Did you know that retirement plans, IRAs, life insurance and donor-advised funds are not affected by a will?
These accounts are disbursed according to beneficiary designations. The forms are often easier to update than a will, making them simple ways to leave a legacy.
Retirement Plan or IRA
This is often the largest source of taxable income when paid to a beneficiary. If you are considering a gift, it is usually more beneficial to leave taxable assets like retirement plans to Mohawk Hudson Humane Society and give other assets like stocks or real estate to family members or friends.
A gift of life insurance is a good way to maximize your impact. By naming Mohawk Hudson Humane Society as beneficiary, your small premium payments transform into a sizable gift. Plus, it is revocable at any time if your plans change.
Donor Advised Funds
A donor advised fund (DAF) gives you flexibility to recommend how much and how often money is granted to Mohawk Hudson Humane Society and other charities. You may transfer cash or other assets to a community foundation, brokerage house or other sponsoring organization, and in return, you qualify for an income tax charitable deduction for gifts to your DAF. MHHS has partnered with FreeWill to make committing a gift from your DAF easier than ever.