LEGACY GIVING
LEAVE A LEGACY OF LOVE & COMPASSION
Because of generous, committed friends like you, Cape Ann Animal Aid has been saving animals in need and finding them loving homes for more than 60 years. Please consider extending your love and compassion for homeless animals for generations to come by including Cape Ann Animal Aid as part of your legacy.
CONSULT YOUR ADVISORS
Please consult your legal/financial counsel as you plan your gift. They can help you make the largest possible gift at the least net expense to you. Personal financial circumstances may vary and must be carefully considered to receive maximum benefit from existing tax laws.
WAYS TO GIVE
NAMING CAAA IN YOUR WILL OR LIVING TRUST
Including Cape Ann Animal Aid as a beneficiary in your will can make a loving and lasting legacy that ensures that what matters to you lives on. This can also reduce the tax payable by your estate. The language below can be used to direct a gift to Cape Ann Animal Aid.
SAMPLE LANGUAGE FOR UNRESTRICTED BEQUEST
“I give, devise and bequeath to the Cape Ann Animal Aid Association (CAAA), a 501 C (3) charitable non-profit corporation, tax identification number 042374914, headquartered at 4 Paws Lane, Gloucester, MA 01930, the sum of $____________ or __________% of my residual estate (or an accurate description of securities, real estate or other property given) to be used for the general purposes of the said organization.”
SAMPLE LANGUAGE FOR UNRESTRICTED BEQUEST
“I give, devise and bequeath to the Cape Ann Animal Aid Association (CAAA), a 501 C (3) charitable non-profit corporation, tax identification number 042374914, headquartered at 4 Paws Lane, Gloucester, MA 01930, the sum of $____________ or __________% of my residual estate (or an accurate description of securities, real estate or other property given). This gift shall be used for __________ (here describe in broad general terms the desired purpose or division).”
Escape Clause: In the case of a restricted gift it is wise to include a saving or escape clause so that the donor’s gift can continue to be useful to Cape Ann Animal Aid if conditions change in a way that would nullify or make impractical the original purpose.
“If, in the opinion of the Board of Directors of CAAA, all or part of the remainder of this bequest cannot be usefully applied to the above purpose, they may use the same for any purpose within the general powers of the organization which in their opinion will most nearly accomplish my wishes and purposes.”
SAMPLE LANGUAGE FOR A CONTINGENT BEQUEST
A contingent bequest provides first for family and friends. It benefits CAAA only if other heirs do not survive. They are usually utilized in trust documents.
"If any of the above-named beneficiaries should predecease me, then I give, devise and bequeath to Cape Ann Animal Aid Association (CAAA), a 501 C (3) charitable non-profit corporation, tax identification number 04-2374914, headquartered at 4 Paws Lane, Gloucester, MA 01930, all property, real or personal, which said beneficiary or beneficiaries would have received if said beneficiary or beneficiaries would have survived me."
LETTER OF INTENT
Please let us know about your intent to include Cape Ann Animal Aid in your legacy planning. Supporters who have included CAAA in their estate plans are recognized and celebrated as members of the Sandy Mitchell Circle of Friends. You can notify us by mail or fill out a short form online.
BENEFICIARY DESIGNATIONS
Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using retirement assets, life insurance policies and annuities.
You can name or designate Cape Ann Animal Aid as a beneficiary of your IRA, 401(k), or other qualified retirement plan and allow the balance of your retirement assets to save even more animals in the future.
With this approach, you can continue to take regular lifetime withdrawals and you maintain flexibility to change beneficiaries if your family's needs change during your lifetime. This is simple to set up and does not require a will. Contact the financial institution that manages your retirement plan to learn about how to designate a charity as the beneficiary.
Designating Cape Ann Animal Aid on your retirement plan costs nothing now and allows you to include CAAA in your future giving plan without having to consult with an attorney.
It only takes 3 simple steps to name Cape Ann Animal Aid as a beneficiary:
Contact your retirement plan administrator, insurance company, bank, or financial institution for a change-of-beneficiary form.
Decide what percentage (1% to 100%) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
Return the completed form to your plan administrator, insurance company, bank, or financial institution.
IRA CHARITABLE ROLLOVER (QCD)
Make a difference today and save on taxes. It’s possible when you support Cape Ann Animal Aid through your IRA.
A Special Opportunity for Those 70½ Years Old and Older
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as CAAA without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at CAAA.
This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
With this approach, you can continue to take regular lifetime withdrawals and you maintain flexibility to change beneficiaries if your family's needs change during your lifetime. This is simple to set up and does not require a will. Contact the financial institution that manages your retirement plan to learn about how to designate a charity as the beneficiary.
Designating Cape Ann Animal Aid on your retirement plan costs nothing now and allows you to include CAAA in your future giving plan.
Why Consider This Gift?
Your gift will be put to use today, allowing you to see the difference your donation is making.
Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
For Those 59½ Years Old or Older
If you’re at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.
At Any Age
No matter your age, you can designate Cape Ann Animal Aid as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.
APPRECIATED SECURITIES
Securities and mutual funds that have increased in value and been held for more than one year are one of the most popular assets to use when making a gift to Cape Ann Animal Aid. Making a gift of securities or mutual funds offers you the chance to support our efforts in saving homeless animals while realizing tax benefits for yourself.
Securities and mutual funds that have increased in value and been held for more than one year are one of the most popular assets to use when making a gift to Cape Ann Animal Aid. Making a gift of securities or mutual funds offers you the chance to support our efforts in saving homeless animals while realizing benefits for yourself.
When you donate appreciated securities or mutual funds you have held more than one year to us in support of animals, you can reduce or even eliminate federal capital gains taxes on the transfer. You may also be entitled to a federal income tax charitable deduction based on the fair market value of the securities at the time of the transfer.
Securities are most often used to support Cape Ann Animal Aid in the form of:
An outright gift. When you donate securities to CAAA, you receive the same income tax savings that you would if you wrote us a check, but with the added benefit of eliminating capital gains taxes on the transfer, which can be as high as 20 percent.
A transfer on death (TOD) account. By placing a TOD designation on your brokerage or investment account, that account will be paid over to one or more persons or charities after your lifetime.
ANIMAL CARE PROVISION AND PET TRUSTS
We recommend that you make provisions to re-home your companion animals following your death with friends and family. An animal shelter should be a last resort for placement of surviving animals. Should you need assistance from Cape Ann Animal Aid in placing your companions after your death, you may consider specific bequest language in your will or talk to your financial planner about a Pet Trust.
Should you need assistance from Cape Ann Animal Aid in placing your companions after your death, you may consider the following wording:
“In return for the humane care, relocation and resolution of any animal belonging to me at my death, I hereby bequeath a gift or additional gift to Cape Ann Animal Aid Association (CAAA), a 501 C (3) charitable non-profit corporation, tax identification number 04-2374914, headquartered at 4 Paws Lane, Gloucester, MA 01930, (here describe the details of the gift and any specific desires for the animal[s]).”
Please note that while CAAA is able to re-home the vast majority of the animals in our care, we are unable to guarantee the placement of any animal, particularly those with histories of aggression or serious illness. Consider speaking to your estate planner about a “Pet Trust” that would provide financial support for your companion animal in whatever home s/he resides after your death.
NEXT STEPS:
If you have questions or need additional information please contact Jane Young, Director of Development at jyoung@capeannanimalaid.org or call (978)-283-6055 ext. 103.
Seek the advice of your financial or legal advisor.
If you include Cape Ann Animal Aid in your plans, please use our legal name (Cape Ann Animal Aid Association, Inc.) and federal tax ID (04-2374914).