One way to maximize your contributions to Pet Network
Life insurance as a gift
Life insurance can be convenient for you and is welcomed by Pet Network. This type of gifting is efficient in many ways.
For You:
• You can elect whether to take immediate or deferred tax deductions
• You can provide a larger gift with fewer dollars
• You can select a specific number of years to make donations
• Your donations can be made without public record if you so choose
• You become one of a select group of donors
For Pet Network:
• Pet Network gains additional financial stability
• Life insurance policies help to offset the permanent loss of valued donors
• Future policy proceeds may be designated for larger future projects and/or programs
• Cash values from policies owned by the Pet Network offer a source of money for unforeseen emergencies or opportunities
• Policy proceeds avoid the delays of probate
• Cash values strengthen the balance sheet of the organization
There are several ways to go about donating life insurance policies.
1. If you purchase a new life insurance policy naming Pet Network as owner and beneficiary, your premium payments, as cash gifts to the charity, are generally income tax deductible.
2. You can transfer the ownership of an existing policy to Pet Network and designate the Pet Network as beneficiary. You may be eligible for an immediate charitable income tax deduction.
3. You can name Pet Network as beneficiary in an existing policy. This method does not provide you with an income tax deduction for your premium payments, however upon death the amount of insurance is deductible from your estate as a charitable gift. (With this arrangement it is essential that you provide Pet Network with a copy of the beneficiary paperwork)
For more information, please contact Robert (Bob) H. Glass, Agent with New York Life Insurance Company at 530.523.3494.
How to donate life insurance to the Pet Network
Set up properly, a life insurance policy provides tax advantages for you and an income tax free lump sum payment to the Pet Network upon your death. This is the recommended process:
1. Establish the amount you wish to donate annually
2. Determine the number of years you wish to make these donations
3. Consult with a life insurance agent to determine the amount of insurance your gift will purchase
4. Complete a life insurance application naming Pet Network as the owner and the beneficiary of the policy (the Executive Director will need to sign the application as owner and applicant)*
5. When issued, make a complete copy of the policy for your tax records
