Your Life Insurance Policy
If you or your family no longer requires protection from your life insurance coverage, your life insurance policy provides an easy way to make a gift to the Fine Arts Museums. You can irrevocably name the Museums as owner of the policy and receive an income tax charitable deduction, or you can designate the Fine Arts Museums as beneficiary of your policy and receive an estate tax deduction.
Your Retirement Plan
The assets in your Individual Retirement Account, or any qualified retirement plan, can be the basis of a future gift to the Fine Arts Museums if you or your family has no need of these funds. This gift has the unusual advantage of avoiding potential future income taxes as well as estate tax.
A Gift of Real Estate
A gift of marketable property to the Fine Arts Museums qualifies as a charitable deduction and is exempt from capital gains taxes on the appreciated value. Alternately, you may transfer a residence to the Museums irrevocably, while retaining the right to live in your home for life or for a specified number of years.
Planned gifts, if properly structured, offer important tax savings: income tax, estate tax, gifts tax, capital gains tax, or, in some instances, a combination of these taxes.