Create a Legacy of Love
You can have a profound impact on the lives of homeless pets by providing a charitable bequest to the Georgia SPCA in your will or living trust. Your gift ensures we can continue to help animals in need for many years to come.
Ways You Can Give Through a Will or Trust:
- Leave a specific dollar amount or asset to the Georgia SPCA.
- Designate a percentage of your estate to be given through your will or living trust.
- Give only the remainder, or residue, of your estate, or that which remains after bequests to loved ones have been made.
The following is an example of suggested language to include in your will/trust:
"I bequeath to The Georgia Society for the Prevention of Cruelty to Animals (tax identification number 20-8927871), a not-for-profit corporation with principal offices presently located at 1175 Highway 23 NW, Suite 109, Suwanee, GA 30024, the sum of $_____ , or _______% of my estate, to be used for the accomplishment of its general purposes. (or for a specific purpose as indicated)".
Other Ways to Give:
You can name the Georgia SPCA as a beneficiary to receive assets such as insurance policies, retirement assets, bank accounts, and stocks and bonds. You simply complete the beneficiary designation form available at the bank, life insurance agency, or brokerage where the assets are held, naming the Georgia SPCA as a beneficiary. This designation is entirely separate from your will or trust, is easy to complete, and is very flexible – you can adjust beneficiary designations at any time by completing a new form.
- Bank and Investment Accounts
One of the easiest ways to give: donate funds from checking, savings, money market accounts, certificates of deposit (CD’s), and stocks and bonds in investment accounts. Request and complete the beneficiary designation form available at the financial institution. A "Payable on Death"(POD) or "Transfer on Death"(TOD) designation will be added to the accounts and the assets in the account are transferred to the beneficiary upon your passing.
Advantages: You do not have to change your will or work with an attorney or accountant. There are no fees to arrange this type a gift. You simply complete the beneficiary form given to you by the financial institution with the shelter name, address and tax identification number shown below. You retain complete control over the funds or assets in the account while you are living, and these gifts are completely revocable.
- Retirement Assets
Retirement assets can be one of the most beneficial gifts you can give to the Georgia SPCA. These funds grow tax-free until the time of withdrawal, and many taxes on these plans can be avoided or reduced through this type of charitable gift.
When a retirement account is left to your heirs, they may be required to pay income tax on these assets. For example, assume the value of your IRA assets total $50,000 at the time of your passing, and your heirs are in a 28% marginal tax bracket. If you leave this asset to your heirs, they may have to pay income taxes totaling $14,000 = (28% of $50,000), leaving $36,000 for their own use.
Advantages: If the Georgia SPCA is the beneficiary, since we are a tax-exempt not-for-profit organization, the entire amount, $50,000, would be available to help animals in need.
The administrator of your retirement plan can provide a beneficiary form for you to designate the Georgia SPCA as your sole or partial beneficiary.
- Life Insurance
Several options exist to help our animals via life insurance policies:
Name the Georgia SPCA as a beneficiary - You can make the shelter a beneficiary of your life insurance policy by requesting a beneficiary designation form from the insurance company. At the time of your passing, the assets would transfer to the Georgia SPCA.
Transfer a fully-paid policy to the shelter - You can transfer ownership of a fully-paid life insurance policy to the Georgia SPCA. Upon transfer, the Georgia SPCA can choose to: (1) cash in the policy and put the funds to work immediately to help animals in need or, (2) keep the policy and receive the death benefit later. You would receive an immediate income tax deduction for either the cash surrender value or the basis (usually the cost), whichever is less.
Name the Georgia SPCA the policy owner and beneficiary - You can obtain a policy and designate the Georgia SPCA the owner and beneficiary of the policy. Premium payments can be made by you directly to the insurance company or by the Georgia SPCA, through your annual gift to the organization. Either way, you would receive an income tax deduction.
- Charitable Trusts
If you are considering a significant gift, you may want to explore the advantages of establishing a charitable trust which would allow assets to grow tax-free. Please discuss this option with a qualified financial planner or attorney.
If you include the Georgia SPCA in your plans, please be sure to use our legal name and tax identification number:
If you have already included the Georgia SPCA in a bequest or other planned gift, thank you! We hope you will let us know. If you are willing, we would love to share your story about your decision to make the Georgia SPCA a beneficiary of your legacy. Your willingness to be acknowledged as a legacy donor encourages others to follow your example. We acknowledge and respect those who wish to remain anonymous, but we urge you to let us know of your plans on a confidential basis, as it allows the Georgia SPCA to plan for the future.
For more information, please contact Cindy Allen – cindy@GeorgiaSPCA.org
The information presented here is intended as general educational information and should not be interpreted as legal, financial or tax advice. Please seek the specific guidance of your tax advisor, attorney, and/or financial planner to discuss your individual situation.