** We will be closing at 1pm on Sunday, May 12th for Mother's Day! **
Planned Giving
Create a Living Legacy
Thank you for your interest in including Paws Crossed Animal Rescue Inc. in your estate plans. There are a variety of planned gift opportunities designed to meet individual financial needs. Planned gifts often provide lifetime monetary benefits to the donor and their family, along with considerable tax savings, and the satisfaction of knowing that they are helping ensure the future of Paws Crossed and its many programs for generations to come.
There are many giving opportunities available, some of which are outlined below.
A great way to maximize giving, minimize taxes and
play a part in the future of Paws Crossed!
IRA Gifts
Donors 70.5 and older are eligible to make a tax-free gift from their IRA called a Qualified Charitable Distribution (QCD). QCDs are always tax-free, regardless of whether or not donors itemize deductions on their tax returns. Additionally, if you have to take a Required Minimum Distribution (RMD), a QCD is the best way to avoid excess taxes while giving back to Paws Crossed today.**
Use our online tool to help you give a QCD to Paws Crossed in under 10 minutes. The tool works with all major IRA custodians. Donate now.
**Please note that all RMDs have been waived in 2020 as a result of the CARES Act.
Life Insurance
A gift of life insurance is an excellent way to make a sizable contribution that does not tie up current assets, that provides immediate tax savings and that helps ensure the Rescue’s future. You may make the Rescue the owner and beneficiary of a life insurance policy that you no longer need. If the policy is fully paid up, your deduction equals the cost or replacement value of a new policy with comparable benefits. You may also take out a new policy that names the Rescue as beneficiary. The premiums you pay are tax-deductible, and in time, the value of the policy will far exceed your net contributions.
Bequests
One of the most powerful ways to support Paws Crossed Animal Rescue for years to come is through a gift in your will. Giving through a bequest lowers your federal estate taxes because the assets donated to the Rescue are deducted before the estate tax is
calculated.
In order to make this process as easy as possible, Paws Crossed has partnered with our friends at FreeWill, an intuitive online service that allows you to write a free, legal will online in less than 20 minutes.
Everyone needs a will and, odds are, you either don’t have one or, if you do, it could probably do with an update. Get started now!
Prefer to work with an attorney to write your will? You can still use FreeWill to document your wishes, which will save you time and money at the lawyer’s office.
Secure your legacy for the people, pets, and causes you love today.
Charitable Gift Annuity
A Charitable Gift Annuity (CGA) can provide guaranteed income for life by providing the mature donor with lifetime payments through better yield on fixed income assets, such as CDs and bonds, and reduce portfolio risk. In addition, the CGA will generate a tax deduction and allow remaining assets to be used to support the Rescue.
Charitable Remainder Trust
A Charitable Remainder Trust (CRT) gives you the flexibility to design a trust to meet your individual financial goals and provides an income for life for you! By establishing a Paws Crossed Animal Rescue Inc. CRT, all account values go to the benefit of Paws Crossed Animal Rescue Inc. to further its mission when the donor passes on. This is a great way to provide people with tax deductions and income for life, while also leaving a lump sum of money for the orphaned pets of Paws Crossed.
Stock Gifts
If you have a stock that you have owned for more than one year, you can donate that stock to a nonprofit! You will get a tax deduction equal to the fair market value of the stock at the time of the transfer (not when you originally purchased the stock). If your stock has gone up in value since you purchased it, you do not have to pay any capital gains tax on the appreciated value, and neither does the nonprofit!
Here is a great example from nolo.com:
"Example: Ari owns 1,000 shares of Evergreen stock, which is traded on the New York Stock Exchange. He paid $1,000 for the shares back in 2005 and they are worth $10,000 today. He gives the stock to his favorite nonprofit, the Red Cross, and deducts its $10,000 fair market value as a charitable contribution. Ari need not pay the 15% capital gains tax on the $9,000 gain in the value of his stock. The Red Cross sells the stock and pays no taxes on the $10,000 it receives. Had Ari sold the stock he would have had to pay a $1,350 long-term capital gains tax on his $9,000 profit (15% x $9,000 = $1,350). This would have left him only $8,650 from the stock sale to donate to nonprofit."
Appreciated Securities
A popular alternative to a cash gift is a gift of appreciated securities, which generates a double tax benefit. In addition to receiving an income tax charitable deduction for the full market value of the property, the donor escapes any potential tax on the capital gain element in the gift property. In order to qualify for this double tax benefit, the property must have been held for more than one year.
Questions about the various Planned Giving opportunities? Please do not hesitate to contact
Julie Potter, Business and Development Director, at 914-372-7878 or via email.
