Heirloom Circle

Bequest

Giving to Wolfe’s Neck Center via your will or trust is straightforward. Simply specify a set dollar amount, a certain percentage of your overall estate, or list specific assets that you would lie to bequest to the farm. If you already have a will or revocable trust, your attorney can draft a codicil to your will or an amendment to your trust agreement to add Wolfe’s Neck Center as a beneficiary.

Sample Language

For an unrestricted gift that allows Wolfe’s Neck Center to determine how to use the funds based on the most pressing needs, use the following language for your will and/or trust:

“I give, devise, and bequeath to Wolfe’s Neck Farm Foundation (dba Wolfe’s Neck Center), Freeport, ME, [written amount or percentage of the estate or description of property] for its unrestricted charitable use and purpose.”

Qualified Charitable Distribution

Individuals 70 and older may qualify to make gifts directly from an IRA (up to $111,000 per year) tax-free, known as a Qualified Charitable Distribution (QCD) or charitable IRA rollover. Contact your IRA provider to make a QCD gift to Wolfe’s Neck Center today. While gifts from your IRA do not qualify for a charitable deduction, they do count towards your Required Minimum Distribution and are not subject to personal income taxation.

Retirement Plan Designation

Designating a retirement asset to go to Wolfe’s Neck Center may be beneficial to your estate and easy to do. When you make a charitable nonprofit organization a direct beneficiary for all of a portion of your IRA or pension, there often is no income tax on the designated amount.

Insurance Policy Designation

Life insurance policies are contracts that name one or more beneficiaries who will receive the policy’s value upon the death of the policy holder. If you designate Wolfe’s Neck Center as a beneficiary, the farm will receive the payout upon your death, and your estate will receive a charitable deduction.

If you are interested in receiving a tax deduction now, you can name Wolfe’s Neck Center as both the owner and the beneficiary of your policy; as you continue to pay future premiums, you may deduct those payments as charitable contributions as well.

Gifts of Tangible Property

Acceptance of personal property or asset may be considered in accordance with Wolfe’s Neck Center Gift Acceptance Policy. Real estate, securities and private collections are examples of these types of gifts.