status: Not-for-profit 501(c)(3) corporation
Date of Incorporation: May 13, 2019
Contact:
Beth Kokoruda, Executive Director, 301-922-7029, trfsanctuary@gmail.com
Charitable Remainder Trust (CRT)
A Charitable Remainder Trust (CRT) is an irrevocable trust that let you donate assets to charity and draw annual income for life or for a specific time period. The advantage is the present tax deduction. Not only are you eligible to take a charitable tax deduction for the value of the gift but you avoid paying capital gains tax on the appreciated value of the asset, (for example you own a rental property that you bought for $70,000 in 1980, it’s now worth $150,000. If you were to sell that property today, you pay tax on the increased value of $110,000).
For more information: irs.gov
Charitable Lead Trust (CLT)
A Charitable Lead Trust (CLT) is a gift of cash or other property to an irrevocable trust. A named charity receives an income stream from the trust for a term of years. Depending on how the trust is structured, the donor enjoys a current income, gift, or estate tax deduction on the donated assets. After the income stream period ends, the remainder assets are distributed to the non-charitable beneficiaries.
Real Property - Real Estate
An asset you've had for generations can be a gift for generations to come. By donating all or part of your property to TRFS, you may be able to reduce your capital gains tax, receive an income tax deduction, and receive income for life.
How It Works:
- You deed your home, vacation home, undeveloped property, or commercial building to TRFS.
- TRFS may use the property or sell it and use the proceeds.
Benefits:
- You receive an income tax deduction for the fair market value of the real estate.
- You pay no capital gains tax on the transfer.
Retained Life Estate
Give your personal residence (a house, cabin or farm) to TRFS and continue to live there rent-free for the rest of your life or a term of years. In exchange, you receive an immediate income tax deduction.
How it works:
- You irrevocably transfer your residence, farm or vacation home to TRFS.
- You continue to live in the property rent-free for life or a specified number of years and are responsible for all taxes and upkeep.
- TRFS assumes ownership of the property when your life estate ends.
Benefits:
- Receive gift credit and an immediate income tax deduction for the appraised value of the property, based on the fair market value of your house minus the present value of the life tenancy you will retain.
- Terminate the life estate at any time and take an additional income tax deduction.
Charitable Gift Annuity
When you contribute cash or securities to us, we will pay you or your beneficiary a fixed income for life. Charitable Gift Annuities are recommended for donors aged 65 or older. Not ready to retire yet? Income from a gift annuity can begin immediately or can be deferred for period of time, resulting in larger payments later in life. Deferred Gift Annuities are recommended for donors aged 40 or older.
Deferred Gift Annuities
Especially designed for younger donors, deferred gift annuities make fixed annual payments to you and/or a beneficiary for life, with payments commencing at a future date.
Life Insurance Beneficiary
Name TRFS as a beneficiary of your life insurance policy, and you may be able to save on estate taxes. Read More!
Retirement Plan Beneficiary
Name TRFS as a beneficiary of your IRA, 401k or other qualified plan, and you may eliminate both income and estate taxes.
IRA Tax-Free Distribution
If you are 70½ or older, you can make a tax-free distribution from your traditional or Roth IRA.
Donor-Advised Fund
If you want to secure a charitable deduction now but designate beneficiaries later, a donor-advised fund (DAF) may work for you. They can be established with a number of entities, including community foundations, financial services companies and charities.