Making a planned gift to The Wood County Humane Society is a meaningful way to carry forward your compassion and concern for animals. Planned or deferred gifts can be used to improve your current financial and tax situation. You can also earn a lifetime income from the investment of the assets that you donate.
Below you will find a number of different options to consider when thinking about making an outright or deferred gift to The Wood County Humane Society.
This type of gift is when a donor writes a check directly to an organization. This benefits the donor because of the simplicity of the gift and the entire gift is tax deductible. Click here to make an online donation. If you would like to mail in your donation, download and print the form here.
A bequest is the easiest way to make a deferred gift to The Wood County Humane Society. All a donor must do is to write The Wood County Humane Society into their will for a certain percentage of the donor’s assets or the total proceeds from the estate. The benefit of this method of planned giving is that the donor can take an estate tax deduction for the full amount of the bequest.
Outright Gift of Appreciated Property
The transfer of a stock or bond that has gained value since purchase is an outright gift of appreciated property. If the donor gave The Wood County Humane Society stocks worth $1,000 that had been purchased for $200, the donor would receive a tax deduction for the current value of the donated stock.
If a donor sold land valued at $200,000 to The Wood County Humane Society for $10,000 it would be considered a bargain sale. The difference between the purchase price and the value of the land ($190,000) would be tax deductible for the donor.
Charitable Remainder Trust
The donor would set up a trust and transfer assets to the trust in this case. If the donor transfers $10,000 into a trust then the donor can collect five percent per year as an income stream for the life of the donor. Upon the death of the donor The Wood County Humane Society would be the benefactor of the trust, as well as any other charities or family members designated by the donor. The benefits of this charitable giving method are that the donor receives an income stream for the remainder of their life and the donor avoids capital gains taxes on the assets of the trust. Another option for a Charitable Remainder Trust is for the donor to simply write a provision into their will directing that a certain amount of money go into a trust for The Wood County Humane Society upon their death. The trust will then make payments to the surviving spouse until the spouse passes away. At that point, The Wood County Humane Society will receive the remainder of the trust.
There are two options to consider when thinking about life insurance as a charitable gift. One option is to make The Wood County Humane Society the benefactor of the policy. Upon the donor’s death The Wood County Humane Society will receive the designated settlement from the policy. The advantages to this method include the ability to change benefactors at any time and the donor’s availability to receive cash value of the policy. The other option is to make The Wood County Humane Society the owner of the policy. The donor must make payments to The Wood County Humane Society annually to cover the policy premium. The donor in turn will receive a credit on their income taxes equal to the lesser of the policy’s value of the net premium paid.