Planned Giving
Cougar Mountain Zoo greatly
appreciates your interest in our planned giving opportunities. Please know that your planned gift
can help build our endowment to ensure a stable financial future for your Zoo. You can also receive a number of tax
benefits such as a reduction in estate, gift and/or current income taxes.
Gift Types
-
Charitable Bequest
-
Charitable Gift Annuities
-
Charitable Remainder Trusts
-
Charitable Lead Trusts
-
Pooled Income Fund
-
Gifts of Life Insurance
-
Gifts of Real Estate
-
Whom do I contact about a
Planned Gift?
Charitable Bequests
A
general bequest is for a certain
dollar amount of property, usually cash:
“I give to Cougar Mountain Zoo, Issaquah, Washington, or any successor
organization thereto, the sum of $500,000.”
A
specific bequest directs that the Zoo
is to receive a specific piece of property:
“I give to Cougar Mountain Zoo, Issaquah, Washington, or any successor
organization thereto, 250 shares of XYZ stock.”
A
residual bequest designates all or a
portion of whatever remains after all debts, taxes, expenses and other bequests
have been paid: “I give Cougar
Mountain Zoo, Issaquah, Washington, or any successor organization thereto,
twenty percent (20%) of the rest, residue and remainder of my estate.”
You may designate that your bequest
be used for a particular purpose, and you may indicate whether it is for current
needs or endowment. Because a
bequest is revocable, there is no immediate income tax deduction, but your gift
will be deductible from your taxable estate.
Please consult with an attorney when writing your will in order for your
wishes to be clearly articulated.
Charitable Gift Annuities
Gift annuities are popular plans
that can help you make a substantial gift to Cougar Mountain Zoo while still
providing for your personal financial needs.
They offer significant tax benefits and depending on the asset
contributed, may even increase your cash flow.
You will receive income for life where a portion is most often tax-free
and receive an immediate tax charitable deduction. You can also reduce your estate tax
in certain cases.
Note: The tax aspects of a gift annuity
depend on the age of the beneficiary (ies), the annuity rate, the timing of the
payments and the IRS discount rate in effect at the time.
Charitable Remainder Trusts
You may have an asset that you
would like to give to Cougar Mountain Zoo, but for now you need the income it
provides. One possibility is to
leave it as a bequest. But with a
charitable remainder trust, you can make your gift now and continue to receive
income for life or a term of years.
Benefits:
-
You receive an income tax
charitable deduction for the present value of the estimated remainder that will
be left to support the Zoo. This can
result in significant tax savings over the period during which you report the
deduction on your tax returns. For
many donors, an even greater benefit is the avoidance of tax on the capital gain
at the time the asset is sold by the trust.
-
Increase current cash flow
-
Provide supplemental retirement income
-
Provide for other family members
Charitable Lead Trusts
If you have a large estate you are
planning to pass on to your children, you should know about the charitable lead
trust. Estate and gift taxes can
severely reduce the value of property passed on to your heirs. A charitable lead trust enables you
to minimize or even eliminate gift and estate taxes and make a charitable
contribution to Cougar Mountain Zoo at the same time.
In establishing a lead trust, you
make an irrevocable transfer of assets to a trustee. The Zoo receives income from the
trusts for a certain number of years or until the end of your life or another’s. At the end of the term, the principal
is distributed to your heirs. This greatly reduces gift and estate taxes.
Pooled Income Fund Contributions
A pooled income fund, which
operates much like a mutual fund, enables you to receive life income when you
make a contribution of cash or certain securities.
The pooled income fund available to the
Zoo donors is a trust, in which the contributions of many separate donors are
“pooled” and invested under professional management.
Benefits:
-
You receive a regular share
of the Fund’s net income in proportion to the shares you own
-
Because your contribution to
the Fund is an irrevocable charitable gift, it yields important tax benefits.
-
You receive an income tax
charitable deduction in the year of your contribution.
-
If you contribute certain appreciated securities, you receive a second tax
benefit because you pay no tax on the capital gain.
Gifts of Life Insurance
There are several ways you can use
life insurance to support the Zoo.
One simple method is to designate the Zoo as the beneficiary of a policy’s
proceeds. You can also contribute a
policy you already own but no longer need, or purchase a new one as your gift. And if you have other assets you’d
like to contribute to the Zoo, you may wish to obtain life insurance to replace
the value of those assets to your heirs.
Gifts of Real Estate
You may donate a personal residence
(not necessarily your principal residence) or farm to the Zoo, but retain the
right to occupy or make other use of it for the duration of your life. You receive an income tax deduction
for the present value of the remainder interest and avoid any potential tax on
capital gain.
The donor may be called upon to
agree to pay any property taxes on the property, to maintain the property,
provide a qualified appraisal, to provide adequate property insurance and/or
provide a Phase II Environmental Survey.
Cougar Mountain Zoo will attempt to sell any donated real estate as soon
as feasible.
Who do I contact about a planned gift?
The Zoo will be happy to give you
more information and explain how planned giving can work for you. Please contact our Development
Department:
By email at
admin@cougarmountainzoo.org, attention
Development Department
By mail at 19525 SE 54th
Street, Issaquah, WA 98027, attention Development Department
The information above does not constitute legal
or financial advice and should not be relied upon as a substitute for
professional advice. Cougar Mountain
Zoo encourages you to seek professional legal, estate planning and financial
advice before deciding on a course of action.
All information submitted will be held in confidence.