Leaving your legacy is a wonderful way to plan your future along with the Akron Zoo’s. A variety of options are available to you when donating a planned gift, and many offer immediate and long-term tax benefits.
Bequests by Will
Choose from the many ways you can designate a gift to the Akron Zoo through a will bequest. You can specify that a percentage of your total estate or a specific amount be given to the zoo. You can also opt to give what is left of your estate after your loved ones have received their bequests. Another option is a contingent bequest, which is dependent upon another event such as your spouse not surviving you.
An annuity trust permits you to transfer cash, securities or other assets into a trust that provides you with lifetime income while also making a generous gift to the Akron Zoo. These benefits of giving through an annuity trust include a tax deduction the year you make the gift, and tax-free returns on the principal.
Life Insurance Gifts
You can designate the zoo as a beneficiary and owner of one of your life insurance policies; however, no incidents of ownership can be retained when you do this. If the policy is current, you also can make a gift based on the general replacement value or cost basis of the policy, whichever is less. Continuing to pay the premiums on the policy also qualifies as a charitable contribution.
This trust is similar to the annuity trust. The difference is that a unitrust provides that a fixed percentage of the trust’s fair market value – a minimum of 5 percent – be paid to you and your heirs instead of fixed dollar amount, as is the case with annuity trust. The unitrust generally is funded with an asset such as property or securities.
Securities or stocks can be gifted to the Akron Zoo, allowing you to make a charitable contribution and bypass capital gains taxes, if the stocks or securities have appreciated. To deduct the full fair-market value of the stock as a charitable gift, you must have owned the stock for more than one year.
This information is just an introduction to the options available when making planned giving choices. We encourage you to consult a qualified professional advisor to determine what is best for you.