WHY PLAN?

If you do not set up a financial plan for if/when you become incapable of controlling where your assets go, your money may end up going to taxes, or to people you did want the money to go to.

A legal plan makes sure your financial assets are:

• Distributed to the people/causes/organizations you want to help
• Distributed when you want
• Are administered by the person you want to control your estate
• Are administered at the lowest possible cost to the estate
• If you do not have an established legal plan, your assets, debts, and possessions (including pets*) will be dealt with by a representative of the state of Colorado.

*Pets are considered tangible personal property so making a plan for them when you can no longer care for them is crucial to ensuring that they are able to continue in their own lives with the level of care you would have wanted.

Animal welfare organizations can assist you in your final plans for your pets (see the Directories Page on this website for help). You can list CAP in your estate trust or beneficiary list to ensure your advocacy for animals continues in perpetuity. 

WHAT IS INVOLVED IN AN ESTATE PLAN?

• A personal last will and testament--a legal document created by you that spells out exactly what your desires are with regard to your assets, your dependents, and your heirs. A will becomes effective only after you die and your will has been entered into probate. It is administer by an executor—a person you have placed your trust in to represent your wishes.

• Living Trust--a legal document created by you during your lifetime. Just like a will, a living trust spells out exactly what your desires are with regard to your assets, your dependents, and your heirs. A living trust bypasses the costly and time-consuming process of probate, enabling your successor trustee (who fills basically the same role as an executor of a will) to carry out your instructions as documented in your living trust at your death, and also if you’re unable to manage your financial, healthcare, and legal affairs due to incapacity.
• Property Power of Attorney--a written authorization to represent or act on another's behalf in private affairs, business, or other legal matters.
• Healthcare Power of Attorney--a legal document that allows an individual to empower another person to make decisions about his or her medical care. A healthcare power of attorney refers to both a legal document and a specific person with legal authority.
• Living will--a written, legal document that spells out medical treatments you would and would not want to be used to keep you alive, as well as your preferences for other medical decisions, such as pain management or organ/body donation.
• Explanation of personal legal documents—what documents you have determined as appropriate for your situation.
• Disposition of your last remains—cremation, burial? Ceremonial instructions.
• Location of lists and important papers—location, access and instructions; especially for pets.
• Location and access for valuable personal possessions—jewelry, art, household cash, etc.
• Anatomical gift form—if you are an organ or body donor.
• HIPAA releases—to allow others to access your health information.
• Cyber security—passwords, accesses, and location of security information and tech experts you use.
• Important contacts—your accountant, financial advisor, insurance agent, attorney, investment information that is outside the advisor’s realm, doctors, business succession plan, banker, or any other professional that plays a security role in your life.

WHO CAN HELP YOU ESTABLISH AN ESTATE PLAN?

There are many specialist attorneys who keep up-to-date on Colorado estate planning law. You can contact the Colorado State Bar Association: https://www.cobar.org or 303-860-1115. CVA does not recommend individuals to avoid conflict of interest dilemmas. We can assist you and your attorney in setting up bequeaths to our organization.

HOW CAN YOU GIVE?

Note: Set-aside charitable gifts are not taxable when stipulated in your estate plan!

• Cash gifts—you can stipulate that on-hand cash can be given to charitable organizations. 

• Bequests—simply name CVA as a recipient of a bequest in your will, testament, or living trust. Your bequest can include all, a specific dollar amount, or a percentage of your estate.

• Charitable gift annuities—a CGA is a contract that involves transferring a financial gift to CVA in exchange for a fixed annuity. Annuities are fixed at the time the gift is made and based on the size of the gift, the age of the annuitant, and the prevailing rates when the annuity is set up. Annuitants must be 65 years old, and the minimum gift is $1,000.00. CAP can assist your attorney in setting the CGA up.

• Trusts—A charitable trust is transferred to CVA upon your death to further support our missions to help Colorado animals. Trusts are set up by your attorney.

• Gifts of life insurance, stocks & bonds, or other retirement assets—you can make CVA a beneficiary of your retirement plans or insurance policies. These funds can be transferred directly to CAP or you may direct them to a charitable remainder trust (CGA). An attorney can guide you in your wishes to provide for others, especially animals.

• Personal property—cars, boats, antiques, estate sales proceeds, or any other valuable personal property may be designated as gifts to CVA. The proceeds can go towards making Colorado a humane state for all animals.

Note: After the age of 70.5 years, direct transfers of up to $100,000.00 per year can be made to CVA without those funds being counted as income, yet still considered part of a required minimum distribution. These gifts are not considered deductible charitable contributions but DO NOT count as income. This may be advantageous for you from a tax planning perspective.

Note: Colorado law changes frequently and there may be more charitable ways you can give. Seek advice from your estate planning attorney to keep up-to-date on ways to save taxes, retain personal income, and continue to give to Colorado Animal Protectors. 

You can reach across the ages and make our state a more humane and compassionate place for domestic and wild animals.