ExperienceThere are several ways that planned gifts may be made to benefit you, your family, the Museum and beyond while providing for the Museum in your estate plans. These include:Bequest by will or in Trust.A charitable bequest is a gift provided by an individual’s estate or trust that is realized by a charity after the donor’s death. A bequest can be unrestricted or applied to a specific purpose as designated in the will or trust document. Because the gifted amount is not included in an individual’s estate for Federal (and state) estate and inheritance tax purposes, the entire gift is distributed to the Museum without deductions for taxes.Life Insurance Policies.A contribution of a fully paid life insurance policy that is no longer needed provides you with an immediate income tax deduction. Or, you may name the Museum as a beneficiary of a life insurance policy which, upon your death, will be treated as a charitable bequest, the amount of which will be excluded from your taxable estate.Income Producing Trusts.Through a charitable remainder trust, you or a designated beneficiary can realize income for the lifetime of the beneficiary, after which the remaining assets are paid to the Museum. This type of trust provides a current income tax deduction to the donor, and in most instances, allows the donor to avoid the payment of capital gains taxes on the appreciation of the assets donated to the trust.Charitable Gift Annuities.A charitable gift annuity is a contract with the Museum under which you, another specified beneficiary, or you and another specified beneficiary may receive a fixed income payment for life. At the end of the benefit period, the Museum will receive the remainder of the principal. A charitable gift annuity qualifies for a charitable tax deduction in the year of the gift. Furthermore, a portion of the income received each year is not subject to Federal income tax.Retirement Plan Death Benefits.If your retirement plan balance in no longer needed for the support of your spouse or dependents, you can name the Museum as a beneficiary of your qualified retirement plan. A written request to your plan administrator may be all that is required. This strategy can provide significant income tax savings for your beneficiaries, as well as tax savings to your estate.Retained Life Estate Contract.This type of gift involves your making a gift of your home, farm or other residence through an agreement that provides for you to occupy the property for your lifetime and retain income if it is an income producing piece of property. The fair market value of the property may be taken as a current charitable tax deduction and because you have transferred the interest in the property to the Museum it is not included in your estate. |
;)
