The Legacy Club is a special group of people who leave the gift of life for thousands of animals, even after their own death.
Naming Spaymart as a beneficiary in your estate plans is one of the biggest ways to support Spaymart and ensures that Spaymart can continue our critical work.
You can provide now for a future gift to Spaymart by:
- including a bequest provision in your will or revocable trust.
- naming Spaymart as beneficiary of a life insurance policy.
- name Spaymart as the beneficiary of your IRA, 401(k) or other qualified plan. The residue of your plan passes to Spaymart tax-free. Income tax is bypassed that otherwise must be paid by a non-charitable recipient of your plan funds, thus preserving the full value of this hard-earned asset.
- Charitable Remainder Trusts: A Charitable beneficiary receives the remainder interest. It provides financial and estate planning flexibility. Donor transfers property under a trust agreement that specifies how trust income and principal are to be distributed. Trust may be created to become effective during life or at death. An irrevocable trust qualifies for tax consideration if it is in two forms:
1. Charitable Remainder Unitrust – Provides for payment to the beneficiaries of an amount that may vary. Payment must equal a fixed percentage of the net fair-market value of the trust. Donor determines the fixed percentage, which must be at least 5% of the value of the trust assets. Payments made at least annually. 2. Charitable Remainder Annuity Trust – Instead of a payout that may vary, the annuity trust provides a fixed payout of not less than 5% of the initial fair-market value of the gift in trust. Makes it suitable for a beneficiary who needs the security of a specific income.
- You can often escape both income AND estate tax levied on the residue left in your retirement account by leaving it to Spaymart.
- Give the most-taxed asset in your estate to Spaymart, allows you to leave more favorably taxed property to your heirs.
- You can continue to take withdrawals during your lifetime.
- You can change the beneficiary if your circumstances change.
- 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 Spaymart 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 know that your gift will benefit Spaymart tomorrow just as you intend it to today.
For more information, you may contact the Director, Lynn Chiche at 601-749-0268, or Faun Fenderson, an Attorney Board Member/Advisor who specializes in estate planning, at 504-528-9500. Thanking you in advance for such a special gift to the animals.