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Gifts That Reduce Your Taxes

You can help save animals in need. What’s more, you can leave these generous gifts now and you may receive tax benefits to enjoy for yourself.

Life Insurance Policy Gift

Do you have a life insurance policy that has outlasted its original purpose? You can use it (or a percentage of it) to reduce your taxes.

Potential benefits:

  • You could reduce your income taxes;
  • You might receive additional tax deductions if you make annual gifts so Seattle Humane would be able to continue to pay the premiums;
  • You can see firsthand how your gift supports our work if Seattle Humane cashes in the policy;
  • You can create your legacy. If Seattle Humane retains the policy to maturity, or you name it as a beneficiary, once the policy matures, the proceeds of your policy will be paid to Seattle Humane.

IRA Charitable Rollover

You can transfer funds from your IRA directly to Seattle Humane. This is an effective way to have an immediate impact in connecting animals with Furmilies who love them.

Here’s how it works:

  • You must be 70 ½ or older.
  • An individual may transfer up to a total of $100,000 per year and a married couple may give up to $200,000.
  • Your gift must be transferred directly from the IRA account to Seattle Humane.
  • Your gift is a transfer of funds from your IRA to Seattle Humane, so it does not create taxable income for you and is not considered a charitable tax deduction.
  • The transfer of funds counts towards your annual Required Minimum Distribution from your IRA.

If you’re interested in this popular way to support Seattle Humane, download a sample letter for your IRA administrator here.

    Gifts of Real Estate

    You could consider donating real estate, such as a home, vacation property, undeveloped land, farmland, ranch, or commercial property.

    Potential benefits:

    • You could reduce your taxes;
    • You may live in your home or use your properties for the rest of your life while receiving monthly payments from Seattle Humane.

    Please Note: To ensure we are able to accept and use your gift as intended, please let us know if you are interested in using your gift of real estate to provide love, hope, and shelter for animals in need. Our team will be happy to help.

    Gifts of Securities

    You can use stocks, bonds, and mutual funds that have grown in value to create your legacy with Seattle Humane.

    Potential benefits:

    • You may receive a charitable income tax deduction for the full market value of what you give (up to a maximum percentage of your adjusted gross income as dictated by tax law);
    • You could possibly avoid paying the capital gains tax on any increase in the value of the stock you give.

    Savings Bonds

    When you redeem savings bonds, you or the person you leave your bonds to will owe income tax on the gains.

    Potential benefits:

    • You might eliminate the income tax on bonds you own that have stopped earning interest and that you plan to redeem;
    • You may receive a charitable income tax deduction for the full market value of what you give (up to a maximum percentage of your adjusted gross income as dictated by tax law);
    • You could avoid paying the capital gains tax on any increase in the value of the bonds you give.

    Complimentary Planning Resources

    Learn more about easy ways to leave a legacy with our free guides!

    Questions?

    I'm Here To Help!

    Scott Fraser, Esq.
    Major and Planned Giving Director
    (425) 373-5387
    [email protected]

    This information is not intended as legal, accounting, or other professional advice. For assistance in planning your gift(s), please consult a lawyer and/or financial advisor for professional advice.