You might be hoping to hit the jackpot so you can make a big-time donation to a cause you care about. But the fact is, you don’t need millions of dollars to make a lasting impact, especially when it comes to planned giving.
August is National Make a Will Month, and including charitable gifts in your estate plan is a meaningful way to support your favorite causes — whether or not you’re a lottery winner! In fact, you might even be surprised at what you can accomplish with a planned gift, even if you’re not a millionaire (yet!).
For nonprofit organizations like Cat Adoption Team, planned giving support is vital to long-term financial sustainability. What’s more, at CAT, generous estate gifts help fund lifesaving program expansions and capital improvements that wouldn’t otherwise be possible.
Here are a few ways to make a legacy gift to CAT and other causes that matter to you:
• Donate cash or assets. You can name nonprofit organizations like Cat Adoption Team in your will or trust to receive gifts of cash, investments, your home or vehicle, or other personal property. Be sure to get the organization’s name exactly right; there are many nonprofits with similar-sounding names and you don’t want any confusion! Including the charity’s federal tax ID number and address can also help with this. For example: Cat Adoption Team, 14175 SW Galbreath Drive, Sherwood, Oregon 97140, EIN #20-0773189.
• Include CAT or another charity as a beneficiary of your IRA or 401(k) accounts. This strategy maximizes your donation, since charities typically receive the funds quickly and don’t need to pay taxes on retirement plans they receive as gifts. Bonus for you: This type of gift may offer tax benefits since retirement accounts may be taxed heavily if left to an individual other than your spouse.
• Set a nonprofit organization as a “Transfer on Death” or “Paid on Death” beneficiary on your bank account. Making this plan can help bypass probate, and avoid filing fees assessed by the courts. If you’re considering this option, be aware that rules about this type of beneficiary vary from state to state; you’ll want to consult with your attorney before making changes to the beneficiary designations on your bank accounts.
In addition to the suggestions here, you have many other estate giving options available to you. A qualified estate planner or tax advisor can help you understand different types of gifts so you can choose a planned gift that meets your financial and charitable goals. And if you’d like more information about planned giving at CAT, or if you’re already including us in your will, please contact our team. We’d love to talk with you about the options and welcome you into the Roger H. James Legacy Society.
Lastly, remember that leaving behind a legacy isn’t only about financial gifts. You can make a positive impact right now for CAT — and any nonprofit you care about — when you become a volunteer, share about the mission with friends and family, and connect with the cause online (find us on Instagram, Facebook, and Youtube).
CAT provides planned giving information solely for educational and general informational purposes. The information presented here does not constitute legal, tax, or investment advice. Such advice can only be obtained from a qualified tax advisor, attorney, and/or financial planner. Please consult with the appropriate professional when making your estate or financial plans.
