Since 2010, Karma Cat Rescue Society has worked to reduce the killing of companion animals in New Jersey’s shelters.

With your help, we’ve saved the lives of thousands of homeless pets and helped them find their forever homes. By making a gift to Karma Cat Rescue society through your will, trust or other financial plan, you can help animals now and well its the future. When. you incorporate charitable giving in your estate planning, you can provide for the people and charities that mater most to you. Making a gift to Karma Cat Rescue Society through your will or revocable living trust is a simple and flexible way to save the lives of pets for many years into the future.

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Specific gift

You describe exactly what kind of gift you want to leave to a specific individual or organization and the designated source. If you want to leave a specific dollar amount from a specific source or a particular item (such as a piece of property or a collector’s item), this is the type of bequest you would use.

Example – Mark states in his will: “I leave my stamp collection to my grandson, John. I leave my beach house to my daughter, Ellen. I leave my securities to Karma Cat Rescue Society.”

Example – Jennifer states in her will: “I leave $50,000 to my niece, Lila. I leave $20,000 to Karma Cat Rescue Society.”

Residuary Gift

This type of bequest is honored after all other bequests have been made, and all debts, expenses and taxes have been paid.

Example – Carrie states in her will: “I give all the rest, residue and remainder of my real and personal estate to Karma Cat Rescue Society.”

Contingent Gift

This type of bequest is fulfilled if certain conditions are met. For instance, if your primary beneficiary does not survive you, you can indicate your next choice through a contingent bequest.

Example – Thomas states in his will: “I give all the rest, residue and remainder of my real and personal estate to my husband, Joseppe, if he survives me; if not, then 50 percent in equal shares to my children who survive me and 50 percent to Karma Cat + Zen Dog Rescue Society.”

A gift of your retirement assets, such as a gift from your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a planned gift to Karma Cat Rescue Society. Traditionally, most people will not use all of their retirement assets during a lifetime.

Typically, retirement plan balances are subject to both income and estate taxes. Because Karma Cat Rescue Society is a nonprofit organization, we won’t pay income tax on the distribution nor will the gift be subject to estate tax. Your retirement assets may be transferred to Karma Cat Rescue Society by completing a beneficiary designation form provided by your plan custodian. If you designate Karma Cat Rescue Society as a beneficiary, the animals will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate can also benefit from an estate tax charitable deduction for the gift.

Your retirement assets may be transferred to Karma Cat Rescue Society by completing a beneficiary designation form provided by your plan custodian. If you designate Karma Cat Rescue Society as a beneficiary, the animals will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate can also benefit from an estate tax charitable deduction for the gift.

Karma Cat Rescue Society accepts gifts of life insurance either as the beneficiary of a policy or as the sole owner and sole beneficiary. Either way, we can use these gifts to save the lives of homeless pets all across the country.

You can name Karma Cat Rescue Society as a primary life insurance beneficiary or as a contingent beneficiary should your other beneficiaries not survive you. After your lifetime, the benefits from your policy pass to Karma Cat Rescue Society, free of federal estate tax. To make this gift, simply contact your insurance carrier and request a beneficiary form. Here are some benefits to you:

  • Simple to give: Involves little effort or paperwork
  • Financial advantage: Continued ownership of your policy
  • Flexibility: You can change your mind and your beneficiaries at any time
  • Future tax savings: Removes the asset from your potential gross taxable estate
  • Legacy of kindness: Your gift will help Karma Cat Rescue Society continue its lifesaving work

Example: Years ago, Daniel bought a life insurance policy to protect his family. His family no longer needed this protection, so he decided to name Karma Cat Rescue Society as the life insurance beneficiary. After Daniel’s lifetime, the policy will benefit homeless pets through Karma Cat Rescue Society’ work.

Making an outright gift of paid-up insurance policy:

Another option is to donate your paid-up life insurance policy to Karma Cat Rescue Society. If the policy has a cash value, Karma Cat Rescue Society would have the option of either holding the policy until the maturity date or surrendering the policy to receive the policy’s current cash value. Here are some benefits to you:

  • Income tax savings: You’re entitled to a current income tax deduction
  • Future tax savings: Removes the asset from your potential gross taxable estate
  • Legacy of kindness: Your gift will help Karma Cat Rescue Society continue its lifesaving work

Example: Margaret bought a life insurance policy years ago that she now wants to donate to Karma Cat Rescue Society. Since she gave the policy to us, Margaret can claim an income tax charitable deduction. The total amount of the policy is removed from her estate, and we will use the gift to help homeless.

An outright gift of cash or appreciated property is another easy and wonderful way to contribute to the work of Karma Cat + Zen Dog Rescue Society. Your gift will be put to immediate use, and you will be entitled to a charitable income tax deduction for the full value of your gift.

If you make a contribution to Karma Cat Rescue Society through your IRA, you’ll be saving the lives of homeless pets and you’ll get great benefits, too!

A charitable IRA rollover is a wonderful option for people 70 and a half years of age and older. That’s because it allows you to make a gift to the animals — from $100 to $100,000 — and the distribution won’t count as taxable income. An IRA rollover is also a great option if you don’t normally itemize your charitable deductions. Check out the answers to the frequently asked questions below to see if an IRA rollover is right for you.

What’s a charitable IRA rollover?

A charitable IRA rollover is a direct contribution made from your traditional or Roth IRA to a public charity like Karma Cat Rescue Society. Your contribution is excluded from your taxable income and can’t exceed $100,000 per year.

Who benefits most from an IRA rollover?

Those with significant assets in an IRA or those who don’t deduct charitable gifts benefit the most from an IRA rollover. Charitable IRA rollover distributions count toward required minimum distributions.

Is my IRA rollover gift deductible?

No. The gift from your IRA would be excluded from your income, so there are no additional deductions.

How does my IRA rollover help the animals?

Every gift, no matter how large or small, helps save the lives of homeless pets. When you make a contribution to Karma Cat Rescue Society from your IRA, you’ll be supporting lifesaving adoption programs, trap-neuter-return projects and more.

Already included us? Thank you!

If you have already included Karma Cat Rescue Society in your planned giving, we hope you will let us know. We acknowledge and respect those who wish to remain anonymous, but we urge you to let us know of your plans on a confidential basis as it allows us to plan for the future. If you created your plan using our original name (Karma Cat + Zen Dog Rescue Society), that’s perfectly fine as that remains our full legal name.

Organization Information

Legal Name: Karma Cat + Zen Dog Rescue Society, Karma Cat Rescue Society and/or Karma Cat + Zen Dog Rescue Society d/b/a Karma Cat Rescue Society

Principal Address: 39 S. Main Street, Milltown, NJ 08850

Phone: 732-568-4694

Federal Tax ID #: 27-2141815

Karma Cat + Zen Dog Rescue Society d/b/a Karma Cat Rescue Society is recognized as a 501(c)(3) charitable organization by the Internal Revenue Service.

*The material presented in this website 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.

Do you have your Pet Preparedness Plan in place?

A pet preparedness plan is a set of simple but important steps you can take to ensure your pet’s health and safety in the case of a personal emergency (e.g., you are hospitalized). Read on to learn more about how to develop your own plan.

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