How to Remember KHS in Your Will or Insurance Policy
Leaving KHS in your will
A gift to the Kentucky Humane Society in your will provides your estate with an unlimited tax deduction. KHS can be a beneficiary in several ways - as the recipient of an outright gift, either in a designated amount or as a percentage of your estate or as a residuary beneficiary to receive the balance of your estate after specific amounts have been paid to other beneficiaries. You can add KHS to your current will through a codicil without re-writing your entire will.
Sample wording for bequests in your will would be:
"I hereby give and bequeath to the Kentucky Humane Society-Animal Rescue League, a non-profit Kentucky corporation whose principle office is located at 241 Steedly Drive, Louisville, Kentucky 40214, Tax I.D. # 61-0463938, the sum of $_______ to be used for its general purposes."
* For a gift other than cash, simply describe the asset(s)
** For a gift to be used for a specific purpose, delete “its general purposes" and specify the purpose you intend.
"I hereby give and bequeath to the Kentucky Humane Society-Animal Rescue League, a non-profit Kentucky corporation whose principle office is located at 241 Steedly Drive, Louisville, Kentucky 40214, Tax I.D. # 61-0463938, all the rest, residue, and remainder of my estate, both real and personal, after providing for the specific provisions of this Will to be used for its general purposes."
* For a gift of less than 100% of the rest, residue, and remainder of the estate, delete "all" and state the fraction.
There are several ways to donate to the Kentucky Humane Society using life insurance. They can be policies that are paid in full, partially paid, or newly purchased. KHS can be named as owner and beneficiary for your fully paid policy. You may deduct the replacement cost of the policy from your taxes. You can also designate KHS as the beneficiary of the policy you already have. There is no immediate deduction, but your estate will receive a deduction equal to the amount of the policy when settling.
For more information, contact the Kristin Binkowski at 502-515-3147 or [email protected].
Neither the Kentucky Humane Society nor its employees may give legal, tax, or accounting advice. Counsel should be contacted prior to drafting or amending any instrument.