Florida ST. BERNARD RESCUE

HOW TO INCLUDE US IN YOUR FUTURE FINANCIAL PLANS

With your financial support, the Florida St. Bernard Rescue (“FSBR”) can continue its mission of taking care of unwanted, neglected, abandoned and abused St. Bernard's and finding forever homes for them.  One way you can help FSBR financially is to include FSBR in your estate planning.  FSBR would be honored to be considered in your future financial planning.  If you make FSBR a part of your estate planning, please let us know so that we can express our appreciation of your thoughtfulness and make sure that your plan is carried out.  Thank you for your consideration of FSBR!

Information You Need to Know

Consult Your Personal Advisors.  We’re sure you can appreciate that there are a lot of factors to consider when making your future financial plans, so we would encourage you to consult with your financial advisor and/or personal attorney to discuss all of these factors as well as any tax and other considerations you may not have thought of.  In addition, this professional can help make sure that, however you decide to include FSBR in your future financial plans, your wishes will be carried out because they have been structured to comply with any applicable state law requirements.

Identifying FSBR.  When identifying FSBR in any of your plans, please be sure to always use FSBR’s full legal name and provide its federal taxpayer identification number.

Our full, legal name is:  “Florida St. Bernard Rescue”

Our federal taxpayer identification number is:  86-0924177.

Contacting FSBR.  If you or your advisors need to contact FSBR to discuss whether a proposed means of including FSBR in your future financial planning is feasible, please contact us:

Our phone number is                   561-689-1911

Our email address is                  mykcbear@aol.com 

Ways to Include FSBR in Your Future Financial Planning

The following is a short summary of some of the ways you can include FSBR in your estate planning:

Naming FSBR in Your Will

One way to make a financial contribution to FSBR is to include FSBR as a beneficiary in your Will.  Gifts of this nature should be carefully considered in relation to your comprehensive financial and estate plans.  The following examples are provided for illustration only (consult your attorney to make sure your Will meets state law requirements).

Bequests for Unrestricted Purposes.  Unrestricted gifts will be applied to the greatest need at the time to be determined by the Board of Directors of FSBR.  Unrestricted gifts would be especially valued by us.

          For a bequest of cash, possible language is:

“I give to Florida St. Bernard Rescue (“FSBR”) the sum of (insert amount) to be used for the benefit of FSBR.”

          For a bequest of securities, possible language is: 

“I give Florida St. Bernard Rescue (“FSBR”) all of my shares of XYZ stock or mutual fund to be used for the benefit of FSBR.”

Proportional bequests.  If you do not want to specify the exact amount or nature of the intended gift, perhaps because the size of the future estate is difficult to estimate, a proportional bequest may be the best way to accomplish your goals.  In this way, FSBR would receive a percentage of the estate or the residue of the estate, after all other provisions of the Will have been fulfilled.

          For a bequest of a residual portion of your estate, possible language is: 

“I give to Florida St. Bernard Rescue (“FSBR”) (insert percent) of my estate, or (percent of the rest, residue and remainder) of my estate to be used for the benefit of FSBR.”

Contingent bequests.  A contingent bequest takes effect only if the primary intention cannot be met (for example, if your primary beneficiary does not survive you).  This ensures that property will not be distributed to unintended beneficiaries.

            Possible language for this purpose is: 

“If (name of primary beneficiary) does not survive me, or shall die during the administration of my estate, or as a result of a common disaster, then I give to Florida St. Bernard Rescue (“FSBR”) all of the rest, residue, and remainder of my estate, to be used for the benefit of FSBR.”

Bequests for Restricted Purposes.  If you would like to honor a family member, a special person or provide support for a specific aspect of FSBR’s program, then you can designate your bequest specifically for that purpose.  You simply use any form of the possible language included above, and replace “to be used for the benefit of [ insert purpose or intent ]” with the specific designation.  Often specific guidelines govern the use of these types of funds.  If you wish to make a restricted purpose gift, we ask that you contact us to discuss your restricted gift so that we can make sure we understand your intent.

If You Already Have a Will

If you already have a Will, you can make a written change or amendment to it (a “codicil”) to include FSBR as a beneficiary.  Please remember to consult your attorney so that s/he can make sure the codicil meets state law requirements.

            Possible language for a codicil to your Will is:

This is a codicil to my Will dated _____________________.

I give and bequeath to the Florida Saint Bernard Rescue [use one of the following as appropriate:] the sum of $ [insert amount] [or] the following described property [specify the property] [or] ______% of my estate [or] the residue of my estate. 

In all other respects I confirm my Will.

Signed: _______________________________

Witnessed By: _________________________

Dated: ________________________________

Making a Gift of Retirement Plan Assets

You can use your vested benefit from your qualified retirement plan to fund a charitable bequest to FSBR.  These funds would pass to FSBR free of taxes.

To do so, you need to designate FSBR as a beneficiary of your retirement plan benefit.  You can name FSBR as your primary beneficiary (where the funds are paid directly to FSBR upon your death) or you can name FSBR as your contingent beneficiary (where the funds are paid to FSBR if your primary beneficiary (for example, your spouse or children) does not survive you).  You also can designate whether all or a portion of your retirement fund is paid to one or more of your designated beneficiaries.

Please note that the naming of FSBR as a beneficiary of your retirement fund assets cannot be simply written in your will or trust.  You must specifically name FSBR as your beneficiary of the retirement plan on the forms provided by the plan administrator for the purpose of designating plan beneficiaries.  Contact the plan administrator of your qualified retirement plan for a beneficiary designation form.  Depending on the type of retirement plan you participate in and you are married, your spouse may need to give his/her written consent to the designation of any non-spouse beneficiary.

As everyone’s personal and financial circumstances are different, please consult your tax advisor concerning the use of qualified retirement funds.

Making a Gift of Life Insurance

There are several ways you can use life insurance as the basis for a charitable gift to FSBR.

          Making FSBR a Beneficiary of Your Life Insurance Policy

One way to make a sizeable future gift to FSBR is to name FSBR as your primary beneficiary (or a contingent beneficiary) of your life insurance policy.  By doing so, you retain lifetime ownership of the life insurance policy, keeping the right to cash it in, borrow against it and change the beneficiary.  A gift of this nature is treated much like a bequest made through your will.

Because you retain the ownership of your asset (the life insurance policy), you will not receive an income tax charitable deduction for this future gift or for any premium payments you make during your lifetime.  Rather, upon your death, the policy’s proceeds will be included in your gross estate and your estate will be able to take an estate tax charitable deduction.

          Making a Gift of Your Policy

Another way to gift life insurance to FSBR is to (a) transfer the ownership of your life insurance policy to FSBR or (b) purchase a new policy (that has been fully paid up) with FSBR as policy owner and beneficiary. 

If you make FSBR the owner and beneficiary of a policy, you are entitled to certain tax advantages.  For example, if you purchase a fully paid-up policy and FSBR is designated as the owner and irrevocable beneficiary, you may be entitled to a charitable deduction equal to the lessor of the premiums paid over the life of the policy or the cost of a comparable replacement policy if purchased today.

            Creating a Life Insurance Trust

You may want to set up an Irrevocable Life Insurance Trust (ILIT).  An ILIT removes the life insurance from your estate to help reduce estate tax while providing other benefits.  For example, upon one’s death, the proceeds of the life insurance policy may remain in the trust to provide income for the surviving spouse, but stays outside of the spouse’s estate for estate tax purposes.  Alternatively, the trust could be used to distribute proceeds to children of a previous marriage.  Although ILITs can be expensive and more complicated than owning life insurance directly, they may be an attractive option in certain situations.

Making a Gift of Real Estate

For most of us, our homes (and other real property) represent a significant part of our net worth.  Making a gift of real estate to FSBR can enable you to make a significant contribution while obtaining tax benefits for you.  However, as each piece of property is unique, the circumstances of gifting each piece of real property needs to be reviewed to determine the suitability of the property as a gift.  A general rule of thumb is that an acceptable piece of property is one that can be readily sold.  Also, there are many ways to donate the real property (for example, it can be an outright gift, a retained life estate or placed in a trust).  To determine whether it is advantageous to make a gift of real property, contact your attorney, estate specialist or financial consultant / planner.

Making a Gift of Appreciated Stock or Other Assets

While the gift of appreciated assets often involves stock (such as common stock or mutual fund shares), other marketable assets, such as land, antiques and homes, can be utilized as potential gifts with the possibility of valuable tax benefits to you and/or your estate.  To determine whether it is advantageous to make such a gift, contact your attorney, estate specialist or financial consultant / planner.

Other Ways to Give

There are quite a lot of ways you can provide financial support to FSBR -- some are described above, but there are still other ways not described in this summary that may better suit your financial situation.  Your attorney, estate planner or financial consultant can discuss with you all of the various ways you could make a gift to FSBR.

THANK YOU!

Because each individual’s financial circumstances vary, you should consider your own personal situation when deciding whether and how to make a donation to CSBR.

The information provided in this document does not constitute legal or tax advice.  As with all tax and estate planning, please consult your attorney, estate specialist or financial consultant

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