FINANCIAL SUPPORT can take several different forms. In
addition to outright cash gifts, we also accept real estate,
stocks, and other conventional gifts, and we also can be a
designated beneficiary in your will. Below are some guidelines
that should be used for informational purposes only. Please
contact your lawyer for additional information.
Gifts of appreciated real estate
held long term might entitle you to an income tax deduction for
the full fair market value of the real estate. It is also
possible to make a gift of a personal residence, farm or
vacation home, reserving the right to occupy it for as long as
you or your spouse live. If this gift is irrevocable, you
qualify for an immediate income tax deduction. The amount of the
deduction is calculated on life expectancy so the amount of the
deduction is greater if you are older at the time of the gift.
A gift of closely held stock may
produce a current income tax charitable deduction equal to the
fair market value of the stock. Your corporation may then
purchase and redeem shares of the stock from CATsNAP. You receive
a tax benefit and the outstanding stock is returned to your
business.
In planning your estate, you
should remember that outright bequests to CATsNAP, as well as
certain bequests in a trust, are not subject to estate tax.
Because these gifts reduce the size of your estate, they also
reduce the size of your estate taxes. A bequest can take one of
the following forms:
A specific bequest of a dollar amount or of particular
securities or property.
A residuary bequest of all or a portion of your estate
after the payment of specific amounts to other
beneficiaries.
A contingent bequest to take effect only in the event
that the primary beneficiaries under your will die before
you.
A testamentary trust which takes the form of a life
income plan, the corpus of which will be paid to CATsNAP upon
the death of the trust's income beneficiary.
Often, a bequest can be arranged simply with the
addition of a codicil amending your existing will.
YOU CAN BEQUEATH:
The remainder or "residue" of your estate (what's left
over after your other bequests)
Your entire estate
A percentage of your estate
A specific dollar amount or specific assets
A contingent bequest that passes to the CATsNAP in the
event your primary beneficiary predeceases you.
To include a bequest to CATsNAP in your will,
we suggest this simple statement:
I give, devise, and bequeath to CATsNAP
at P.O. Box 456, Savoy, Illinois 61874-0456, the sum of ____
dollars (or ____% of my residual estate, otherwise describe the
gift) for the general purposes and uses of the Foundation at the
discretion of the Board of Directors.
CODICILS TO A WILL
If you do not want to rewrite your will you can still remember
the CATsNAP by using a Codicil. As a charitable non-profit
organization the Internal Revenue Service has designated the
CATsNAP a 501 (c) (3) organization. Please call us for our Federal
Tax ID Number.
You may specify that your gift
to CATsNAP is for the ongoing support and continuation of the
CATsNAP organization.
