The term “Planned Giving” encompasses a number of ways in which you can leave your legacy. The Utica Zoo wants you to understand and be comfortable with the decisions you make concerning the future. Your gift can take multiple forms and can help you address a variety of personal financial goals. We are ready to work with you and your advisers to craft the gift plan that best satisfies you.
Bequests: When you leave a bequest to the Utica Zoo though your will or living trust, you can make a generous gift without reducing your current income. Through your bequest you can specify the program or project you wish your gift to benefit. You can also create special funds in your name or in memory of loves ones. Charitable bequests are normally deductible in full for state tax purposes.
Life Insurance: If you have a life insurance policy that you no longer need, a gift of the insurance policy can be a way to combine charitable objectives with tax advantages for you. Life insurance proceeds would be paid to the beneficiary designated by the policy owner. You can choose a set dollar amount, a percentage or all the proceeds as the amount paid to the beneficiary ( Utica Zoo). You can also make a gift of a life insurance policy with a cash value by transferring ownership of the policy to the Utica Zoo.
Securities, Stocks & Bonds: Gifts of appreciated securities or stock can be the most advantageous was of giving. If your gift of stock is one you have owned for more than one year, you may deduct full fair market value of the stock as a charitable contribution, while bypassing all capital gains taxes.
Charitable Remainder Trusts: A charitable remainder trust makes periodic payments to one to eight persons for life or for a term of up to 20 years. Upon termination of the trust, the remaining assets are used for the charitable purpose you have specified. Two types of trusts are:
- Unitrust: Income Adjusted annually is a fixed percentage of the fair market value of the trust, allowing you to participate in market gains.
- Annuity Trust: Income payments are fixed and determined when the gift is made.
The benefits of charitable remainder trusts include income tax savings, if established during your lifetime, partial or complete bypass of capital gains taxes and cash flow to yourself.
Charitable Gift Annuities: A charitable gift annuity allows you to establish a gift with as little as $10,000 using cash, securities or, in some cases, property. In exchange for your gift, the Utica Zoo will pay a specified amount to two or more beneficiaries for life. All annuitants must be at least 55 years old when payments begin.
For more information on how you can leave a legacy to the Utica Zoo, please contact Andria Heath at (315)738-0472 Ext. 41