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Estate and Planned Giving
Bequests
Charitable Remainder Trust
Charitable Lead Trust
Retained Life Estate
Life Insurance
Preparing for Your Pet When You Are Gone
Pet Trusts
Tree House’s Lifetime Care Program
Estate Planning and Planned Gift Options
Learn more about giving directly to Tree House:Heartbeat Monthly Giving Bequests & Trusts Tree of Life |
What is Planned Giving?
Planned giving is a rewarding way to combine charitable giving with your financial plans. It further offers you a way to integrate your financial goals with your personal values and causes that matter the most to you. Planned giving provides flexible options for making a charitable gift to Tree House and is a meaningful way to support the work we do and leave your legacy.
Your generous planned gift goes directly toward supporting Tree House’s ongoing efforts to rescue and rehabilitate sick, injured, abandoned, and neglected stray cats, some of the most vulnerable animals.
Benefits May Include:
The information contained on our Web site is not intended to be financial or legal advice. Please consult an attorney or qualified adviser to make choices the best fit your situation.
Bequests
A bequest is one of the easiest ways to support our work and leave a legacy that complements your lifetime commitment to animal welfare. Bequests are simple (requiring only a few sentences in your will), flexible, and offers you a way to give more than might otherwise be possible. Designating Tree House Humane Society as a beneficiary in your will or trust has no affect on your current assets, and is not limited to money, stocks, or securities; in fact property, artwork, life insurance, savings accounts, or company pensions are all examples of charitable bequests. A bequest from a will or a trust distribution to Tree House Humane Society is tax deductible and is usually exempt from gift and estate taxes (consult an attorney or professional to properly structure your bequest).
If you have other questions or would like to explore this option further, please contact Dave de Funiak at Tree House email: Dave@TreeHouseAnimals.org or call 773-784-5488 ext. 226
Tree House’s Tax ID Number: 23-7444825
What’s the difference between a will and a trust?
A will is a legal document that outlines how you would like your assets distributed after your death, and to whom. It is a private, revocable document that only takes effect after your death. Without a properly drafted will, the courts will decide what will happen to your assets.
A trust is a legal entity that holds your assets during your lifetime and enables you to place conditions on how certain assets will be distributed after your death. Upon your death a trust transfers ownership of your assets as you designate. In most cases, trusts deal only with specific assets, such as life insurance or a piece of property, while a will typically outlines the distribution of most all other items. Consult an attorney or your advisor for guidance on which to choose as well as how to properly establish a will or trust.
How Bequests Work
There are a few different types of bequests. It’s important for you to understand the differences to make the right choice and to best honor your wishes.
Unrestricted Bequest
This is the most generous type of bequest and enables you to make an outright gift of cash or property, i.e. a set amount such as $10,000, to Tree House or, alternately, you can specify a percentage of the balance of your estate (the residual or remainder) after taxes, gifts, expenses, and specific bequests have been satisfied. This enables Tree House to use your gift to benefit our work where most needed at the time.
Restricted Bequest
Be aware, that while this is similar to an unrestricted bequest, there is an important difference that may result in your gift being invalid after your death. Here’s why: This type of bequest requires that the gift be used only for the purposes described in your will. While this may seem beneficial and enable you to designate your gift for a specific program that is important to you, it can create unforeseen challenges. Because the gift is restricted, any change in Tree House’s programs or operations might render the gift invalid. Therefore, the best way to ensure your gift will honor your wishes is with an unrestricted bequest or with very careful wording to honor your intent, yet provide flexibility for the use of your funds. Please talk with us as you are drafting your will if you wish to provide restrictions.
Contingent Bequests
This type of bequest allows for the possibility of changing circumstances and certain events. For instance it may only take effect if a primary beneficiary of the bequest predeceases you; you can give, or bequeath, the remainder of your estate to Tree House if neither your spouse nor another descendant survives you - the rest, remainder, of your estate will then be given to Tree House.
Charitable Remainder Trust
Charitable Remainder Trusts offer you a way to create a deferred giving plan that can result in savings in your current income taxes as well as gift and estate taxes for your heirs. This entity also offers a way to provide current or future income for you and/or your beneficiaries.
If you have other questions or would like to explore this option further, please contact Dave de Funiak at Tree House email: Dave@TreeHouseAnimals.org or call 773-784-5488 ext. 226
Tree House’s Tax ID Number: 23-7444825
How Charitable Remainder Trusts Work
There are two types of Charitable Remainder Trusts:
Charitable Remainder Annuity Trust
This offers a way to make a generous gift to Tree House while providing you and your loved one’s with a fixed income by paying a fixed annuity either over a defined period of time (not to exceed 20 years) or for the lifetime of your named beneficiaries. After that period, the remaining principal is used for charitable purposes as you define.
Charitable Remainder Unitrust
Similar to an annuity trust, the charitable remainder unitrust provides you and your beneficiaries with a variable income for a fixed term or based on the trust’s value. The payout rate is applied to the fair market value of the trust assets determined annually. This means that the amount of the annuity may change from year to year depending on the changing value of the trust assets. You can save on capital gains taxes as well as receive an immediate income tax deduction for a portion of your contribution.
Charitable Lead Trust
This entity enables you to support Tree House’s work and leave a legacy for your loved ones while reducing the tax costs for your heirs in the future. In certain instances, a charitable lead trust is one of the most innovative and valuable estate planning tools.
How a Charitable Lead Trust Works
The trust can either be funded during your lifetime for through your will. Your contribution of assets, such as securities or real estate, toward the trust, then pay a prescribed amount, annually, to support Tree House’s work, for a determined period of years. When the trust terminates, the principal then passes to your heirs.
If you have other questions or would like to explore this option further, please contact Dave de Funiak at Tree House email: Dave@TreeHouseAnimals.org or call 773-784-5488 ext. 226
Tree House’s Tax ID Number: 23-7444825
Retained Life Estate
This is a creative way to plan your deferred gift to Tree House. A retained life estate enables you to donate personal property or a residence to Tree House while retaining the right to live in your residence and/or use the property for the rest of your (or your spouse’s) life or for a determined number of years. While the upkeep, taxes, and other expenses remain the donor’s responsibility, this entity may provide a substantial tax deduction.
If you have other questions or would like to explore this option further, please contact Dave de Funiak at Tree House email: Dave@TreeHouseAnimals.org or call 773-784-5488 ext. 226
Tree House’s Tax ID Number: 23-7444825
Life Insurance
Sometimes life insurance policies are purchased for specific reasons that no longer apply. A gift of life insurance can be an easy way to give to Tree House at a level you would not think possible. When you name Tree House as your beneficiary, and irrevocably assign ownership to us, you may receive a charitable tax deduction as well as reduce your estate taxes. Additionally, if you continue to pay premiums after making the gift, these may offer tax deductions.
How a Life Insurance Gift Works
You can name Tree House as the recipient of dividends or as the primary, secondary, or contingent beneficiary of the policy or one of its provisions. Simply contact your insurance company and ask for a change of beneficiary form and name Tree House as the beneficiary of an existing policy. After your lifetime, proceeds from the policy will be transferred to Tree House. This gift may be free of estate tax and is a convenient way to support Tree House and your lifelong commitment to animal welfare.
If you have other questions or would like to explore this option further, please contact Dave de Funiak at Tree House email: Dave@TreeHouseAnimals.org or call 773-784-5488 ext. 226
Tree House’s Tax ID Number: 23-7444825
Providing For Your Pet’s Future After You Are Gone
Many beloved companion animals have ended up homeless due to a caregiver’s unexpected illness, accident, hospitalization, or death when no arrangements have been made for the care of their pet. Without proper arrangements or a will that explains your intentions, your assets (which include pets) can be distributed according to rules set by state statute, often times, contrary to your personal wishes.
As a responsible pet owner, you ensure that your companion animal has proper care and comfort. Just as you have taken care to provide for your animal during your lifetime, making proper arrangements for your pet’s future without you is a critical component of care during their lifetime. It can be an unfortunate and frightening situation to imagine that our pets could be endangered once we are gone. Proper planning can help ensure your wishes are carried out and that your beloved pet is well cared for in the event that something unexpected happens to you.
Steps to Take Now to Prepare for the Unexpected
- In the event of a sudden illness, accident, or if you are incapacitated, identify 2 individuals who live close by, are comfortable with your pet, and who agree to serve as temporary caregivers for your pet
- Provide these individuals with keys to your home, your veterinarian’s contact information, feeding, basic care instructions, any medications, and pet’s medical information, plus information pertaining to your arrangements for permanent care
- Provide their information to the individual designated as power of attorney over your estate
Steps to Prepare for Long-term Care of Your Pet
Keep in mind that a new environment and, most importantly, being without you, will be a stressful situation for your beloved pet. Try to choose a permanent home that will provide your pet with comfort, security, and that can provide the type of care that you would want.
- With multiple pets, decide if you want all animals to go to one caregiver or different individuals
- Try to keep pets that have bonded together if possible
- Choose individuals you know and trust, and who know your pet, how you take care of them, and who personally care about your pet
- Choose individuals who can provide your pet with a lifestyle similar to the one you give them; for example, if your cat is an only pet, you might want to avoid a home that has multiple pets or dogs
- Discuss your wishes and expectations as well as the responsibility of caring for a pet. Keep in mind this individual will have full responsibility including choices about veterinary care and euthanasia.
Establish a Trust for Your Pet
A trust involves setting money aside to be used for your pet’s care.
Benefits Include:
There are many options available to you regarding wills and trusts. To find the combination that best meets your individual needs and is enforceable in your state, consult with an attorney who has experience in arranging trusts specific to the care of companion animals.
Thing to consider:
The information contained on our Web site is not intended to be financial or legal advice. Please consult an attorney or qualified adviser to make choices the best fit your situation.
Tree House’s Lifetime Care Program
We value the bond you have with your pet and how frightening it can be if you find you have no other options for long-term care. That’s why Tree House offers a Lifetime Care Program to cat owners. The shelter environment can be a difficult adjustment for a cat that has been accustomed to living in a home, and, therefore, we strongly encourage individuals to exhaust all possible placement options among friends and family members before considering shelter guardianship. To take on the responsibility of taking over the care of your cat when you are gone, we ask that a specific bequest be included in your will for a $5,000 donation to Tree House for each cat admitted to our shelter. This donation will help cover the potential lifetime cost for the comfort and care of your pet, including veterinary costs and any accommodations Tree House might need to make to avoid overpopulating our shelter. Should this be your only options, you can rest assured that at Tree House your cat will be in a cageless, no-kill environment, and homelike setting while receiving expert veterinary care, quality food and caretaking, and the attention and affection of our many staff and volunteers. And please understand that, as we do with all of our Tree House residents, we will seek to find an adoptive home for your cat(s), so that they can experience again the benefits of a loving home and family.
If you have other questions or would like to explore this option further, please contact Dave de Funiak at Tree House email: Dave@TreeHouseAnimals.org or call 773-784-5488 ext. 226
Additionally, depending on where you live, there are many animal welfare organizations and shelters across the country that provide options to pet owners to take on the care of your animal when you are gone. These organizations are generally nonprofit and often require that a donation be made to their organization at the time they take in your pet. Consult shelters in your area for specifics.
