A legacy donation is a planned, structured donation that designates a part of an individual's estate (typically through wills or trusts) to a chosen organization.
Whole Life Policy
Donations can be made through a type of life insurance policy known as a Whole Life policy. Donors can donate a lump sum from their estates by designating the amount in their will. If the donors create a charitable trust or a revocable family trust, a portion of the value of the trust can be designated as a donation to qualified 501(c)(3) organizations such as WATCVM. When using insurance policies as vehicles for charitable contributions, the appropriate organization can be listed as a beneficiary of the policy.
Qualified Charitable Distributions
Donations made from an IRA are known as Qualified Charitable Distributions. When account holders of an IRA reach the age of 70 ½ years of age they are required to withdraw funds from the account, known as a distribution. If these distributions are donated to a qualified 501(c)(3) organization such as WATCVM, they are tax exempt.
How to Help
After a successful outcome with TCVM treatment, a pet parent may ask, “How can we help?” Structuring large or annual donations is best done with the help of a financial advisor, but the first and crucial step is to spread awareness of the need for financial support, allowing practitioners to help other pets with TCVM. Showcase the contributions of WATCVM from the journal and newsletters to the IVM-GO program. Practitioners, start a conversation with your clients today to help the veterinarians, pets, and clients of tomorrow.
Read more in the commentary piece written by Dr. Gregory Todd, “The Gift that Keeps on Giving: Legacy Donations to WATCVM” published in the Summer 2022 edition of the WATCVM Newsletter.