A well planned out estate allows you to make an impact on the future for generations to come. Any philanthropic gifts you leave behind helps a charity ensure their continued success. Planned giving provides substantial tax and financial advantages to your estate. Naming Voorhees Animal Orphanage in your will means that your name is always be remembered for helping homeless pets in South Jersey.
For questions about giving to Voorhees Animal Orphanage, consult your attorney or tax adviser first.
Bequests
Perhaps the most straightforward planned giving option is to make a bequest in your will. Regardless of your age or financial status, a will is essential to ensure that your property is distributed according to your wishes instead of the arbitrary laws of the state in which you live. For questions about giving to Voorhees Animal Orphanage, consult your tax adviser first.
Naming VAO as Beneficiary
If you have a life insurance policy that is no longer needed to provide for dependents, consider making Voorhees Animal Orphanage the beneficiary. This may enable you to make a significant gift to the shelter without using any of your estate’s capital. A further option is to make Voorhees Animal Orphanage both the beneficiary and owner of a paid-up policy. Doing so will earn you an immediate tax deduction equal to the policy’s cash value.
Some assets, such as IRAs, Keogh Plans, and other qualified retirement plans, do not pass directly through your will and require you to name a beneficiary. Consider making the shelter a full or partial beneficiary. Such plans can be excellent choices for charitable gifting because they are taxed more heavily than other assets—sometimes greater than 60 percent.
Buy a Certificate of Deposit (CD) at your local bank and name Voorhees Animal Orphanage as the beneficiary, payable-on-death.
Trusts & Annuities
You can help the animals and at the same time receive income for life and the life of your beneficiary. Charitable gift annuities and charitable remainder trusts are both methods of giving that are used by organizations to benefit their programs. Annuities and trusts are wonderful strategies if you have appreciated assets (typically stocks or property) and you would like to increase your income.
- Charitable Remainder Trust (CRT)
- Charitable Lead Trust
- Charitable Gift Annuities
Other Methods
If you’re looking for a way to help the animals, while also achieving specific tax benefits, donating stocks, bonds, and/or mutual funds might be right for you.
Retirement assets are one of the most beneficial gifts you can give to the VAO. These funds grow tax-free until the time of withdrawal. Many taxes on these plans can be avoided or reduced through a carefully planned charitable gift.
Gifts of appreciated property can be given to the shelter through a donor’s will or living trust. The donor would receive an estate tax charitable deduction for the full value of the property.
For questions about giving to Voorhees Animal Orphanage, consult your attorney or tax adviser first.