Legacy Society
Legacy Society members are individuals who have generously included the ACVS Foundation in their estate planning. The members demonstrate their commitment to the unequivocal value of education and research to animals, future surgeons, their colleagues, and the profession for years to come. There is no minimum commitment to join the Legacy Society.
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Consider these options when planning your estate!
Wills and Trusts
A gift can be made through inclusion of the ACVS Foundation in wills, trusts, and retirement plans or through the purchase of a life insurance policy.The most common form of deferred gifts is through a charitable “bequest” within your last will and testament or revocable living trust. You can name the ACVS Foundation as a beneficiary of a specific dollar amount or percentage of your estate, and this amount will not be subject to estate tax.
Gifts from Retirement Plans
Retirement account assets (such as an 401(k) or IRA) are some of the most tax efficient assets to transfer to charity. Depending on your financial circumstances, double taxation in the form of income taxes and estate taxes can significantly deplete retirement assets. By leaving retirement assets to the ACVS Foundation, you can avoid income taxes and reduce any estate taxes. Making a gift of retirement assets is as easy as updating your IRA beneficiary form to include the ACVS Foundation as a beneficiary for a specific percentage of the assets remaining.
Gifts of Life Insurance
Giving a life insurance policy is a way to make a substantial contribution to the ACVS Foundation. There are two options for using life insurance policies as charitable gifts:
- Beneficiary Change – Simply name the ACVS Foundation as a beneficiary (part or whole) of your life insurance policy. Upon your passing, your estate receives a charitable deduction and the death benefit passes to the ACVS Foundation tax-free. With this option you may change the beneficiary during your lifetime.
- Gift the Policy – You may give ownership of the policy to the ACVS Foundation. You receive an immediate income tax deduction, and the death benefits pass tax-free to the ACVS Foundation. You also receive tax deductions for any premium payments you make after gifting the policy.
Charitable Remainder Trusts
A charitable remainder trust is an irrevocable trust set up to provide income to you and your spouse (or other individuals) for life (or a certain time period), and the remaining assets transfer to the ACVS Foundation. In addition to the income stream, your benefits include an immediate income tax deduction when assets are transferred into the trust and reduction of your taxable estate.
Charitable Lead Trusts
A charitable lead trust is an irrevocable trust set up to provide income to a charity during your lifetime (or a period of years) with the remainder passing to your heirs. In addition to providing an income stream to the ACVS Foundation, this strategy allows you to grow the principal for your heirs while potentially saving income and estate taxes.
