Log In

Reset Password
Columnists View from the Center Bear Smart The Travel Troubleshooter Dear Abby Student Aide Of Sound Mind Others Say Powerful solutions You are What You Eat Out Standing in the Fields What's up in Durango Skies Watch Yore Topknot Local First RE-4 Education Update MECC Cares for kids

The crucial role of planned giving in nurturing nonprofit sustainability

What legacy will you leave? Currently, the baby boomers are passing down more than $53 trillion to their heirs, marking one of the most significant transfers of generational wealth in history.

Including a planned gift in your estate planning enables you to substantially impact nonprofit organizations that align with your values. Ensuring the welfare of companion animals for generations can be achieved through a planned gift to a local animal welfare organization, which can take various forms, offering benefits to both the donor and the receiving organization.

Planned giving comes with several advantages. It not only provides tax benefits for the donor but also grants them control over their legacy. Depending on the donation type, donors may leverage tax deductions to reduce their overall tax burden, especially beneficial for those in higher tax brackets or with substantial assets. This form of giving empowers donors to have a meaningful influence on the organizations they cherish, supporting specific programs or initiatives. By making a planned donation to a local welfare organization, donors can create a lasting legacy that benefits animals in need for years.

Various planned giving options cater to donors' preferences. A popular choice is a bequest in a will or trust, enabling donors to allocate a portion of their estate to their chosen organization. Charitable annuities or trusts provide donors with regular income while supporting the organization over time. Additionally, donors can designate an organization as the beneficiary of a life insurance policy or retirement account. Stocks and cryptocurrency can also be gifted to a preferred nonprofit. The array of planned giving options empowers donors to tailor their contributions to maximize the impact and the benefits.

Initiating a planned gift is more straightforward than you may think. Our local Community Foundation serves as a valuable resource, offering guidance to donors. Online platforms like FreeWill provide step-by-step instructions on setting up a will or trust and incorporating a planned gift to the charity of choice. It’s important for donors to collaborate with qualified estate planning attorneys or financial advisers during this process to determine the most suitable donation type for their individual needs, ensuring their wishes are properly executed.

Planned giving is a vital tool for donors who seek to make a lasting impact on an animal welfare organization or other area of service. By committing to a planned gift, donors help provide a stable funding source, enabling organizations to build capacity and plan for the future. Furthermore, planned giving offers tax benefits and allows donors to leave a meaningful legacy that will benefit their cause for years to come. With resources like The Community Foundation and FreeWill, making a planned gift to an animal welfare organization has never been more accessible or opportune.

Colleen Dunning is development manager at La Plata County Humane Society.