On behalf of the thousands of animals the Mohawk Hudson Humane Society assists every year, thank you for your interest in supporting our work. For some donors, using one or some of the various planned giving opportunities listed below is a way to make a significant positive impact on the Society while also realizing tax benefits. As with any transfer of assets, please speak with a financial adviser and/or attorney before making any final decisions.
There are almost as many variations to make a donation as there are needs to be met. Explore this section to discover new ways to make a gift that also takes into consideration your personal circumstances and the needs of your heirs.
Will or Estate Plan
Leaving a gift to Mohawk Hudson Humane Society in your will is easier than you might think. You can leave all or any portion of your estate to MHHS. Choose a specific dollar amount or a percentage of your estate -- it's up to you.
Suggested wording: "I hereby bequeath (% of estate, specific $ amount, or property) to the Mohawk and Hudson Humane Society located at 3 Oakland Avenue in Menands, New York, 12204, federal tax identification number 14-1338459."
Stock or Securities
Donating stocks, securities, bonds or mutual funds that have appreciated in value is one of the most advantageous ways to support homeless animals.
You may receive a charitable income-tax deduction for the full fair market value of the stock (up to a maximum of 30% of your adjusted gross income) and avoid paying the capital gains tax on any increase in value. For example, you make a gift to the animals of stock for which you paid $500 and it is now worth $5,000. You save $1,350 on your income taxes (if you are in a 27% tax bracket), plus you permanently avoid paying capital gains tax on the $4,500 appreciation. To obtain the largest tax savings, use stock that you have owned "long term" (usually more than one year).
You may also wish to sell securities that have depreciated in value and contribute the proceeds. In that case, you may be entitled to take a capital loss on your income-tax return, as well as the charitable deduction for your gift.
Our DTC number is 0015 and account number is 078-110844-064.
Continue supporting our work even after your lifetime by naming us as a beneficiary of your retirement plan or life insurance.
Retirement Plan (401k, 403b, etc.)
Most retirement plans, including 401(k)s and traditional IRAs, are income tax-deferred, meaning that income tax is not paid until the funds are distributed to you, or upon your death. This taxation makes retirement assets among the most costly assets to distribute to loved ones.
Because they are subject to taxes to your beneficiaries, retirement assets make ideal gifts to tax-exempt charitable organizations. Otherwise, the tax on retirement assets that you leave to your loved ones can be as high as 35%. This means that an IRA worth $100,000 will be worth only $65,000 by the time it reaches your heirs.
On the other hand, the naming of a charity as the beneficiary of retirement assets upon death generates no tax. MHHS is tax-exempt and eligible to receive the full amount. In the above example, the Humane Society would receive the full $100,000 benefit.
Contact your plan's administrator to specify the Mohawk and Hudson River Humane Society (federal tax ID 14-1338459) as a beneficiary.
Life insurance can be distributed to a charitable organization if it is named as a beneficiary of the policy at the time of your death. You will need our full legal name and tax ID (above). Contact your insurance company for its change of beneficiary form, decide what percentage of the policy's value you would like MHHS to receive, and return the form to your insurance company.
Income-Producing Gift Plans
In the right circumstances, this plan can increase your income, reduce your taxes, unlock appreciated investments, rid you of investment worries and provide important support.
Gift planning can lower taxes and trade gifts for income. There are a wide variety of ways in which these two things can be accomplished. Gift vehicles such as Charitable Remainder Trusts, Charitable Lead Trusts and Charitable Gift Annuities can provide you or your heirs with income for life (or a term of years). Techniques will vary depending on your goal, i.e. lowering capital gains taxes, income taxes or estate taxes.
These gift vehicles can be complex and should be designed by a professional.
You can make a gift to MHHS of a remainder interest in your home, receive sizable tax benefits now, and continue living in your home for the rest of your life.
Gifts of real estate are often attractive alternatives to traditional gifts. When you make a gift, you can deduct the appraised value of the property from your income tax liability. You can also avoid capital gains liability, remove the property from your estate, and relieve yourself of any future management worries. However, there may be restrictions; please contact your legal or tax adviser for an explanation of the limitations.
By making a Retained Life Tenancy Gift, you can transfer the ownership of your residence or farm to MHHS but retain the right to use the property for life. Upon your death, MHHS will use the property or proceeds from its sale to further our mission.
For more information on any of these options, please contact us at 518.434.8128 ext 204 or 208 or via email >>