There are many ways to make a charitable gift to the Foundation after one passes. Planning in advance is called “planned giving.” As some may not know what assets they will use in their lifetime, it is common to make a planned gift for the remainder of one’s assets upon death.
Gifts of cash, collectibles, or even automobiles—whether cars or models– are highly valued as they can add to our Archives for future exhibits, or they can be sold in our Store to provide needed cash revenue.
A cash bequest is a gift made through one’s will upon death in several ways:
- Gift of a percentage(%) of an estate;
- Gift of a specific dollar($) amount; or
- Gift from the balance or residue of the estate;
- A restricted bequest limits the PURPOSE of the gift to ensure that the charitable objective is met; and
- These above cash bequests may be included in one’s will or trust to be given to the Foundation upon the donor’s death.
Other simple Planned Giving instruments are available:
- Retirement Account: if the Foundation is your beneficiary, it avoids estate taxes for your children. The Foundation may use 100% of the gift.
- Life Insurance policy: Changing ones’ beneficiary on an IRA is considered a “lawyer-less” gift as it is done with a simple change form, and does not necessitate a lawyer.
- Gifts of Stocks and Bonds: avoid capital gains with gifts of appreciated stocks which are then sold immediately to provide ready cash
- IRA Charitable Rollover: donors over 70.5 years old can make gifts directly from their IRA to charities—it can avoid taxes on transfers of up to $100K from your IRA to the charity, and satisfies your required minimum distribution (RMD) for the year
As always, please consult your tax adviser for the most up-to-date tax changes and benefits before deciding about planned gifts.