Bank and Investment Accounts
“Payable on death"(POD) or "Transfer on Death"(TOD) accounts name a beneficiary to receive the proceeds upon your passing. You do not have to change your will or work with an attorney or accountant. There are no fees to arrange such a gift. You simply complete the beneficiary form given to you by the financial institution with the information below. You retain complete control over the funds or assets in the account while you are living, and these gifts are completely revocable.
U.S. Savings Bonds
Although it is not possible to make a lifetime charitable gift of a savings bond without first paying the tax on the interest earned, it does make an excellent asset to bequeath to the ASPCA. Why is that? It’s because savings bonds generate “income in respect of a decedent.” That means, if you die owning them, the accumulated interest is taxed before your heirs inherit them. However, if they are left to an organization like the ASPCA, that tax is not due. We suggest that you check with your advisors about the best way to bequeath your savings bonds to the ASPCA.
Retained Life Estate
A retained life estate is a gift plan defined by federal tax law that allows you to donate your home or farm to the ASPCA while retaining the right to live in it for the rest of your life. As the creator of a retained life estate, you irrevocably deed to ASPCA your home or farm, but retain the right to live in it for the rest of your life, a term of years, or a combination of the two. You may also use a vacation home to create this kind of gift.
While you retain the right to live on your property, you continue to be responsible for all routine expenses, including maintenance fees, insurance, property taxes, repairs, etc. If you later decide to vacate your property, you may rent all or part of the property to someone else or sell the property in cooperation with ASPCA.
When your retained life estate ends, the ASPCA can then use your property or the proceeds from the sale of your property for the purpose you designate. As part of our gift acceptance policy, all gifts of real estate are examined on a case-by-case basis.
Gifts of Real Estate
Please be aware that as part of our gift acceptance policy, all gifts of real estate are examined on a case-by-case basis. When including real estate in your will, it is important to clearly identify the address and include a legal description of the property, such as lot and block number. When we are notified that we are a beneficiary of real estate we will likely sell the asset. The executor of the estate has the real estate appraised for tax purposes, and if there is a mortgage on the property, the mortgage is paid off and the ASPCA receives the balance.
Gifts of Stock or Securities
Please inform your broker of the following account numbers to make the transfer of stock or securities to the ASPCA:
Merrill Lynch Account Number: 546-02087
Merrill Lynch DTC Number: 5198
Merrill Lynch Representative is: Joseph Cruz at (212) 415-7903
ASPCA Federal Tax ID #: 13-1623829
Prior to transfer, please call Racquel Alston with the name of the stock and number of shares to be transferred:
Senior Manager, Data & Gifts
212-876-7700 ext. 4517
For more information, please contact the Gift Planning Office at (212) 876-7700, ext. 4505, or firstname.lastname@example.org.
The material presented in this web site is intended as general educational information on the topics discussed herein and should not be interpreted as legal, financial or tax advice. Please seek the specific advice of your tax advisor, attorney, and/or financial planner to discuss the application of these topics to your individual situation.