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Greetings!
Please Avoid this Bequest Mistake!!!
These days most of us seem to have IRAs, 401Ks, and 403Bs. We love these because we can save for retirement tax free. But if you are a generous person and are leaving a bequest for charity in your estate, please take action now to be sure your charity receives all you intend.
The same thing we love about our IRA is what makes it a bad asset to leave to our heirs. Since we don't pay income tax while we are saving, the government wants their tax money when withdrawals are made later, whether by us or by our heirs. Unlike other estate assets, there is no step up in basis. On top of potential estate taxes, the government will collect income tax from your heirs.
This is important to keep in mind when we plan to leave some of our assets to charity. Recently a donor designated their estate to a beloved charity, and most of the estate was in an IRA. Unfortunately, the donor made this gift in their trust and didn't specifically gift the IRA; so the government took their share, which was about one third. The result was that about $80,000 didn't go to the charity as the donor intended.
The easiest way to avoid having this liability in your estate is to designate the charity as beneficiary directly in your IRA. This is not done through the trust or will but literally in the IRA paperwork. That way your gift to the charity goes directly, not through your trust or estate.
The executor handling the estate in the bequest example above was quite upset to see how much money he needed to mail to the IRS rather than to the charity as his friend has wished. But he had no choice.
This situation is a great example of why we say that good planning is essential. When you're working with your attorney or other professional advisor putting together your estate documents, be sure he or she knows of the direct designations you wish to make. And as always, if we can be of any assistance, please call.
Warm regards,
Genevieve Frederick
Executive Director/Founder
Pets of the Homeless
775-841-7463
From an article written by Community Foundation Western Nevada
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Dying Man & Dog Reunited
Kevin McClain, 57, had been homeless with his dog Yurt in Cedar Rapids and living in his car. Kevin became ill with lung cancer and was rushed to Mercy Medical Center and later to a Hospice House. Yurt was sent to an animal shelter.
Jan Erceg, Paramedic Specialist, said, "In the transition of moving Kevin from the ambulance cot to the bed, Kevin told me had a dog. It just happened that I'm a volunteer at that same animal shelter. When he said her name is Yurt, I had an Aha moment."
From the day Kevin was separated from Yurt, he continued to ask to see her. It was his last wish. The Hospice Home, Ambulance Service and shelter teamed up to make it happen.
 | | Kevin & Yurt ~ Randy Dircks, Photographer |
"The moment Kevin opened his eyes and saw Yurt, there was instant recognition. She licked his arms and his face," Erceg said with emotion. "Kevin passed away a couple days later at the Hospice House." In the end Kevin and his companion were together.
The story does not end there.
Kate and Eric of Marion recently lost their beloved pet. They adopted Yurt and feel most grateful to have her. "She's our family and we're hers now. We're a tight knit group."
Kate said, "Yurtie is full of energy and brings so much love into our home. She's been awesome to have around. I think her story is amazing. She is a true testament how much dogs really become a family member, are loyal and give so much love."
 | | Yurt Adopted ~ Photo by Randy Dircks |
"We learned she was homeless and lived in a car her whole life. After Kevin passed on, Yurtie was able to express her grief and became ready to move on with her life. I love that she likes to cuddle so much. The owner took great care of her. He took better care of her than he was able to take care of himself. Adopting a dog is the way to go."
Genevieve Fredrick, Executive Director of Pets of the Homeless, said, "The story of this man and his dog touched my heart. We receive a great deal of correspondence from the homeless seeking help for their pets. After all is said and done, it's all about kindness, intention and appreciation." |
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What One Volunteer Saw
Last winter, a Pets of the Homeless volunteer was making a delivery of pet food to a homeless center in Reno, NV. She wrote :
"I was on Record Street yesterday. As I drove through the parking lot in my nice warm SUV, I was touched by the site of so many people trying to stay warm.
One woman was sitting quietly on a box with a blanket wrapped around her shoulders; her hair was that soft gray that comes to some people with age. And her overall look seemed to be of someone who should be in the kitchen baking cookies for the grandchildren. Her inner beauty was obvious to me, but her situation was in direct contrast to that beautiful hair.
Another man spoke to me for several minutes asking about the Pets of the Homeless program and how he could get food for his dogs. He came down from Washington with his wife and two children and dogs, hoping to get jobs in the casinos. He was a strong proud man and so confused that he was no longer able to provide for his family. He just wanted a job and a way to feed his family.
I am finding the more times I go to tent city, the more real people I find there. Yes, of course, some people land there because of drugs or alcohol, but many have just run out of chances. Jobs have dried up and money and security are no longer an option.
They just need a place to sleep and a meal. To think that so many of them will share their food with the pet, will keep the pet warm and safe only shows to me the genuine love they have for their animals.
Too bad that the inconvenience of having a pet is putting these people in more danger.
I know how these people feel about their pets. Putting my pets in a shelter or giving them away is not an option. I would sooner take my chances on the streets. Or at least, I hope I would be that noble." |
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Last month we added a link to an AARP article that was written on their website. The link took you to page two. To read the complete article http://www.aarp.org/relationships/pets/info-09-2011/caring-for-pets-of-the-homeless.html
For Information how to help in your community, please contact
Pets of the Homeless.
We will provide all the information you might need. Just For starters:
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Kathi Giurlani, a Board Member of Pets of the Homeless, is a registered nurse and pet advocate. She is the Editor of this newsletter. |
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$7.79 is the daily cost to feed and care for this dog.
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You Can Help
_____________________________
AnimalSave's
Mobile Spay & Neuter Clinic
520 E. Main Street
Grass Valley, CA 95945
530-477-1706
www.animalsave.org
Most clinics on-site.
But, call for schedule of spay & neuter outreach in neighboring communities.
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Wednesdays
Free Veterinary Clinic
10am - 11:45am
Union Gospel Mission for Men
1224 E. Trent
Spokane, WA
Dr. Tucker provides basic veterinary
care to pets of homeless or people
in transition to the first 15 animals.
~
Every Other Wednesday
Free Clinic
12:25pm -1:30pm
Interfaith Emergency Services
435 NW 2nd Street
Ocala, FL 34476
352-629-5771
Veterinary care by
Drs. Kevin Stoothoff,
Lisa Laviola-Dowd,
&
Sara Kirk
South Ocala Animal Clinic
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FREE CLINIC
2nd Saturday
Every Other Month
Call for date & times
360-695-7658
Share House Homeless Shelter
1115 W. 13st
Vancouver, WA
Immunizations, deworming, flea treatments, health exams by Dr. & Mrs. David Slocum of the Hazel Dell Animal Hospital who alternate months with
Dr. Cleveland.
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CLINIC
3rd Friday Every Month
Merced County Rescue Mission
1921 Canal St.
Merced, CA
Dr. Bissmeyer from
All Creatures Veterinary Hospital
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Click here to be listed
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