Making a planned gift to Broward County Animal Care and Adoption is a meaningful way to carry forward your compassion and concern for animals and a wonderful way to say thank you to every pet that has made a difference in someone's life.
Because we are an open-admissions shelter, we must accept all animals that come through our doors. Many of these animals need basic medical treatment or need to be sent to a veterinarian for more extensive treatment. In addition, we must house stray dogs and cats for a minimum of 3 days and a maximum of 5 days as required by law before they can be made available for adoption. Once the animals are ready to be adopted, shelter staff and our volunteers work closely with potential adopters to make sure they are paired with the perfect pet so that once a pet leaves the shelter, they are placed with a loving family in a forever home.
Over the years, we have seen a reduction in our euthanasia rates and an increase in both adoptions and rescuing. That’s because people want to get involved in caring for the pets in their community, and your planned gift can make a tremendous difference toward helping us achieve our mission of saving pets and making a difference for both animals and people.
Bequests
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 Broward County Animal Care and Adoption.
- Percentage Bequest: Designates a percentage of the total value of the estate as a gift to Broward County Animal Care and Adoption.
- Residual Bequest: Directs that Broward County Animal Care and Adoption receive the remainder of the estate, or a portion of the remainder, after all expenses and other bequests have been made.
A bequest to Broward County Animal Care and Adoption is not subject to Federal or estate taxes, and there's no limit on the amount of the deduction. Most importantly, your bequest to Broward County Animal Care and Adoption will help ensure the organization's ability to provide care and protection for animals in future years.
Charitable Remainder Trusts
A Charitable Remainder Trust (CRT) is one of the more complex estate planning options but provides the donor greater flexibility. CRT's can be a very good choice for those who own significantly appreciated assets (such as rental property) and want to receive income for life. The donor transfers the asset to the trust, where it is sold, avoiding capital gains tax. The proceeds are invested with the donor or other beneficiary receiving payments for life or a set term. At the end of the trust's life, the remaining principal is gifted to Broward County Animal Care and Adoption Center.
To set up a Charitable Remainder Trust, please consult your attorney or estate planner.
Charitable Lead Trusts
This type of trust is opposite of the Charitable Remainder Trust. The donor agrees to give an asset to Broward County Animal Care and Adoption Center for a set number of years. At the end of the term, the asset is then transferred to specified family members at a reduced gift and estate tax rate. A Charitable Lead Trust can be set up during your lifetime or through your estate plans. While the trust will not provide you with an immediate income tax deduction, you can exclude the trust's income from your own income, thereby reducing your taxes. A Charitable Lead Trust may make sense for donors who exceeded the annual limits on income tax deduction for charitable gifts. To set up a Charitable Lead Trust, please consult your attorney or estate planner.
Naming Broward County Animal Care as a Beneficiary
If you have a life insurance policy that is no longer needed to provide for dependents, consider making Broward County Animal Care and Adoption the beneficiary. This may enable you to make a significant gift to Broward County Animal Care and Adoption without using any of your estate's capital. A further option is to make Broward County Animal Care and Adoption 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.
Some assets, such as IRAs, Keogh Plans, and other qualified retirement plans, do not pass directly through your will and require you to name a beneficiary. Consider making Broward County Animal Care and Adoption Center a full or partial beneficiary. Such plans can be excellent choices for charitable gifting because they are taxed more heavily than other assets—sometimes greater than 60 percent. However, by making Broward County Animal Care and Adoption Center the beneficiary, the full value of the account will pass to Broward County Animal Care and Adoption Center to be used to benefit the animals.
A relatively easy planned giving option is to buy a Certificate of Deposit (CD) at your local bank and name Broward County Animal Care and Adoption Center as the beneficiary, payable-on-death. The CD can remain on deposit earning interest until the holder's death, and then Broward County Animal Care and Adoption Center would receive its value. Make sure the CD you buy automatically rolls-over and maintains the beneficiary designation.
Gifts of Property/Real Estate
Gifts of appreciated property can be given to Broward County Animal Care and Adoption 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 you make the gift) is necessary to substantiate your income tax deduction.
Making Broward County Animal Care and Adoption Center the Successor Interest of a Contract
Perhaps you're receiving payments from the sale of a business or real estate or are receiving royalties? You may be able to designate Broward County Animal Care and Adoption Center as the successor interest to receive any payments that continue after your death.
