Legacy Donations
Consider giving a gift to animal welfare that will stretch far past your lifetime. Some people think they must choose between leaving a gift to their family or their favorite charity. You can do both, and some charitable gifts may even save your family money by decreasing inheritance taxes. Be sure to discuss any legacy gifts with your family and attorney or financial planner. When you speak to your attorney about making a gift to Partners in Animal Welfare, you’ll need to provide the following information about us: Name and contact information: Partners in Animal Welfare PO Box 3141 Montclair, NJ 07043 Tax Identification number: 88-2991345 Tax status: Not-for-profit 501(c)(3) corporation Contact person: Karen Sacks, Executive Director Disclaimer: The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Leaving a gift to PAW in Your Will You have several different options when considering to include VLJ in your will. You can leave a specific bequest, which is a set amount of dollars, or a specific asset. You can leave a percentage bequest, which is a certain percentage of your entire estate. You may also choose to leave a residual bequest, which states that the remainder of your estate goes to Partners in Animal Welfare after all other bequests are executed. Please consult your attorney if you have any questions about the different types of bequests. If you choose to leave a gift to PAW in your will, please let us know at info@partnersinanimalwelfare.org. We would love to recognize your generous gift. Beneficiary Gifts Another option is to include Parnters in Animal Welfare as the beneficiary on your life insurance policy, bank account, donor-advised fund, or retirement plan. You can adjust your beneficiary information anytime, or you can designate more than one beneficiary. Please consult your attorney and/or your financial planner if you have any questions about designating PAW as the beneficiary of your account(s). If you choose to designate PAW as your beneficiary, please let us know at info@partnersinanimalwelfare.org. We would love to recognize your generous gift. 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 PAW. If you are like most people, you probably will not use all of your retirement assets during your lifetime. Why not allocate the remainder to philanthropic giving and help animals for years to come? Typically, retirement plan balances are subject to both income and estate taxes, but because PAW 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 PAW by completing a beneficiary designation form provided by your plan custodian. If you designate PAW as a beneficiary, animals will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate can also benefit from an estate tax charitable deduction for the gift. For more information on making a gift to Partners in Animal Welfare, please contact Karen Sacks at ksacks@partnersinanimalwelfare.org. |