Planned Giving: Be Part of the Future of Midcoast Humane

A bequest allows you to make a long-term commitment without affecting your current standard of living. You can provide for the future of shelter animals in Maine by naming Midcoast Humane as a beneficiary of a specific dollar amount or a percentage of your estate. If you are in the process of creating a will, your attorney may want to know Midcoast Humane’s federal tax identification number: 01-6021200.

Sample Bequest Language

If you are working on your will, please do not hesitate to reach out to our office for assistance in correct wording. We have also provided sample language, below:

“I give ________________ to Midcoast Humane for the general purpose and use of Midcoast Humane in their mission to make life better for animals and people in communities in Midcoast Maine.”

Please contact our office if you have a specific intention for your gift, such as supporting the animals and care-taking staff in a particular Midcoast Humane shelter location.

Individuals 70 ½ and older are allowed to transfer up to $105,000 from their IRAs each year to charitable organizations, with the help of their IRA custodian, without counting it as taxable income. Individuals 73 and older often utilize this strategy to offset their required minimum distributions and resulting tax burden.

Many people find upon retirement that they do not need all of their retirement assets and choose to make a portion available for charitable purposes. Additionally, because of the complicated and burdensome taxation of retirement assets passed on to a family member, they may find that a beloved charity is an appropriate beneficiary after their lifetime.

Naming Midcoast Humane the beneficiary of Retirement Assets, such as IRAs, 401(k)s, and 403(b)s, provides a very simple way to make a future charitable gift. By naming a charity as a beneficiary of your retirement assets on your death, those assets pass free of estate and income tax, ensuring that the entire amount will be available to benefit the charity’s important work.

Many donors realize that their beloved charitable causes can benefit from resources that they no longer personally need, such as Life Insurance policies, real estate, and personal property.

Life Insurance

When you donate a life insurance policy to Midcoast Humane, the cash surrender value or the cost of a replacement policy is deductible as a charitable contribution. If you continue to pay premiums after your gift, these premiums are also deductible.

Real Estate

Gifts of real estate may free you from paying real estate taxes, maintenance costs, and insurance, and can result in capital gains tax savings. A professional appraisal of the property is required.

Personal Property

Your charitable deduction is based on a qualified appraisal and may vary, depending on whether the asset is related to the charitable purpose of Midcoast Humane. The property must be considered long-term appreciated property (held by the donor for more than one year).

Income generating gifts may be possible. Please seek advice from your attorney or financial advisor and contact our office if you are considering any of the following:

Charitable Gift Annuities allow you to make a gift and receive a steady income stream or claim a charitable tax deduction, while also supporting Midcoast Humane.

Charitable Remainder Trusts offer a way to make a meaningful future gift to Midcoast Humane, while simultaneously providing income for life or for a specific term of years for yourself and/or others you name.

Charitable Lead Trusts are individually managed trusts that make payments to Midcoast Humane or another charity for a specified term of years or for the life of one or more individuals.