Gifting appreciated securities may qualify the donor for a charitable tax deduction for the full market value of the securities gifted, and may also allow the donor to avoid capital gains taxes (if the donor has owned the asset being gifted for at least one year). Securities gifts may be deducted at fair market value on the date of transfer to the Maryland Horse Foundation (MHF). Please contact MHF for delivery instructions prior to directing a gift; contacting your broker / financial advisor alone may not ensure timely credit. MHF encourages donors to contact an accountant, attorney and/or financial advisor to review personal circumstances prior to making a securities gift.
BEQUESTS & BENEFICIARY ASSIGNMENTS
Include the Maryland Horse Foundation (MHF) as a beneficiary of your will or revocable living trust with a charitable bequest. Bequests enable the donor to benefit MHF in ways that may not be possible during his/her lifetime. Additionally, making a bequest may enable an estate tax deduction. Bequests can be made for a designated sum of money (or other asset with prior MHF approval), or in residuary, which designates the remainder or a portion of the donor’s estate. Donors may also give by naming MHF as the beneficiary of a retirement account or life insurance policy. MHF encourages donors to contact an accountant, attorney and/or financial advisor to review personal circumstances prior to making a bequest or beneficiary assignment.
IRA QUALIFIED CHARITABLE DISTRIBUTION
Consider making a charitable gift to the Maryland Horse Foundation (MHF) using an IRA qualified charitable distribution (QCD). QCDs are an excellent way to show support for MHF and potentially receive tax benefits in return. Donors with a traditional IRA must take a required minimum distribution (RMD) beginning at age 72. Traditional IRAs are tax-deferred; however, IRA owners pay federal income tax on the required minimum distribution taken. Donors may be able to avoid taxes resulting from an RMD by donating up to $100,000 directly to a qualified charity, such as MHF. Qualifying distributions must be made by your IRA administrator directly to MHF from a traditional IRA account. Charitable contributions are also limited to no more than 60% of adjusted gross income (AGI) during each tax year. MHF encourages donors to contact an accountant, attorney and/or financial advisor to review personal circumstances prior to making an IRA QCD.
Your gift will be used to support the Maryland Horse Foundation’s Maryland Horse Library & Education Center Capital Campaign and ongoing operating expenses after the capital campaign goal is reached. The MHF is nonprofit and tax-exempt under Section 501(c)(3) of the Internal Revenue Code; contributions and gifts are fully tax-deductible to the extent allowed by law and in consultation with your individual tax preparer.