Learn the facts about planned giving at our once-a-month giving blog, brought to you by the Law Offices of Hoyt & Bryan, LLC.
Every person who owns assets should have, at a minimum, a Last Will and Testament (Last Will). Some people, however, will choose a Living Trust as their primary planning document for a variety of reasons. These reasons can include estate tax concerns, probate avoidance concerns, asset protection concerns, pet trust planning concerns, and charitable giving concerns just to name a few.
Wills and Trusts are the cornerstone of any comprehensive estate plan. Creating a plan that provides for loved ones, including pets and favorite charities, is the reason to do estate planning in the first place. Remembering the Pet Alliance of Greater Orlando in your estate plan will help ensure your legacy will continue into the future. You can have the personal satisfaction of helping these animals long after your lifetime.
Your lifetime or testamentary gift to the Pet Alliance of Greater Orlando is fully deductible for purposes of federal estate taxes. And, while reducing or even eliminating estate taxes is an admirable goal, your gift can also be used to establish a lasting tribute to a person or pet you wish to honor and remember.
By making a planned gift to the Pet Alliance of Greater Orlando, your beneficiaries may receive a larger net benefit after tax estate. Ask yourself the following question, “Would you consider a charitable gift as an alternative to paying income or estate tax?” If the answer is “Yes,” work with a qualified estate planning professional to ensure your wishes are honored and your goals are achieved.
Bequest (The “I Can Give” Gift)
How it works:
- You can provide now for a future gift to the Pet Alliance of Greater Orlando by including a bequest provision in your Will or Revocable Trust.
- You can name the Pet Alliance of Greater Orlando as a beneficiary of a retirement plan (IRA, 401k), annuity or life insurance policy. For tax deferred investments, you’ll avoid both the income tax consequences and get a charitable estate tax deduction.
Benefits:
- Your assets remain in your control during your lifetime
- You can modify your bequest if your circumstances change
- You can direct your bequest to a particular purpose (be sure to check with the Pet Alliance to make sure your gift can be used as intended)
- There is no upper limit on the estate tax deductions that can be taken for charitable bequests
- You can have the satisfaction of knowing that your bequest will support the Pet Alliance of Greater Orlando in the way you intend after you are gone
Contact the Pet Alliance if you are interested in including us in your Will or Revocable Trust.
