It comes as something of a shock to many that the federal estate tax can easily take as much as 55% of one's estate at the time of death. It is a prudent person who does advanced planning with financial advisors and an attorney.
Charitable Gift Annuity
A gift annuity is a combination of a gift and an investment whereby, in exchange
for a transfer of cash or marketable securities, you and/or another person
would receive a fixed annuity payment for life. You can claim a current charitable
income tax deduction and a portion of each annuity payment is received tax-free
over your life expectancy. Funding a gift annuity with appreciated securities
has additional tax benefits.
Deferred-Payment Gift Annuity
If you can benefit now from a current tax deduction and are interested in
supplementing retirement income on a tax-favored basis, the deferred-payment
gift annuity may be a perfect way for you to make a gift.
Bequests
Thoughtfully consider a charitable bequest to the Museum & Gallery in
your will. This will benefit us while saving you estate tax dollars at the
same time. We can be named as beneficiary in a will in several simple ways,
such as through a gift of property or through a direct gift of funds. It is
also possible to name us as a remainder beneficiary to receive funds only
after specific sums have been paid to individual beneficiaries.
Click here for suggested wording for bequests and trusts
Testamentary Trust
It is important to note that trusts can be set up to take effect only after
your death, and can be arranged in your will.
Charitable Remainder Trust
A trust is an arrangement in which you irrevocably transfer money
and other assets to a trustee. A charitable remainder trust will provide you
(or a loved one) with an income and, after the death of the income beneficiary,
will provide a nice gift.
Revocable Living Trust
More people now use trusts created duing their lifetime to provide for the
management and final distribution of their assets. You can make a gift by
naming us as one of the benficiaries of your trust at death, or you can give
us the income generated by the trust during your lifetime.
Life Estate Agreement
If you own a home, farm, vacation home, or investment property you may be
able to make a gift of the property, receive a tax deduction, and continue
to live in your home or work on your farm for the rest of your life.
Gift through Retirement Plans
Your estate can save both income taxes and estate taxes if you name us as
the death beneficiary of your IRA or other retirement savings plan. You can
also arrange for lifetime income to be paid to a family member after your
death, with our benefit coming later.
It is our desire to help you determine which of these methods may be best for you and your family. We welcome the opportunity to provide you with additional information about any of these methods and to discuss with you how you might consider making your gift. Please call us at 1-888-870-8161.
The information provided here is not legal tax advice. Please consult with your professional advisors about estate planning strategies applicable for your specific situation.
