A planned gift is a gift of capital that usually involves the assistance of a professional advisor, retained by the donor. This type of gift may help address an estate planning objective, a family consideration, or a major tax issue. Because of economic and tax benefits, a planned gift often can make charitable giving more affordable for many donors.
CHARITABLE BEQUESTS are gifts to the American Precision 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 the American Precision Museum, Inc. in Windsor, Vermont, ________dollars ($___), or ______percent (____%) of my residuary estate, to be used for the benefit of the American Precision Museum as the Trustees thereof may direct.”
CHARITABLE GIFT ANNUITIES pay income for life in a manner similar to a commercial annuity. The museum, working with the Vermont Community Foundation, offers attractive rates based on the age of the income beneficiaries. Charitable gift annuities can be purchased with cash or appreciated property, and there are no immediate capital gains taxes to pay. Plus, donors receive a charitable deduction that may save significant current dollars on their federal and state income tax returns.
Charitable gift annuities are simple to understand, easy to arrange, and can be purchased in any amount above the minimum gift level of $15,000. Income to the beneficiary lasts for life and is guaranteed by the assets of the Vermont Community Foundation. In addition, some annual income is not subject to income tax.
RETIREMENT PLANS make excellent charitable gifts at the time of death. The American Precision Museum can be named the beneficiary of a traditional IRA, 401(k), 403(b), 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 plan.
OTHER WAYS TO GIVE: The museum is pleased to accept immediate gifts of cash and securities. Both are tax deductible. Gifts of life insurance, real estate, and personal property can also be made to the museum. Call the museum and speak to our Executive Director, Ann Lawless, for more information.