Tax Planning & Planned Giving

Gifts to GallopNYC can be planned to offer maximum tax benefits, helping you while helping our riders. Planned giving is a meaningful way to make serving New Yorkers with disabilities a part of your legacy.

Recent Tax Law Changes Increase the Benefits of Planned Giving

Planned giving includes gifts of appreciated stock, donor advised funds, bequests, charitable trusts (remainder and lead), charitable gift annuities, gifts of retirement plan assets, gifts of life insurance policies, and gifts of tangible personal property.

Recent tax law changes lift limits on deductions for higher income givers and increase the benefits of some planned giving approaches.  

Always seek professional advice before making a gift.  We would be pleased to work with you and your advisors to structure a gift that best fulfills your charitable goals. 

Please call (646) 369-0442 or e-mail us by clicking below.

Options to Give Now

A donation of appreciated stock can avoid capital gains taxes (state and local) and provide a deduction at the appreciated value.  With the loss of state tax deductions, this approach is even more valuable.

A donor advised fund allows donations to be made to the fund, then distrubuted to charities over time.  The deduction is taken when the gift is made to the fund, and can be “bunched” to meet limits.  Family Foundations may also wish to take advantage of donor advised funds ot help smooth out giving as portfolios move up or down.

You may also be able to make a gift of up to $100,000 to GallopNYC with a distribution from your Individual Retirement Account (IRA), and take advantage of tax savings. This distribution to charity can be a significant benefit for IRA owners who are required each year to take minimum required distributions, which are included in their gross income for income tax purposes.

Including GallopNYC in your will or trust is a meaningful way to help us continue to serve New Yorkers with disabilities and special needs. 

Ways You Can Give Through a Will or Trust: 

  • Leave a specific dollar amount or asset to GallopNYC.
  • Designate a percentage of your estate to be given through your will or living trust. 
  • Give only the remainder, or residue, of your estate, or that which remains after bequests to loved ones have been made.

Retirement assets are one of the most beneficial gifts you can give to GallopNYC. These funds grow tax-free until the time of withdrawal. With the innovative use of these assets, you are able to contribute generously to GallopNYC as well as provide for your loved ones. Many taxes on assets in retirement plans can be avoided or reduced through a carefully planned charitable gift. 

A retirement plan can be a tax-efficient and simple way of including GallopNYC in your estate plan, by naming GallopNYC as a beneficiary on your plan’s beneficiary designation form. The tax advantage stems from the fact that most retirement plans (other than Roth IRAs) are subject to income taxes—and possibly estate taxes—if left to an individual beneficiary; however, a charity that is named as the beneficiary does not pay income or estate taxes on the distribution. Thus, the full value of what is distributed can be used by as a gift from your estate, supporting the purpose you designate.

Life insurance is often overlooked as an asset that you can use to make gifts to GallopNYC. There are a number of ways to support GallopNYC’s programs with an insurance-related gift.

Add a beneficiary to your policy.
It is relatively simple to make a change to the beneficiary/beneficiaries of your insurance policy without changing your will or other aspects of your estate plan. Just ask your insurance company for a form that will allow you to make the GallopNYC a beneficiary of your insurance policy.

Give a paid-up policy.
You can transfer ownership of a paid-up life insurance policy to the GallopNYC. After the transfer, the GallopNYC can elect to either cash in the policy right away or keep the policy and receive the death benefit later. You would receive an immediate income tax deduction for either the cash surrender value or the basis (usually the cost), whichever is less.

Making the GallopNYC the owner and beneficiary.
You can take out a policy and make the GallopNYC the owner and beneficiary of the policy. Premium payments can be made by you directly to the insurance company or by the GallopNYC, by way of your annual gift to the organization. Whichever way the premiums are paid, you can take an income tax deduction.

A Charitable Remainder Trust (CRT) is a life-income arrangement that provides you and/or other beneficiaries with a stream of income for life or for a period of years. After the trust terminates, the principal, or “remainder interest,” goes to GallopNYC. CRTs are separately invested and managed trusts. GallopNYC does not manage these trusts for donors.

Charitable Lead Trust (CLT) is an arrangement that can be thought of as an inverse to CRT.  In a CLT, the charity gets an annual annuity and the remainder goes to trust for the donor’s family free of estate tax. Many additional benefits include  the tax treatment of the account and tax deductions.

A charitable gift annuity is a contract between a donor and a charity. As a donor, you make a sizable gift to a charity using cash, securities or possibly other assets. In return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from the charity for the rest of your life.

Read more

Fresh idea for Family Foundation-a donor advised fund

Foundations may benefit by working in conjunction with donor advised funds. For foundations that  give a fixed percentage as per guidelines, distributions will vary. If the donor establishes a donor advised fund in conjunction with the foundation, they can use the DAF to smooth any lower dollar foundation withdrawals. 

The material presented in this website is intended as general educational information on the topics discussed herein and should not be interpreted as legal, financial or tax advice. Please seek the specific advice of your tax advisor, attorney, and/or financial planner to discuss the application of these topics to your individual situation.

The material presented in this website is intended as general educational information on the topics discussed herein and should not be interpreted as legal, financial or tax advice. Please seek the specific advice of your tax advisor, attorney, and/or financial planner to discuss the application of these topics to your individual situation.

More about Charitable Remainder Trusts, Charitable Lead Trusts and Gift Annuities.

Charitable Remainder Trust

This is the most flexible of life-income plans, and a powerful way for you to benefit along with your heirs and GallopNYC. Some versions of CRTs can be funded with closely held stock, partnership interests, real estate, and in some instances, tangible personal property such as works of art. You can choose to receive a variable or fixed income (beginning immediately) for life or a term of years. There is no limitation on the number of beneficiaries of a CRT.

CRT Benefits:

  • When appreciated assets are donated to the trust, they can be sold without incurring capital gains tax, allowing the entire proceeds from the sale to be reinvested.

  • You can receive a charitable income tax deduction in the year the gift is made, with an additional five years to carry over any unused deduction.

  • You can add to certain types of CRTs at any time.

  • Through reinvestment within the trust, you can achieve diversification of a previously concentrated asset.

  • Any assets that you contribute to a CRT are immediately removed from your estate, reducing your estate tax exposure.

Basic Types of CRTs:

  • Unitrust (CRUT): This type of trust pays a variable income based on a fixed percentage (for example, between 5 and 6 percent) of the trust assets, revalued once each year. One advantage of a unitrust is that your income can increase as the trust principal grows over time. This type of CRT allows you to make additional contributions at any time.

  • Annuity Trust (CRAT): This type of trust pays a fixed annual income that is determined when the trust is established. The annuity trust is often preferred by those who are interested in the security of a constant return.

Charitable Lead Trust (CLT)

In a Charitable Lead Trust, the charity gets an annual annuity for a set term and the remainder goes to trust for the donor’s beneficiary free of estate tax. In addition to providing a means for benefiting a favorite charity, a properly designed lead trust will produce an estate or gift tax deduction for the donor for the value of that portion of the trust designated for charity. For someone that gives annually and wants what’s left to go to kids free of estate tax this is a good strategy. Think of it as an inverse to CRT. The exact tax treatment will depend on the type of trust,  grantor or non grantor., and other factors.

  • In a grantor charitable lead trust, the grantor can take an immediate income tax charitable deduction for the present value of the future payments that will be made to the charitable beneficiary, subject to applicable deduction limitations. However, the trust’s investment income is taxable to the grantor during the trust’s term.

  • With a non-grantor charitable lead trust, the trust is considered the owner of the trust assets. The trust itself pays tax on its undistributed net income, and is able to claim an unlimited income tax charitable deduction for its distributions to the charitable beneficiary.

Charitable Gift Annuity

Charitable gift annuity donors (annuitants) receive payments for the rest of their lives. The size of your payment is determined by many factors, including your age(s) when you set up the charitable gift annuity. (For example, younger donors will typically receive more payments but they’ll be smaller.) The amount is fixed and will never fluctuate or adjust for inflation. But it’s also backed by the charity’s entire assets, not just your gift, and will continue for the lives of the donors no matter how well or poorly the investments of the annuity perform.

Recent tax law changes lift limits on deductions for higher income givers and increase the benefits of some planned giving approaches.  

Always seek professional advice before making a gift.  We would be pleased to work with you and your advisors to structure a gift that best fulfills your charitable goals. 
Please contact us at plannedgiving@gallopnyc.org or call (646) 369-0442.

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Our Staff

GallopNYC’s talented and passionate employees are motivated by the sense of purpose that comes with our mission and programs.  Many of our staff first started their career at GallopNYC as a volunteer.

Board of Directors

GallopNYC is led by a Board of Directors dedicated to our mission. Our talented Board of Directors are professionals with accomplishments in business, government, professional services, and philanthropy.

Advisory Council

Our Council of Advisors are eminent supporters of our therapeutic programing, consisting of avid equestrians, medical professionals, educators, parents, and a wide variety of advisors.

Founders & Emeritus Board

GallopNYC was founded as a 501(c)(3) nonprofit organization in 2005. During the 2007-08 academic year, GallopNYC began lessons with one instructor, ten participants, and about fifteen regular volunteers.

Rising Professionals

Our Rising Professional Group help to make GallopNYC events a fun and memorable occasion.  They are dedicated to organizing, planning, and fundraising for events and activities that support our riders.

2017 CHAR500
2017 GallopNYC 990 and CHAR 500
2017 Signed 990 CHAR 500 and Audited Fin(3)

Volunteer in Lessons

Volunteers play a very important role in our therapeutic riding lessons. In fact, we can’t have lessons without you. Volunteers support our riders during therapeutic riding sessions by sidewalking with riders and leading our horses.

Barn Work

Taking care of horses sure is a lot of work! We need volunteers to help us with all kinds of tasks from horse care, barn management, feeding, and even cleaning stalls. 

Site Leader

As a Site Leader, you will assist instructors to ensure that on-site activities operate smoothly, especially with regards to volunteers, riders, staff, and any other on-site personnel. 

Paddock Master

Make a difference and help our lessons run better. Paddock Masters volunteers are designated to assist instructors during therapeutic riding sessions by ensuring horses are tacked and ready for use, and all necessary equipment is available to allow lessons to proceed in a timely fashion.

Clerical Volunteer

Like to stay indoors? We need volunteers to help GallopNYC staff with office work and to ensure that on-site activities operate smoothly, especially with regards to volunteers, riders, and any other on-site personnel.


Volunteer Community

Become a member of GallopNYC’s volunteer community – The Turnout! The Turnout is a social club for volunteers to connect with one another through hands on experience, learning and good times. Deepen your therapeutic riding and horse knowledge, and stay abreast of all the volunteer events!

Therapeutic Riding

GallopNYC brings the proven benefits of therapeutic horsemanship to provide measurable benefits for people with developmental, emotional, social, and physical challenges.  Through weekly riding sessions with PATH-certified instructors, we help riders learn new skills, inspiring each one to live life as fully, productively and independently as possible.

Veterans

GallopNYC provides horsemanship leadership programs to veterans free of charge. Therapeutic horsemanship is effective with veterans for both physical and emotional rehabilitation. GallopNYC’s therapeutic horsemanship program for veterans focuses on interactions with horses and builds upon improving personal decision-making and self-regulation.

Seniors

GallopNYC offers a free program for local seniors, 65 and older. Participants have the opportunity to socialize, mingle, learn new skills, work with our horses, and volunteer with our riders.  This program focuses on groundwork and techniques in leadwalking and sidewalking, to better assist our riders during therapeutic riding lessons.

Hippotherapy

In Hippotherapy, a licensed physical therapist works with each child while the child is riding. The therapist is trained in using a horse as a physical therapy tool. The therapists work independently with GallopNYC’s assistance.

Leadership

GallopNYC has developed an innovative program to help young people transition to work, by developing specific job skills needed for gainful employment.


Equestrian Team

The GallopNYC Equestrian Team sponsored by Centennial Bank is a group of our advanced riders who participate in competitions for riders with disabilities at United States Equestrian Federation (USEF) rated hunter jumper shows.