Making a planned gift to BrightSide Animal Center is a meaningful way to carry forward your compassion and concern for animals. Additionally, this type of giving may help you achieve specific financial goals, such as reducing or eliminating certain tax liability.
We can help you with your planning or discuss the many options available with your accountant or attorney.
Making a bequest
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.
Bequests made through your will may take various forms:
- Specific Bequest: Directs a specific dollar gift or property to pass to BrightSide.
- Percentage Bequest: Designates a percentage of the total value of the estate as a gift to BrightSide.
- Residual Bequest: Directs that BrightSide receive the remainder of the estate, or a portion of the remainder, after all expenses and other bequests have been made.
A bequest to BrightSide Animal Center is not subject to federal or estate taxes, and there’s no limit on the amount of the deduction. Most importantly, your bequest will help ensure the organization’s ability to provide care and protection for animals in future years.
Naming BrightSide Animal Center as a beneficiary
If you have a life insurance policy that is no longer needed to provide for dependents, consider making BrightSide as 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 BrightSide 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. Contact the policy’s issuing agent for instructions.
You can also make BrightSide Animal Center the beneficiary of a certificate of deposit (CD). You can buy a CD at your local bank and name BrightSide as the beneficiary, payable-on-death. The CD can remain on deposit earning interest until the holder’s death, then BrightSide would receive its value. Make sure the CD you buy automatically rolls over and maintains the beneficiary designation.
Giving gifts of property
Gifts of appreciated property can be given to BrightSide Animal Center through a donor’s will or living trust. The donor would receive an estate tax charitable deduction for the full value of the property; however, a qualified appraisal (obtained no earlier than 60 days before making the gift) is necessary to substantiate the income tax deduction.
If you have any questions about your estate planning and the BrightSide Animal Center, please feel free to call the shelter and we’ll be pleased to offer our assistance.