If you are considering a donation to the Armed Forces History Museum, various donation opportunities are now available. After reviewing the information below, if you would like more information, or you would like to set up an appointment with Cindy Bosselmann at (727) 539-8371 ext. 106 or email her at firstname.lastname@example.org
Gifts of Cash: Most planned gifts are funded with either cash or appreciated securities; writing a check to the Armed Forces History Museum means you may be entitled to an income tax deduction in the amount of the gift; your deduction is limited to 50% of your adjusted gross income, and may be carried forward for an additional five years. You can make a cash donation by sending a check to Armed Forces History Museum, 2050 34th Way N. Largo, FL 33771 ATTN: Vicky, or by using the link provided below:
Making a Bequest: Almost 70% of people die without a written will; as a consequence, the state in which they reside decides where their assets go by operation of law. If you would like to control the disposition of your assets, while deriving a number of other benefits, a bequest may be the simplest and easiest method. It is the most popular form of planned gift. Your bequest to the Armed Forces History Museum has a number of benefits:
- You retain the use of your assets during your lifetime.
- Your bequest to the museum is deductible for estate tax purposes.
- You support the mission of the museum.
- You may, within limits, restrict the use of your gift.
Sample Bequest Language
I give to the Armed Forces History Museum in Largo, FL_____% of my residuary estate for its general purposes. OR
I give to the Armed Forces History Museum in Largo, FL the sum of $__________ for its general purposes. OR
[After specific bequests to heirs and others] I give the rest, residue and remainder of my estate to the Armed Forces History Museum in Largo, FL for its general purposes.
Note: You may restrict yuor bequest for a specific program or use, but please discuss this with a museum representative in advance to ensure your wishes will be met.
Appreciated Securities: If you give a gift of appreciated stock that you have held form more than 12 months, you do not have to pay capital gains tax and you receive a charitable deduction for the full fair market value of the securities; your deduction is limited to 30% of your adjusted gross income, and may be carried forward for an additional five years.
Qualified Retirement Plans and IRAs: For many donors, qrp’s make up the bulk of their estates; one estate planning principle is to leave appreciated securities to your heirs but leave qualified retirement plans and IRAs to charity in order to minimize taxes; the law in this area is complicated and in flux; always consult your financial advisor about any bequest, but especially this type.
Gifts of Real Estate: We at the Armed Forces History Museum would be pleased to explore how your wish to donate real estate might be of the most benefit to you and to us. There are basically five ways to donate real estate:
• Outright gift – you receive a charitable deduction equal to the value of the property.
• Gift in trust – the Museum sells the property and invests the proceeds to provide the donor an income for life.
• Gift with retained life use – Donors might like to make a significant gift to the Museum of their principal residence or farm, but would also like to retain full use of their property for their lifetimes; Donors continue to pay all property expenses and are entitled to a current charitable deduction based upon their ages and property valuation.
• Bargain sale – The property is sold to the Museum at a reduced cost to receive cash and a charitable deduction.
• A gift by bequest – The property is left to the Museum in the donor’s will or other estate document.
Gifts of Life Insurance: Often donors find that they have purchased life insurance policies to meet some family circumstance and that circumstance has changed; for that reason the life insurance is no longer needed and may make an excellent gift to the Armed Forces History Museum. There are a number of possible gifts involving life insurance:
• Giving a paid up policy
• Giving a policy on which premiums are still being paid
• Naming the Museum as a primary or contingent beneficiary on a policy owned by the donor
To determine charitable deductions in insurance gifts, contact your insurance or tax adviser or the Museum’s gift planning adviser.
Gifts of Tangible Personal Property: Valuable works of are, jewelry, antiques, collections, and even software are among the kinds of personal property that may be given as gifts to the Museum; gifts of tangible personal property are deductible for income tax purposes at full market value only if the use of the gift is directly related to our mission; otherwise only your cost is deductible. Please contact our gift planning office if you are contemplating a gift of tangible personal property.
The Charitable Gift Annuity—The Gift That Gives Back to You: Gift annuities offer you many significant benefits, including lifetime income, some of it tax-free, a guaranteed high return, and an income tax deduction. In exchange for your gift of cash, appreciated stock or other assets, we will give you an annuity contract which guarantees that we will pay you a fixed income for the rest of your life or the lives of both you and your spouse. The percentage income you receive is determined by your age; the older you are, the higher rate we can offer you.
For more information contact Cindy Bosselmann at (727) 539-8371 ext 106 or by email email@example.com