Planned Giving

Ways to Give to Columbia Animal Shelter

Will or Trust

Making a gift to Columbia Animal Shelter through your will or revocable living trust is a simple way to save the lives of homeless pets for many years to come. Have you already named Columbia Animal Shelter in your will or trust?  We’d like to thank you for helping us in our quest to make a difference.

There are several ways you can make a gift through your will or trust:

Specific gift
You describe what kind of gift you want to leave to a specific individual or organization and the designated source. If you would like to leave a specific dollar amount from a particular source or a distinct item, this is the type of bequest you would use. Here are two examples:

Barbara states in her will: “I leave my book library to my grandson, Greg. I leave my farmhouse to my daughter, Maria. I leave my securities to Columbia Animal Shelter.”

Janice states in her will: “I leave $60,000 to my nephew, George. I leave $30,000 to Columbia Animal Shelter.”

Residuary gift
This type of bequest is honored after all other bequests have been made, and all debts, expenses and taxes have been paid. Here’s an example:

Betsy states in her will: “I give all the rest, residue and remainder of my estate to Columbia Animal Shelter.”

Contingent gift
This type of bequest is rewarded if certain conditions are met. For instance, if your primary beneficiary does not survive you, you can indicate your next choice through a contingent bequest. Here’s an example:

Chris states in his will: “I give all the rest, residue and remainder of my real and personal estate to my wife, Beatrice, if she survives me; if not, then 50 percent in equal shares to my children who survive me and 50 percent to Columbia Animal Shelter.”

Retirement Assets

A gift of your retirement assets, such as a gift from your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a planned gift to Columbia Animal Shelter. If you are like the majority of people, you probably will not use all of your retirement assets during your lifetime. Why not distribute the remainder to philanthropic giving, and help us make a difference?

Normally, retirement plan balances are subject to both income and estate taxes. Because Columbia Animal Shelter is a nonprofit organization, we won’t pay income tax on the distribution, nor will the gift be subject to estate tax. Your retirement assets may be transferred to Columbia Animal Shelter by completing a beneficiary designation form provided by your plan custodian.

Life Insurance

You can name Columbia Animal Shelter as a primary life insurance beneficiary or as a contingent beneficiary should your other beneficiaries not live on after you. Following your lifetime, the benefits from your policy pass to Columbia Animal Shelter, free of federal estate tax. To make this gift, simply contact your insurance carrier and request a beneficiary form. Here are some benefits to you:

• Simple to give: Involves little effort or paperwork
• Financial advantage: Continued ownership of your policy
• Flexibility: You can change your mind and your beneficiaries at any time
• Future tax savings: Removes the asset from your potential gross taxable estate
• Legacy of kindness: Your gift will help Columbia Animal Shelter continue to make a difference

Example: Years ago, Patricia bought a life insurance policy to protect her family. Her family no longer needed this protection, so she decided to name Columbia Animal Shelter as the life insurance beneficiary. After Patricia’s lifetime, the policy will benefit animals in our care awaiting forever homes at Columbia Animal Shelter.

Another option is to donate your paid in full life insurance policy to Columbia Animal Shelter. If the policy has a cash value, Columbia Animal Shelter would have the option of either holding the policy until the maturity date or surrendering the policy to receive the policy’s current cash value. Here are some benefits to you:

• Income tax savings: You’re entitled to a current income tax deduction
• Future tax savings: Removes the asset from your potential gross taxable estate
• Legacy of kindness: Your gift will help Columbia Animal Shelter continue to make a difference

Example: Javier bought a life insurance policy years ago that he now wants to donate to Columbia Animal Shelter. Because he gave the policy to us, Javier can claim an income tax charitable deduction. The total amount of the policy is removed from his estate, and we will use the gift to help animals coming into our low cost spay/neuter clinic at Columbia Animal Shelter.

Charitable Gift Annuity

You can recognize tax savings and unfailing annual income while donating to Columbia Animal Shelter. Here’s how charitable gift annuities work:

• You make a donation to Columbia Animal Shelter (minimum of $10,000).
• You receive fixed monthly, quarterly or annual payments for the rest of your life, at an attractive payment rate.
• You receive an immediate charitable income tax deduction, and if you donate appreciated securities (stocks) to fund your gift annuity, you will enjoy capital gains tax savings as well.
• Your gift will benefit you (and someone else, if you choose) now, and save the lives of homeless pets in the future.

One of the reasons that gift annuities are popular is because they are so flexible. Here are the most common options:

• Immediate payment annuity: As soon as you make your donation, Columbia Animal Shelter will make annual fixed income payments to you starting immediately.
• Annuity that reduces your capital gains taxes: If you have stocks or mutual funds that you have held a year or longer, you can use them to fund your gift annuity. By doing so, you will avoid a considerable portion of the capital gains tax. The remaining gain will be equally allocated over several years of your annuity payments and will not be taxed all at once.
• Annuity with two beneficiaries: One of the great things about gift annuities is that they can be set up to benefit two people, making them a great retirement and estate planning tool for couples, whether or not the individuals are married. If either beneficiary passes away, the surviving beneficiary will continue to receive the full annuity payment each year for life.
• Deferred payment annuity: The payment rate of an annuity increases with age. If you don’t need income right away, you can postpone your first payment for a number of years to a time in the future. You will receive payments at a higher rate.

Columbia Animal Shelter can provide a tailored snap shot of how a charitable gift annuity could benefit you. We’ll calculate your payments and tax benefits based on your age and a sample gift amount, without commitment and in confidence.

Columbia Animal Shelter offers gift annuities to income beneficiaries age 60 and over. The minimum gift amount is $10,000.

Outright Gift

An outright gift of cash or appreciated property is another easy and wonderful way to contribute to the mission and vision of Columbia Animal Shelter. Your gift will be put to immediate use, and you will be entitled to a charitable income tax deduction for the full value of your gift.

If you contribute to Columbia Animal Shelter through your individual retirement account (IRA), you’ll be helping with the mission/vision of the shelter and you’ll get great benefits, too!

A charitable IRA rollover is a fantastic option for people 70½ and older. That’s because it allows you to make a gift to the animals – from $100 to $100,000 – and the distribution won’t count as taxable income. An IRA rollover is also a great option if you don’t normally itemize your charitable deductions. Check out the answers to the frequently asked questions below to see if an IRA rollover is right for you.

What’s a charitable IRA rollover?
A charitable IRA rollover is a direct contribution made from your traditional or Roth IRA to a charity like Columbia Animal Shelter. Your contribution is excluded from your taxable income and can’t exceed $100,000 per year.

Who benefits most from an IRA rollover?
Those with significant assets in an IRA or those who don’t deduct charitable gifts benefit the most from an IRA rollover. Charitable IRA rollover distributions count toward required minimum distributions.

Is my IRA rollover gift deductible?
No. The gift from your IRA would be excluded from your income, so there are no additional deductions.

How does my IRA rollover help the animals?
Every gift, no matter how large or small, helps furthers the mission and vision of Columbia Animal Shelter to provide quality healthcare and adoption services. When you contribute to Columbia Animal Shelter from your IRA, you’ll be supporting community collaborations offering outstanding humane education opportunities, low cost spay/neuter services and more.

For more information, please contact us directly at 717-681-6858 Ext 5 or info@columbiaanimalshelter.com .