PLANNED GIVING OPPORTUNITIES
How to maximize giving, minimize taxes and create a living legacy with Because Animals Matter
Thank you for your interest in including Because Animals Matter in your estate plans. BAM offers 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 BAM and its many programs for generations to come. There are a wide range of giving opportunities available, some of which are outlined below.
Find the gift that is right for you and BAM
Bequests
One of the simplest ways to make a planned gift to Because Animals Matter is to make a bequest in your will or revocable trust. Preparing now will give you peace of mind that you have taken care of the causes that are important to you. If you already have a will or revocable trust, your lawyer can usually add a codicil to include BAM.
Giving through a bequest lowers your federal estate taxes because the assets donated to BAM are deducted before the estate tax is calculated. Whether you have large assets or just a few possessions, a will prevents legal complications and delays, directing your personal representative to do as you wished.
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 Center’s future. You may make the Center 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 Center as beneficiary. The premiums you pay are tax-deductible, and in time, the value of the policy will far exceed your net contributions.
Life Insurance Gift Case Study
Beneficiary of retirement or other financial account
One of the most flexible and inexpensive ways you can make a difference for the animals is by designating Because Animals Matter as a beneficiary of your financial accounts. These can include: Retirement, IRA, 401(k) or 403(b) accounts; Brokerage accounts; CD's; Money market, Savings, checking or other accounts that allow transfer on death or payment on death designations; Health savings accounts and Donor advised funds.
Appreciated Securities
A popular alternative to a cash gift is a gift of appreciated securities, which generate 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.
