National Corvette Museum
National Corvette Museum
 

National Corvette Museum

PLANNED GIFTS

Planned gifts are special gift provisions outlined in your will or gifts of an asset providing income, a charitable income tax deduction, and the opportunity to avoid capital gains and inheritance taxes.

Planned giving vehicles such as bequests, life insurance, retirement plans, charitable gift annuities, and charitable remainder trusts not only ensure you the opportunity to make a substantial contribution to the Museum, but in addition may provide income and estate tax benefits to you and/or your heirs.

The Zora Arkus-Duntov Society was formed to honor those who recognize the importance of investing in the National Corvette Museum and have included the Museum in their estate plans.

We welcome the opportunity to discuss confidentially your planned giving interests and investment in the National Corvette Museum - contact us at 1-800-53 VETTE (83883) or email giving@corvettemuseum.org.

BEQUESTS

A bequest is a convenient way to provide for your family, others and the future of the Museum in your will. This can be accomplished in the following ways: through a specific percentage, dollar amount or asset designated to the Museum; or after allocations have been distributed to beneficiaries, the remainder or a designated portion may be then gifted to the Museum.

The National Corvette Museum can be included in your original will or at a later point, added by your attorney.

LIFE INSURANCE

Donating your life insurance could be a wonderful way to fulfill your desire to support the Museum. Perhaps you purchased a life insurance policy to provide financial security for the household, dependents or a business partnership, and you have determined you no longer need it for this purpose. Naming the National Corvette Museum as owner and beneficiary of a life insurance policy can also provide a tax deductible contribution.

For a gift of a paid-up policy, the tax deduction is the cost of replacing the coverage with a comparable policy. The deduction cannot be greater than your net investment in the policy (total premiums paid less any dividends received). To qualify for the federal charitable deduction on a gift of a new or existing policy, please make certain to name the National Corvette Museum as owner and beneficiary of the policy.

RETIREMENT PLANS

Did you know retirement accounts are often exposed to income and estate taxes, at a combined marginal rate that could rise to 65 percent or even higher on large, taxable estates? Many of these taxes can be avoided or reduced through a carefully planned charitable gift. Qualified retirement plans are those that receive favorable income tax treatment during an employee's lifetime. No income tax is due on the funds as contributed, and no income tax is due on the earnings and appreciation while in the plan. You pay taxes on the funds only when you receive them.

Generally, the undistributed balance of qualified retirement plans is fully includable in your gross estate for estate tax purposes. Since the funds in retirement accounts usually represent deferred compensation that has not been subject to income tax, giving the accounts to individual heirs exposes the funds to income taxes. Your retirement dollars can be seriously depleted by this double taxation.

To preserve your retirement assets after your lifetime, consider the benefits of using them in a different way. You can designate the National Corvette Museum as a beneficiary of your IRAs, Keogh plans, 401(k) plans or additional qualified retirement plans to achieve a charitable tax deduction, avoid estate taxes, and leave a legacy at the Museum.

CHARITABLE GIFT ANNUITY

Did you know that your gift which the Museum will receive years from now is still tax deductible this year and pays income for life?

The charitable gift annuity allows you to make a tax deductible gift using cash or securities. With a simple contract, you or your designated beneficiary will also receive a supplemental annual income with a fixed payment guaranteed for life before the Museum ever accesses the balance.

Dependent upon your age, the rate is often higher than the interest made from certificates of deposit. In addition to the satisfaction of making a gift to the Museum, you receive the following advantages: tax deduction savings, partial tax-free income, and possible capital gains tax savings.

CHARITABLE REMAINDER TRUST

The charitable remainder trust allows you to make a tax deductible gift using various gift vehicles (i.e. cash, securities, etc.) with the remainder left to benefit the National Corvette Museum at the termination of the trust. You or your designated beneficiary will also receive a supplemental annual income with a fixed or variable rate payment for life or a set term of years.

There are two types of charitable remainder trusts: the annuity trust and the unitrust.

The annuity trust pays a fixed amount to the donor or beneficiary. Additions are not permitted to this trust, although they can be accomplished by creating other trusts. The unitrust is recalculated annually based on the unitrust's asset value. Additions are permitted to this trust.

Dependent upon your age, the rate is often higher than the interest made from certificates of deposit. In addition to the satisfaction of making a gift to the Museum, you receive the following advantages: tax deduction savings, partial tax-free income, and possible capital gains tax savings.

 

Planned Gifts