Additional ways to donate to the WA State Animal Health Foundation
Important: We highly encourage you to consult an attorney or tax advisor on the following information. Tax laws are subject to change and they will have the most up-to-date information allowing you to make the best decision for your personal situation.
WSAHF Estate Planning
Including the Washington State Animal Health Foundation in your estate plans will make a lasting difference in the lives of animals in Washington. There are three easy ways to support the Washington State Animal Health Foundation in your estate plans.
1. Bequest
You can designate a dollar amount or percent of your estate as a gift in your will, trust and beneficiary designations. You can also designate if the support should be used for general purposes or a specific area (like outreach programs or disaster relief).
The information you will need to include is:
Washington State Animal Health Foundation, a Washington non-profit corporation and tax-exempt organization under 501(c)(3) of the Internal Revenue Code (Federal Tax ID# 23-7168505).
Example: I give $10,000 to the Washington State Animal Health Foundation, a Washington non-profit corporation and tax-exempt organization under 501(c)(3) of the Internal Revenue Code (Federal Tax ID# 23-7168505) to support general programs.
2. IRA Charitable Rollover
Beginning in the year you turn 72, anyone with an IRA is required to make a required minimum distribution. If you do not need this money for expenses, you can choose to donate it instead and pay no income taxes on the gift. Since the gift is not income, it can reduce your annual income level which is beneficial for some people. To accomplish this the money is transferred directly to the charity (vs coming to you and you writing a check). Talk with your financial advisor or tax accountant to see if this option works for you – the laws around IRA required minimum distributions change periodically so you will want to ensure you are taking the correct steps for your personal situation.
3. Beneficiary Designations
Naming Washington State Animal Health Foundation as a beneficiary is another easy way to support the foundation in your estate plans. Assets like retirement plans and life insurance policies require beneficiary designations. There is typically a form for the plan/policy to designate/update your beneficiary. These are also flexible and usually fairly easy to update.
You can also support WSAHF through Gifting Appreciated Stock
You can now gift appreciated stock to benefit the WA State Animal Health Foundation. It’s one of the most effective means of tax savings available. Your gift of appreciated stock is fully deductible up to 30% of your adjusted gross income. For example, if your adjusted gross income is $100,000, up to $30,000 of long-term appreciated stock and other capital gain property may generally be deducted. Any excess can generally be carried forward and deducted over as many as five subsequent years.
Download the form and make your appreciated stock gift today.
The benefits of gifting appreciated stock:
- The satisfaction of knowing your money is invested in a cause important to you.
- Capital gains taxes on the stock are avoided.
- You will be eligible to receive an income tax charitable deduction for the full fair-market-value of the stock at the time of the gift.
To qualify for these special tax advantages, the security must have been held for at least one year. A gift of stock in certificate form should be postmarked by December 31, or your financial advisor can arrange for a year-end gift of stock from your account.
How giving away $10,000 in stock can benefit you
Consider the tax savings of donating securities versus a cash gift. The chart below assumes you wish to donate shares of stock worth $10,000 that you purchased for $2,000 several years ago.
| Donate appreciated securities outright | Donate $10,000 cash | Sell securities and donate cash | |
|---|---|---|---|
| Charitable Deduction | $10,000 | $10,000 | $10,000 |
| Ordinary income tax Savings (assumes 35% rate) | $3,500 | $3,500 | $3,500 |
| Capital gains tax paid (assumes 15% tax rate on $8,000 gain) | $1,200 saved | N/A | $1,200 paid |
| Net Tax Savings | $4,700 | $3,500 | $2,300 |
© 2023 RBC Wealth Management, a division of RBC Capital Markets, LLC, registered investment adviser and Member NYSE/FINRA/SIPC.
Important: We highly encourage you to consult an attorney or tax advisor. Tax laws are subject to change and they will have the most up-to-date information allowing you to make the best decision for your personal situation.