Charitable Remainder Trusts
To set up a Charitable Remainder Trust, please consult your attorney or estate planner.
Charitable Lead Trusts
This type of trust is opposite of the Charitable Remainder Trust. The donor agrees to give an asset to Saint John Vianney Center (SJVC) for a set number of years. At the end of the term, the asset is then transferred to specified family members at a reduced gift and estate tax rate. A Charitable Lead Trust can be set up during your lifetime or through your estate plans. While the trust will not provide you with an immediate income tax deduction, you can exclude the trust's income from your own income, thereby reducing your taxes.
A Charitable Lead Trust may make sense for donors who exceeded the annual limits on income tax deduction for charitable gifts. To set up a Charitable Lead Trust, please consult your attorney or estate planner.
Naming Saint John Vianney Center as a Beneficiary
If you have a life insurance policy that is no longer needed to provide for dependants, consider making SJVC the beneficiary. This may enable you to make a significant gift to SJVC without using any of your estate's capital. A further option is to make SJVC both the beneficiary and owner of a paid-up policy. Doing so will earn you an immediate tax deduction equal to the policy's cash value. Contact the policy's issuing agent for instructions.
Some assets, such as IRAs, Keogh Plans, and other qualified retirement plans, do not pass directly through your will and require you to name a beneficiary. Consider making SJVC a full or partial beneficiary. Such plans can be excellent choices for charitable gifting because they are taxed more heavily than other assets—sometimes greater than 60 percent. However, by making SJVC the beneficiary, the full value of the account will pass to SJVC to be used to benefit the patients.
A relatively easy planned giving option is to buy a Certificate of Deposit (CD) at your local bank and name SJVC as the beneficiary, payable-on-death. The CD can remain on deposit earning interest until the holder's death, and then SJVC would receive its value. Make sure the CD you buy automatically rolls-over and maintains the beneficiary designation.
Gifts of Property/ Real Estate
Gifts of appreciated property can be given to SJVC through a donor's will or living trust. The donor would receive an estate tax charitable deduction for the full value of the property; however, a qualified appraisal (obtained no earlier than 60 days before you make the gift) is necessary to substantiate your income tax deduction
Perhaps the most straightforward planned giving option is to make a bequest in your will. Regardless of your age or financial status, a will is essential to ensure that your property is distributed according to your wishes instead of the arbitrary laws of the state in which you live.
Bequests made through your will may take various forms:
- Specific Bequest: Directs a specific dollar gift or property to pass to SJVC
- Percentage Bequest: Designates a percentage of the total value of the estate as a gift to SJVC
- Residual Bequest: Directs that SJVC receive the remainder of the estate, or a portion of the remainder, after all expenses and other bequests have been made.
A bequest to SJVC is not subject to Federal or estate taxes, and there's no limit on the amount of the deduction. Most importantly, your bequest to SJVC will help ensure the organization's ability to provide care and protection for animals in future years.