How to Support The Studebaker National Museum with a Planned Gift
We know that some people prefer to donate to organizations, including the Museum, through Planned Gifts. There are many opportunities regarding Planned Giving at the Studebaker National Museum. In some cases, your contribution to the Museum may create income and estate tax benefits to you and/or your heirs. Common Planned Gifts used to support the Museum and provide tax benefits to the donor include:
- Bequests enable a person to make a contribution that may not have been possible during life. Bequests are made through your will or estate plan in two ways: 1) You may designate a specific percentage, dollar amount or asset to be given to the Museum or 2) After allocations have been distributed to your heirs and/or other beneficiaries, the remainder or a designated portion may be then gifted to the Museum.
- Life Insurance. A donor can make a substantial gift for a relatively modest outlay. By naming The Studebaker National Museum as a beneficiary, the donor may receive a charitable deduction on his taxes.
- Retirement Plans are often subject to substantial income and estate taxes. Using retirement assets to make a donation and leaving other assets to heirs may enable a donor to give more to their heirs. Your heirs will not pay income tax on the donation nor will the donation be subject to estate tax. The donation comes to the Museum and heirs may benefit from a reduced estate tax burden.
- A Charitable Remainder Trust can be set up to provide you or a loved one with income for life with the remainder going to the Museum. In addition to the satisfaction of making a gift to the Museum, you may receive the following advantages: tax deduction savings, partial tax-free income and possible capital gains tax savings.
There are additional ways to make a Planned Gift, such as gifts of stocks and bonds, personal property and real estate that benefit both the donor and the Museum. The tax benefits associated with these Planned Gifts vary based on the existing law and individual circumstances. Therefore, you should discuss Planned Gifts with your attorney and other financial professionals, such as a trust officer at your bank, an accountant or financial planner.
When you are ready to make a Planned Gift to The Studebaker National Museum, please contact the Museum for a confidential consultation with a Development Specialist.
If you have any questions, please contact Patrick Slebonick at 574-235-9108.