EVERY PENNY MAKES
Many individuals would like to provide important financial support for the Kent Animal Shelter, but may feel constrained by financial and personal obligations. Fortunately, it’s possible to support the shelter without jeopardizing or neglecting the needs of your family.
In fact, there are a number of ways to give which can actually enhance financial security for you and your family. For more information, call Pam Green at (631) 727-5731 ext 4 or email her at firstname.lastname@example.org.
The Kent Animal Shelter is a 501©3 non-profit charitable organization dedicated to the welfare of homeless animals. Ways to make your gift – some of which offer significant tax-saving opportunities – include:
Bequests and Gifts
Cash or checks. Because these gifts provide funds that can be put to immediate use by the shelter, they are important to help meet current expenses, especially when unanticipated needs arise. Cash gifts are tax deductible up to 50% of your adjusted gross income, and unused deductions may be carried forward for as many as five tax years.
Securities. Gifts of appreciated securities that you have owned for more than a year can be very advantageous. Capital gains taxes are completely avoided and a tax deduction can be taken for the full market value rather than just your original cost.
Real estate. Real property may be contributed in various tax advantaged ways. If you own property that is not subject to a mortgage and has appreciated in value, a charitable gift may be an attractive option. You can claim an income tax deducation for property held for more than one year based upon fair market value of the property, avoid capital gains taxes, and remove that asset from your taxable estate. Or, you could give your home or farm to us now and continue to use the property for life. You will be entitled to an income tax deduction based on your age and the value of your property.
Life Insurance. Gifts of existing policies you no longer need make excellent gifts. For existing policies, you can generally deduct the entire replacement value of the policy, plus any premium payments that you subsequently make. If the policy isn’t completely paid up, its approximate cash value plus future premium payments are usually fully deductible.
Life Income Gifts. Life income gifts allow you to receive an income as a result of making a charitable gift. Depending upon the type of plan you choose, the payments can be fixed or variable and can be for you or other beneficiaries you choose. Life income gifts entitle you to an immediate income tax deduction, based on the present value of your future gift to us.
Trusts and Wills
Charitable Remainder Unitrust. You, the donor, create a trust and fund it with property of your choice–cash, stock, artwork, etc. You specify what percentage of the trust assets you wish to receive as annual income, when you will begin to receive the income, and for how long. You will receive an immediate charitable income tax deduction, based upon the value of the property given to the trust and upon the income stream that you have specified. And you provide a means whereby the value of the asset initially placed in the trust will pass to your children free of both income and estate tax when you and your spouse have died.
Wills. One of the easiest and most thoughtful ways to provide continued support for the shelter is through a charitable bequest in your will. For example: Outright bequest of a specified percentage of the estate or a specified sum. Residuary bequest for the shelter to receive the remainder of your estate after all specific bequests have been made. Contingent bequest may be used to provide for the distribution of property in the event that one of more of your named beneficiaries does not survive you. A life income bequest can provide the security of a lifetime income for your loved ones while assuring an eventual gift to the Kent Animal Shelter.