Ways to Give

Once you’ve chosen your beneficiaries, the next step is to select the best estate planning arrangements to implement your wishes. Keep in mind the needs of your beneficiaries, the protection of your money, and the impact of estate taxes. Here are some components of an estate plan.

    Your will. This disposes of your assets that won’t pass by other means and allows you to name a personal representative (executor) to settle your estate.

   Title arrangements. These can supersede the terms of your will. E.g., you may hold your home in a form of joint tenancy with your spouse, which entitles the survivor to full and outright ownership of that asset.

    Retirement plans. Benefits from your employer, a rollover IRA, or other retirement plan after your lifetime, will be paid to the beneficiaries you have designated in the plan.

    Life insurance. The proceeds are payable to the beneficiaries you’ve named under the options you selected in your policies or subsequent endorsements.

    Buy-sell agreement. This governs the sale of a closely held business, with the proceeds payable to a beneficiary named by the deceased owner.

    Trusts. You can create a trust in your will or by an agreement; the disposition of the trust assets will be governed by the terms of the trust agreement.

    Life income plans. In return for a gift to us or another charitable organization, you can arrange a life income for yourself and even a survivor from a charitable remainder trust or other plan. Ultimately, the remainder will be distributed to the charitable organization you’ve named in the plan.   

    Gifts of appreciated stocks or bonds.  You can contribute long-term appreciated securities (stocks or bonds held for over a year) and get a charitable deduction for the full present fair market value, and avoid capital gains tax on the appreciation.

    Gifts of real estate. Real property (e.g., house or land) that has been held long-term makes an excellent charitable contribution. You obtain an income tax charitable deduction equal to the property’s full fair market value instead of the lower cost basis and avoid capital gains tax on the property’s appreciation. The transfer isn’t subject to the gift tax, and it reduces your taxable estate. You can give us your home but enjoy its use for life by setting up a retained life estate.

Gifts are subject to review under gift acceptance policy. Appraisals required to establish value for tax purposes is the responsibility of the donor.

Endowments

When you make a gift to our endowment fund, it can either be outright or deferred (such as through a bequest in a will or trust). Either way, your one gift can turn into a legacy of annual gifts long into the future.

An endowment fund is a permanent fund invested to earn income each year, and as the principal grows, so does the income.  A portion of the income is rolled back into the endowed fund to help grow the principal and a portion of the income is spent for the purpose stated in the endowment agreement. Approximately 5% is available to be spent each year (example: $50,000 cash donation for endowment creates $2,500 in available annual income for the Museum). This policy allows for the continual growth of both principal and income and thus the fund lasts in perpetuity.

Endowed funds from $50,000 - $249,999 support museum education programs, scholarships and internships for students. These endowment funds are published annually to recognize and honor the legacy of donors. Endowments of $250,000 and above may be identified with the donor name and established for a specific purpose defined by the donor such as operations, exhibitions, publications, art acquisitions and art conservation, or education and performance programs.

Endowment funds are a conservative and intelligent attempt to guarantee the future of our mission and to enhance the quality of our opportunities for service. And they allow you to leave a legacy.