Wills and Bequest Gifts
Many people would like to help strengthen the long-term viability of PetAid Colorado but feel they cannot afford to make such a gift today. A bequest by will is a unique way to ensure that PetAid’s work will continue into the future. Your bequest can be tailored to complement your personal lifestyle and financial goals and support PetAid.
For questions about leaving PetAid Colorado in your will, view our Planned Giving Information Sheet.
Through an effective estate plan, you can provide future economic security for yourself, your family and others you wish to benefit. In its broadest sense, estate planning involves making provisions for the present and future management of the property you accumulate during your lifetime and deciding how you want it distributed when you no longer need it.
A good place to start in the estate planning process is with the “Four Ps”.
List the people you would like to provide for in your plans. You may wish to include charitable interests.
List the property you own and any income it produces. Include investments, real estate, retirement plan funds, and life insurance assets, as well as personal property.
Your plans will begin to take shape as you consider how you wish to use your property to provide for the people on your list. Study your property list carefully, looking for opportunities to match the needs of each person.
List the planners you will need to help you—your attorney, accountant, financial planner, banker and/or others. Consider asking your most trusted adviser to help coordinate the process.
If you are considering your estate plans and want to learn more about how you can support PetAid Colorado, contact Sharon Kay Brown, Chief Development Officer, at 303.539.7635 or firstname.lastname@example.org to discuss confidentially.
Donate an Insurance Policy
A gift of a life insurance policy you no longer need makes a perfect year-end gift. To qualify as a deductible gift, PetAid Colorado must become the policy owner. For most types of insurance policies, your tax deduction is usually the cost basis or the fair market value of the policy — whichever is less.
Payable on Death Assets
A payable on Death account, or POD account for short, is a special type of bank account that is recognized under U.S. state law. POD accounts can be set up for checking accounts, savings accounts, money markets, and certificates of deposit as well as U.S. savings bonds.
A POD account allows for the money remaining in the account when the account owner dies to pass to directly to the beneficiaries named by the account owner.
This will happen outside of probate and in general all that the beneficiaries of the POD account will have to do in order to gain control of the account after the owner dies is to show the bank manager an original death certificate for the owner. The money remaining in the POD account will then be paid to the beneficiaries named by the account owner in the beneficiary designation form on file with the bank. It is important to understand that the bank account will pass to the POD beneficiaries even if the POD account owner had a last will and testament or revocable living trust and regardless of what the will or trust says.