Bequests

Gifts by will have become an integral part of philanthropic tradition, because such gifts enable a person to make significant contributions that may not have been possible during life. Bequests will not be recorded as gifts to the Museum until such time as the gift is irrevocable. Some common examples of bequests are:

• General Bequest: a specified dollar amount.
• Specific Bequest: specific piece of property.
• Residuary Bequest:  all or part of property after all debts, taxes, expenses, and all other bequests have been paid.
• Percentage Bequest:  a percentage of the estate or the residuary estate.

Designations of Retirement Assets

Using retirement assets to make a donation and leaving other assets to heirs often enables a donor to give more to their heirs. The Museum will not pay income tax on the distribution nor will the gift be subject to estate tax. The entire amount comes to the Museum and heirs will benefit from a reduced estate tax burden.

Designations will not be recorded as gifts to the Museum until such time as the gift is irrevocable.

Designations of Life Insurance

Supporters can name the Museum as the beneficiary or contingent beneficiary of their life insurance policies. The gift is valued at its interpolated terminal reserve value (roughly equivalent to the policy’s cash surrender value in most circumstances) upon receipt.

If the donor contributes future premium payments, the Museum will include the entire amount of the additional premium payment as a gift in the year that is it made.

If the donor does not elect to continue to make gifts to cover premium payments on the life insurance policy, the Museum may continue to pay the premiums, convert the policy to paid up insurance, or surrender the policy for its current cash value.

Designations will not be recorded as gifts to the Museum until such time as the gift is irrevocable.