Stock Donations
The Humane Society can receive shares of stock in a direct transfer from your account. This can result in significant tax savings for you since you receive a tax deduction for the full value of the securities on the date of donation. The advantage of this approach over donating cash is that you do not have to pay capital gains tax on appreciated assets. If you sell the shares and then donate the proceeds, you would have to pay capital gains. Contact your investment advisor or our Treasurer for details.
IRA Required Distribution
Donors of age 72 or older are required by law to take minimum distributions from their Individual Retirement Accounts IRA. If, instead of taking the required distribution as a cash payout to the individual, the distribution is payed directly to the charitable organization, then the individual can meet the requirements of the minimum distribution and take the payout as a tax deduction. If the individual were to take the distribution themselves and then donate all or part of the cash, they would still be subject to taxes on the distribution.
This is called a Qualified Charitable Distribution (QCD) and here is a link to some additional details and advantages. We urge you to discuss this with your investment advisor or tax accountant. If you decide to make this kind of donation, please contact the Humane Society so we can work with you.
Estate Planning
Many people would like to leave part or all of their estate to support humane treatment of animals after they pass. There are a variety of ways to do this ranging from direct bequests in wills to donor advised funds to trusts. We will be happy to discuss these options with you and urge you to discuss them with your attorney and investment advisor.