Have you considered creating your legacy with a planned gift to the Potter Park Zoological Society?
Including the Potter Park Zoological Society into your estate plan allows you to leave a legacy that helps ensure a positive and secure future for the zoo beyond your lifetime. Your gift will provide sustained funding for excellence in animal welfare, impactful conservation-education, valuing diversity, and inspiring conservation of animals and the natural world to all who visit. Many have completed the generous act of designating their assets to the cause that inspires their passion – the successful future of Potter Park Zoo.
The Potter Park Zoological Society can assist individuals with planned giving options to support the Potter Park Zoo. We can provide the guidance needed to find the right option for your personal goals and philanthropic wishes.
If you have questions about planned giving options or would like to get started creating your legacy at Potter Park Zoo, please contact your financial advisor or attorney. If you have other questions, please contact Amy L. Morris-Hall, Executive Director of the Potter Park Zoological Society at 517.795.6122 or amorris@ingham.org. If you’ve contacted your financial advisor or attorney, please let us know!
Bequests to Wills or Living Trusts
The Potter Park Zoological Society can be named as a beneficiary in your will or trust in several simple ways. A direct gift – whether a designated dollar amount or a percentage of your estate – could be specified.
To provide for the Potter Park Zoological Society in your will or trust, you need only have your attorney include a statement such as: I give and bequeath to the Potter Park Zoological Society a) ____% or b) the sum of $____ or c) description of the following assets or property for its general purpose.
Donor Advised Fund
A donor advised fund (DAF) is like a charitable investment account for the sole purpose of supporting charitable organizations you care about. These accounts give you the flexibility to recommend how much and how often money is granted to Potter Park Zoological Society and other charitable organizations.
Gifts of Stock
A gift of appreciated stock directly to the Potter Park Zoological Society gives the donor tax benefits. It allows the donor to avoid capital gains tax and be eligible to deduct the full fair-market value donated from your income taxes.
Real Estate
A gift of real estate such as a personal residence, vacation home, farm, commercial property, or undeveloped land, not only helps the zoo but has benefits for you as well. You qualify for a federal income tax charitable deduction, can minimize or eliminate capital gains tax, and no longer have to deal with the upkeep of the property (maintenance costs, property insurance or taxes).
There are several ways to gift appreciated real estate. We highly recommend a discussion with your advisor on the best fit for you and your future.
Life Insurance
Life insurance can be used in a variety of ways to make planned gifts. Your policy can become a meaningful way to support the work done at the zoo. There are three ways to give life insurance to the Potter Park Zoological Society:
Name us as a beneficiary of the policy. You would update your beneficiary designation form with the policy holder and designate the Potter Park Zoological Society for a percentage or specific amount. You could also make the Potter Park Zoological Society the contingent beneficiary so that we receive the balance of your policy only if your primary beneficiary doesn’t survive you.
Make an outright gift of an existing policy. You can name the Potter Park Zoological Society the owner and beneficiary of the existing policy. What does that mean for you? You qualify for a federal income tax charitable deduction when you itemize on your taxes. Don’t forget, as you continue to pay your premiums on the policy, each payment is tax deductible when you itemize.
Make an outright gift of a new policy. You can name the Potter Park Zoological Society the owner and beneficiary of a new policy. Whether you make one single premium payment or pay annual premiums, each payment made is tax deductible as a chartable gift when you itemize.
Charitable IRA Rollover (qualified charitable distribution)
This is a special provision allowing donors 70 ½ years or older to give any amount (up to $100,000) per year from your IRA to a qualified charity without having to pay income taxes.
What are the benefits?
- At age 73, this gift can count toward your required minimum distribution.
- You pay no income taxes. The gift generates neither taxable income or a tax deduction, so you benefit even if you do not itemize your deductions.
- Since the gift does not count toward income, it can reduce your annual income level which may in turn lower Medicare premiums and decrease the amount of social security that is subject to tax.
Charitable Lead Trust
The income from a charitable lead trust would be first paid to the Potter Park Zoological Society for a designated amount of time. Once the time expires, remaining assets go to other beneficiaries.
There are two ways that charitable lead trusts make payments:
A charitable lead annuity trust provides financial support to the zoo each year at a fixed amount.
A charitable lead unitrust provides financial support to the zoo each year at an amount based on the value of assets in the trust. If the trust’s assets go up in value, so do the payments to the zoo. If the trust’s assets go down, the payments go down as well.
Charitable Remainder Trust
A charitable remainder trust is an irrevocable trust that potentially generates income for the donor and the remainder of the donated assets go to the charity of their choice.
Annuity trust – Payments to you stay the same regardless of the fluctuations in trust investments.
Unitrust – The amount of your payments is determined annually. If the value of the trust increases, so do your payments but if the value decreases, so will your payments.
