Gifts of Bank Accounts and Securities Funds
Part of estate planning includes considering the legacy you’ll leave behind. Designating Wild at Heart Horse Rescue as beneficiary of your bank accounts or securities funds is a great way to simplify estate planning while supporting the important work we do.
There Are Two Options For Streamlining This Type of Gift.
Your financial institution or financial advisor can guide you in how to take the necessary steps to streamline the process of designating what happens with assets after your death.
Payable on Death (POD).
Checking accounts, savings accounts and certificates of deposit can be set up as payable on death accounts. This means that the account automatically transfers to the beneficiary upon your death. Your beneficiary can be one or more individuals or a charitable organization such as Wild at Heart Horse Rescue.
During your lifetime, the beneficiary has no claim to the funds, but once you pass away, the funds belong to the beneficiary without going through probate. Before your death, you can change beneficiaries or close the account at any time.
Transfer on Death (TOD).
This designation applies to securities accounts and investment accounts such as mutual funds, stocks and exchange-traded funds. You can set up this type of account to designate who the account should be transferred to when you pass away. You can split it up as a certain percentage going to more than one person or to Wild at Heart Horse Rescue or another charity.
Why Donate Bank Accounts or Securities Funds to Wild at Heart Horse Rescue?
POD and TOD accounts can help to simplify estate planning. The administrator of your estate doesn’t have to take any action to ensure that your accounts transfer to the beneficiary you designate. Talk to your tax adviser for more information about the possible tax benefits of donating these assets. You may be able to receive an income tax charitable deduction for the full fair market value of the securities and you may be able to avoid capital gains taxes on the transfer.
Horses that have been neglected or surrendered by their owners count on Wild at Heart Horse Rescue to provide a new start. Donating securities or bank accounts is a generous gesture that may provide care for these horses long after you’re gone. Contact Wild at Heart Horse Rescue to learn more about gifting bank accounts and securities funds or other options in planned giving.