Leave Your Legacy for Horses

For many of us, helping horses is a lifetime pursuit. But what if you could ensure that this work continues, even after you’re gone? A bequest to a nonprofit organization can help you express your values beyond your lifetime. The easiest and simplest way to provide long term and meaningful support to SAFE is with a bequest.

Creating a bequest can be easier than you realize. Here are three simple ways to leave a gift for future SAFE horses:

1) You can make SAFE the beneficiary of a life insurance, annuity, IRA, or pension plan

You can name SAFE as a beneficiary of your annuity or whole-life, term or employer-provided life insurance policy. Simply submit an updated beneficiary designation form to your life insurance agent or mail it directly to the life insurance company.

Similarly, you can include SAFE as a beneficiary of your retirement plan, such as a traditional IRA or 401(k) account, simply by updating the beneficiary designation form, which can be obtained from the plan administrator. Naming SAFE as beneficiary of your retirement plan eliminates income and estate taxes on that asset, so that upon your death, all of the remaining balance goes to support a cause you believe in.

Although forms will differ from one financial institution to the next, you will need the following information:

Beneficiary’s legal name: Save a Forgotten Equine
Beneficiary’s address: PO Box 2769, Redmond WA 98073-2769
Beneficiary’s Tax ID number: 20-5825355
Beneficiary’s Date of Incorporation: October 30, 2006

Save a Forgotten Equine is tax exempt under section 501(c)(3) of the Internal Revenue Code and is a publicly supported organization under section 170(b)(1)(A).

2) You can include SAFE in your will or living trust

Here is some sample language for a codicil to a will or an amendment to a living trust:

I give, devise, and bequeath (identify here the specific sum of money, the specific asset or the portion of the residual estate) to Save a Forgotten Equine (SAFE) horse rescue, PO Box 2769 Redmond WA 98073-2769, specifically to support the rescue, rehabilitation, and retraining of horses facing neglect, abuse, or cruelty.

If the Board of Directors of Save a Forgotten Equine determines that all or part of my gift is no longer needed, or for any reason cannot be used for the stated purpose, then they can determine an alternate designation, giving consideration to the original purposes described above.

As for how you designate the amount you want to bequeath, you have several options:

  • A specific bequest in which you specify a certain amount of cash, securities, or property.
  • A percentage bequest in which you give a stated percentage of your estate.
  • A residual bequest in which you bequeath what remains of your estate after specific bequests have been distributed.

 

3) You can make SAFE a beneficiary of a bank or brokerage account

Payable-on-Death (POD) arrangement allows you to name SAFE as a beneficiary of your bank or credit union savings account, checking account or CD. A very similar arrangement, called a Transfer-on-Death (TOD) account, allows you to name SAFE as a beneficiary of your stocks, bonds and mutual funds. Upon your death, assets in POD and TOD accounts are passed to beneficiaries without going through probate.

If you have any questions, you are welcome to reach out to SAFE’s Executive Director, Bonnie Hammond via email at bonnie@safehorses.org. I will do my best to help you, but I am not a financial planner or tax advisor. Thank you so much!