Life Income Plans
Friends of the Museum who would like to make a substantial gift while considering their own financial needs may find a life income plan advantageous. These types of plans can provide you (or your designate) with income for life and provide important support for the Museum.
Charitable Gift Annuities
Charitable gift annuities provide guaranteed lifetime payments, tax breaks, and benefits for generations to come.
It is an excellent way to support the Museum while ensuring your own financial future or that of a loved one. In exchange for your irrevocable gift of cash or securities, the Museum will provide you with a guaranteed annuity for life with a portion of the income tax-free. You will also receive an income tax charitable deduction in the year you establish the annuity. The rate of return is based on the age of the person(s) who receive the payments—the older the beneficiary, the higher the rate.
Gift annuities are easy to establish and can be created with as little as $5,000 for a single beneficiary or $10,000 for two beneficiaries. There is no upper limit, and you can establish additional gift annuities whenever you wish. This way, you can take advantage of higher annuity rates as you get older and still enjoy the convenience of receiving a single, combined payment each period.
If you have savings or appreciated securities that are not paying you a satisfactory return, a charitable gift annuity is one way you can make those assets really work for you—and for the Museum.
Charitable gift annuities can also be deferred to a specific date you determine—an attractive feature for younger donors. By postponing income payments—until retirement, for example—the annuity payout increases as does the income tax charitable deduction. The minimum age requirement for establishing gift annuity is 50.
Charitable Remainder Trusts
A Charitable Remainder Trust is a type of charitable trust that provides you and/or other beneficiaries with income for life or a specified period of time and thereafter distributes the remaining assets to the Museum. An immediate income tax charitable deduction is available for an amount equal to the present value of what the museum can be expected to receive when the trust ends.
Charitable Remainder Trusts give you the flexibility to design a trust to meet your individual goals: You can select the beneficiaries, the trustees, the distribution rate, and the type of trust. A Charitable Remainder Unitrust pays an annual distribution based on the value of the principal, revalued annually. With a Charitable Remainder Annuity Trust, annual distribution is fixed and is based upon the value of the principal at the time of the gift. Since each trust is individually tailored, there is more flexibility in the type of property that can be donated.
All inquiries are confidential and without obligation.
Federal Tax ID: 74-2689943
The purpose of this web page is to provide information of a general nature only. Advice from your own legal and tax counsel should be sought when considering any gift arrangement.