Financial Accounts

Financial accounts such as checking accounts, savings accounts, and certificates of deposit can be designated as "payable on death" (POD) to GWEAF, meaning that you, as the owner of the account, name GWEAF to receive the funds upon your passing. This type of arrangement is also sometimes referred to as a "Totten Trust" or a "Savings Account Trust." Additionally, most states allow stocks, bonds, mutual funds, and other securities to be designated as "transfer on death" (TOD).

Funds from a POD/TOD account pass directly to GWEAF, avoiding the probate process. Moreover, because you have designated GWEAF as your beneficiary, the gift will be considered a charitable contribution and will be deductible from your gross estate, thereby reducing your estate's tax liability.

An attractive feature of a POD/TOD account is that it enables you to retain complete control over the funds during your lifetime. And as the account's owner, you may cancel the account or modify your beneficiary designation(s) at any time. By creating a POD/TOD account, you can rest assured that during your lifetime, your resources will be available should you or your family need them, while also knowing that the remaining funds will be used to further GWEAFs mission of a world without animal suffering.

To make GWEAF a "payable on death" or "transfer on death" beneficiary, simply contact your bank, credit union, or brokerage firm with the following information:

• G.W. Exotic Animal Memorial Foundation (legal name)
• GWEAF's Full address- Rt 2 Box 67 Wynnewood OK. 73098
• GWEAF's Tax ID # 73-1674292

A life estate is created when you make a charitable transfer of ownership of a personal residence or farm during your lifetime to GWEAF while maintaining a life interest in the property. In other words, you contribute a remainder interest in your property to GWEAF, thereby ensuring that GWEAF will take possession of the property upon your passing, while reserving your right to live in and use the property, as you have always done, for as long as you live.

The property must be a “personal residence” or a farm and can be a primary residence or one that is used as little as a few weeks per year, such as a vacation home. The process is a simple one that is accomplished through a remainder deed and an agreement that outlines your and GWEAF's responsibilities for the property’s ongoing and capital expenses (you will continue to be responsible for the property’s ongoing expenses, such as property taxes, insurance, and maintenance costs).

The following are the benefits of a life estate:

• You can make a significant gift of your home while maintaining the right to live there.
• You may receive a charitable deduction in the year that your gift is made for the value of the remainder interest (you would need to obtain an independent appraisal of the property in order to claim the deduction).

Life Insurance Policies

Life insurance can be an easy and flexible way to make an important gift to GWEAF. Whether it is an old policy that has outlived its original purpose (such as for a spouse who no longer needs it, a child who is financially independent, or to protect a business that no longer exists) or a new policy purchased specifically to benefit GWEAF, a gift of life insurance can allow you to leave a much larger gift to animals than may have been possible during your lifetime.

There are at least six different ways in which you can structure a gift of life insurance to GWEAF:

1. You can make GWEAF a beneficiary of an already existing life insurance policy. Upon your passing, the full face value amount of the policy will go to GWEAF. Although the proceeds from the policy will be included in your gross estate, the full amount received by GWEAF may be deductible as a charitable deduction. To make GWEAF a beneficiary of an already existing life insurance policy, you can simply request a beneficiary designation form from your employer or insurance company. Most forms require the following information:

 

G.W. Exotic Animal Memorial Foundation. (legal full name)
GWEAF's Address, Rt 2 Box 67 Wynnewood OK, 73098
GWEAF's Tax ID # 73-1674292
Your relationship to the beneficiary: Charity

2. You can make GWEAF the owner and beneficiary of an already existing paid-up life insurance policy. By doing so, you may be able to deduct an amount equal to the fair market value of the policy, or your cost basis, whichever is less. Since GWEAF becomes the owner of the policy, the proceeds will not be included in your estate for tax purposes.

3. You can make GWEAF the owner and beneficiary of a policy on which you are still paying premiums. You may be able to deduct an amount equal to the approximate cash value of the policy or the policy's cost basis, whichever is less, in the year in which you make the gift. You may also be able to deduct any future premium payments, and the proceeds will not be included in your estate for tax purposes.

4. You can purchase a new policy and make GWEAF the owner and beneficiary. Because GWEAF is the owner, you may be able to deduct premium payments as charitable contributions for as long as the premiums are paid. Because GWEAF is the owner, you may be able to deduct premiums as charitable contributions for as long as the premiums are paid, subject to state limitations. In addition, the proceeds will not be included in your estate for tax purposes.

5. If you participate in a group term life insurance policy through your workplace, you can donate your excess coverage to GWEAF. Many employers provide generous life insurance coverage as a fringe benefit to their employees, but you may not realize that you are required to pay income tax on the cost of coverage over $50,000.00. However, a special rule excuses this tax if you donate the excess coverage to charity. Excess coverage is an excellent way to make a valuable gift to GWEAF that not only doesn't cost you a dime in premiums, but in fact, saves you money. To make this gift, simply inform your company's benefits department.

6. Finally, if you travel, you can make GWEAF the beneficiary of a travel insurance policy that covers your trip.

A common concern that many people raise when considering a charitable gift is that they do not want to deprive their family or loved ones of an adequate estate. However, with some planning, you can create a "wealth replacement plan" that will substitute life insurance for the assets donated to GWEAF.

Upon making a charitable gift to GWEAF, either outright or through a charitable remainder trust or other life income plan, you can use the tax deduction and/or other financial benefits resulting from the gift to purchase a life insurance policy to replace all or part of the assets donated to GWEAF. When you pass away, the proceeds would then go to your chosen beneficiary or beneficiaries.

Living Trusts

A living trust is very similar to a will. Like a will, a living trust is revocable and contains instructions for who should handle your estate's final affairs and who should receive your assets. And a living trust can be used in conjunction with a will to help facilitate the management and distribution of your assets.

However, unlike a will, a living trust does not go through the probate process. Therefore, a living trust can provide a greater degree of privacy than a will, which once in probate becomes a public document. Also, unlike a will, a living trust goes into effect immediately, not after you pass away, and can thereby help you control your assets if you should become incapacitated.

A living trust is created with a legal document setting out the terms of the trust and is funded when you transfer ownership of assets, such as a home, car, bank accounts, stock, or other real estate, from your individual name to the name of the trust. At that point, you no longer own the assets, your trust does. However, you can name yourself the trustee and retain control of the assets, continuing to enjoy the use of them as you did before, including buying and selling as well as using any income that they generate—you can even make changes or cancel the trust. The trust is revocable and nothing changes but the name on the titles. However, because the titles are now in the name of the trust, the assets will be distributed outside of probate, which, in some cases, can lead to a more efficient and less time-consuming distribution.

A living trust can only distribute assets transferred to it under the trust's terms, so it is important to have a pour-over will to address any property not already in the trust. And although the living trust itself does not have to go through probate, the pour-over will and any property transferred to the trust through it will be subject to the probate process.

The following information is generally all you need to make G.W. Exotic Animal Memorial Foundation  a beneficiary of your living trust:

1-G.W. Exotic Animal Memorial Foundation. (legal full name)
2-GWEAF's Address, Rt 2 Box 67 Wynnewood OK, 73098
3-GWEAF's Tax ID # 73-1674292

Wills

Probably the most well-known estate-planning tool is the last will and testament. Whether standing alone or as part of a multifaceted estate plan, a will is a convenient and often simple and straightforward way to distribute assets to those you love. It is also a powerful way to help animals.

You can structure your will to make GWEAF the beneficiary of a specific dollar amount or property, of a percentage of your estate, or of your residuary estate, which is what remains after all specific bequests and expenses have been accounted for.

To name GWEAF in your will, all you generally need is the following information:

1-G.W. Exotic Animal Memorial Foundation. (legal full name)
2-GWEAF's Address, Rt 2 Box 67 Wynnewood OK, 73098
3-GWEAF's Tax ID # 73-1674292

In addition, the following language can generally be used to make a bequest to GWEAF:

"I give, devise, and bequeath to The G.W. Exotic Animal Memorial foundation Rt 2 Box 67 Wynnewood OK. 73098, Tax ID # 73-1674292 the sum of $_______ [or describe the real or personal property or percentage of your estate] to be used for its general purposes."