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Ways To Give
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Gifts come to the museum in many ways, either as outright gifts or through planned giving. A planned gift is a gift of capital that usually involves the assistance of a professional advisor. This type of gift often helps address an estate planning objective or a tax issue. Because of economic and tax benefits, a planned gift makes charitable giving more affordable for many donors. CashThis is still the most popular way to make a charitable gift, and your cash gift is fully tax deductible if it is an outright gift. SecuritiesGifts of appreciated stock and/or mutual fund shares can be one of the most advantageous ways of giving. If the donor has owned your stock for more than one year, the full fair market value of the stock may be taken as a charitable contribution, bypassing capital gains tax.Life InsuranceTo accept a life insurance policy, the museum needs to become both the owner and the beneficiary of the policy. No incidents of ownership should be retained. If the policy is paid up, the charitable contribution is generally the replacement value or cost basis of the policy, whichever is less. Ongoing premiums paid on a gifted life insurance policy also qualify for charitable deductions.Personal PropertyGifts of tangible personal property related to the museum’s tax-exempt purposes are fully tax deductible at fair market value. However, gifts of tangible personal property given to the American Precision Museum, which are not related to its tax exempt purposes are limited to the cost basis of the gift for determining the tax deduction.Real EstateGifts of appreciated real estate are like gifts of appreciated stock. If the donor has owned the property he/she wishes to donate for more than one year, he/she may deduct, as a charitable contribution, the fair market value of the real estate while avoiding all capital gains taxes. In situations where there are no family heirs or other natural inheritors, real estate can be donated to providing excellent tax advantages for the donor, either as a bequest or in exchange for a charitable gift annuity or a charitable remainder trust.Retirement PlansThese make excellent charitable gifts at the time of death. The American Precision Museum can be named as the beneficiary of a company pension plan, a traditional IRA, 401(k) or Keogh plan, and because the museum is a charitable organization, it will not pay any income or estate tax on the assets it receives from the retirement plan.Charitable BequestsCharitable Bequests are gifts to the museum at the time of death under a will or trust agreement and are fully deductible for federal estate tax purposes. A bequest may be made in the form of cash, securities, or real estate.Here is sample language for an outright, unrestricted residuary bequest: “I give to (name of charity) in (name of town and state), _________dollars ($_______), or _________percent (_____%) of my residuary estate, to be used for the benefit of (name of organization) as the trustees thereof may direct.” Charitable Gift AnnuitiesGift Annuities are agreements between the donor and the American Precision Museum and can be funded with cash or marketable securities. The museum will agree to make fixed payments to the donor for his/her lifetime, and, if they choose, for the lifetime of a surviving spouse or second beneficiary.For younger donors, a deferred gift annuity is more appropriate. The payments to the donor can be deferred until retirement in return for an immediate income tax deduction and a higher annuity rate. Charitable Remainder TrustsThese enable the donor to place cash, securities or real estate into a separately managed trust that will pay a lifetime income to the donor, and/or other beneficiaries, based on the net asset value of the trust valued annually, with the principal of the trust eventually passing to the museum.For more information, please call: Ann Lawless Executive Director American Precision Museum 802.674.5781 |
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