Cora’s Legacy Society
We are so grateful you are considering a planned gift for Barn Sanctuary.
Join Cora’s Legacy Society today to create a compassionate tomorrow for Barn residents. Cora’s Legacy Society members have included Barn Sanctuary in their will, or any other planned gift, as a beneficiary designation and embraced a long-term commitment to the well-being of rescued farmed animals now living in safe haven. Because of the generosity and compassion of Cora’s Legacy Society members, we can envision a future where Barn residents receive lifelong care, educational programing inspires societal change, and kindness toward all living beings is a fundamental value.
Barn Sanctuary has partnered with Life Legacy to make it easier than ever to make a tangible difference in the lives of rescued farmed animals and create your legal will at no cost to you.
Have you already included Barn in your estate plan? Please let us know so we can honor and thank you for your generosity.
In recognition of our deep appreciation, members of Cora’s Legacy Society will have access to an exclusive tour, (either virtual or onsite) with co-founder Tom McKernan. If you would like to speak to someone directly about your planned gift, please contact Lori Kitchen-Buschel, Executive Director at info@barnsanctuary.org.
Cora, a Free Martin cow we rescued from the dairy industry, was loved by all for her gentle nature. She was Barn’s first rescue back in 2016. Sadly, in the summer of 2022, Cora suffered a severe break in her upper leg, likely due to a freak accident out in the pasture and we had to humanely euthanize her. We named this Society in remembrance of her legacy here at Barn. She will always hold a special place in our hearts, and we will never forget the joy and love she brought into our lives.
Who was Cora?
Ways to Leave a Legacy
Deferred Gifts
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Charitable bequests are the simplest and most popular way to make a planned gift. A donor generally makes a gift in their will or trust by allocating a portion of his or her estate to Barn Sanctuary, either in a specific amount, a percentage of the total estate, or by leaving the remaining value of the estate to Barn Sanctuary after all other bequests have been paid (a "residuary gift").
Gifting appreciated assets to Barn Sanctuary is a highly tax efficient method of gifting. While individuals or other entities would typically pay capital gains taxes on the appreciated value of the assets, Barn Sanctuary will not pay capital gains taxes as a tax-exempt organization. Therefore, Barn Sanctuary will receive the full value of the asset, including what would have otherwise gone to pay capital gains taxes in the hands of individual beneficiaries.
Donors with estates worth more than the current estate tax threshold (currently $12.92 million) may receive an unlimited deduction of charitable bequests against the value of the estate. Therefore, if a donor has an estate worth $13 million and makes a $100,000 bequest to Barn Sanctuary, the donor's estate will no longer be subject to federal estate taxes.
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You can name Barn Sanctuary as the beneficiary of your unused retirement assets, including IRAs, 401Ks, 403bs, or pensions. You can also donate an unneeded paid life insurance policy to Barn Sanctuary or name Barn Sanctuary as a beneficiary on your policies. By specifying Barn Sanctuary as a beneficiary, your insurance premium payments may be tax deductible. Assigning ownership of a life insurance policy to Barn Sanctuary may allow you to claim a tax deduction for a portion of the value of the donated policy. Donors giving gifts from their retirement assets and life insurance policies may reduce their estate taxes (or eliminate them), and because Barn Sanctuary is tax-exempt, your donated retirement asset dollars can go much further than they would if paid to individual beneficiaries who are not tax-exempt.
Gifts that Pay Income
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Charitable gift annuities allow you to give an irrevocable gift to Barn Sanctuary in exchange for a fixed income payment for your life (or a set term) from Barn Sanctuary. When you pass (or the set term expires), all remaining funds are given to Barn Sanctuary. Charitable gift annuities may allow donors to take an income tax deduction at the time of the gift (the value of which will depend on your age at the time of the gift, or the length of the set term), while Barn Sanctuary invests and grows the funds.
For example, a donor may give a $10 million gift, which may be partially tax deductible, in return for a fixed annuity payment of $100,000 for ten years. After ten years, Barn Sanctuary retains the remaining $9 million of the initial contribution, in addition to the investment earnings.
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CHARITABLE REMAINDER ANNUITY TRUSTS
Similarly, charitable remainder annuity trusts allow you to contribute cash or appreciated securities to a charitable trust, which pays you a fixed amount based on a percentage of the initial assets used to fund the trust. Upon your death or the expiration of the annuity trust's term, Barn Sanctuary retains the remaining balance in the trust.
CHARITABLE REMAINDER UNITRUSTS
When you establish a charitable remainder unitrust, the contribution to the trust may be partially tax deductible. You are then paid a fixed percentage of the fair market value of the trust's assets, which are revalued annually. In other words, your income payments increase as the value of the assets increases. After you pass or the set term expires, the remaining balance is given to Barn Sanctuary.
Charitable remainder unitrusts can offer unique advantages including protecting your income against inflation, flexibility (since nearly any asset may be used to fund it), and elimination of capital gains taxes when the trust sells an asset.
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You may wish to contribute to pooled income funds, which Barn Sanctuary maintains and invests. Barn Sanctuary pays participating donors an annual income based on their share of the fund and the investment's performance, only receiving a gift from the pooled income fund when a participating donor passes away. Donors can generally take a tax deduction at the time of the gift and avoid capital gains tax on any appreciated assets they contribute.
Gifts that Preserve Donors’ Assets
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When you establish an irrevocable charitable lead trust, Barn Sanctuary receives a fixed income stream for a specific term or through your lifetime. At the end of the term or your lifetime, the assets are returned to you or to your beneficiaries. Charitable lead trusts may allow donors, particularly those with significant estates, to reduce their estate taxes and transfer wealth to their heirs.
Like with charitable remainder trusts, there are two types of charitable lead trusts: annuity trusts that pay Barn Sanctuary a fixed amount (generally more attractive when interest rates are low) and unitrusts which pay Barn Sanctuary a fixed percentage of the fair market value of the trust's assets, which are revalued annually, (as the value of the trust assets increases, the income payments to Barn Sanctuary will also increase).
Low interest rate environments generally favor giving through charitable lead trusts. Low interest rates create a lower valuation of the remainder interest, which reduces the taxable portion of the gift to your remainder beneficiaries. Additionally, if the assets appreciate during the trust term more than initially expected (based on the low interest rate), the difference between the measures can be a tax-free gift to your remaining beneficiaries.
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Retained life estates allow you to transfer a property deed or title to Barn Sanctuary, while retaining the right to use the property for a set term or for your lifetime. After the set term or upon your passing, Barn Sanctuary becomes the owner of the property. Retained life estates can be particularly beneficial for donors looking to streamline their estate settlement process and reduce estate taxes, however an income tax deduction for the value of the property may be available for all donors of this type of gift. The income tax deduction for retained life estates is generally higher in low interest rate environments.