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What is Planned Giving?
Who can make a Planned Gift?
Why make a Planned Gift?
How to make a Planned Gift?
Who is a Planned Giving Officer?
What is the most popular Planned Gift?
What is an estate plan?
What is a will?
What are the benefits of planning a gift in a will?
What is a deferred gift?
What is an unrestricted gift?
What is a restricted gift?
What is your Tax Identification Number?
Can I remain anonymous until my planned gift is realized?
How can the Museum help me with planned gifts—life income gifts and bequests?
Will I need a tax advisor to help me set up a planned gift?
If I include the Museum in my will, whom do I need to tell about it?
How can a planned gift help me accomplish more than an outright gift?
What are the best assets to use for a planned gift?
Does a planned gift have a minimum financial level?
When making a bequest, do we have to specify a dollar amount in our wills?
How does life insurance work as a planned gift?
Are retirement policies a good planned gift?
Should I be doing other work to arrange my personal affairs?
Planned giving offers donors unique opportunities to leave more to their heirs, satisfy philanthropic goals, and retain or increase lifetime income from donated assets. It provides the ability for a donor to reduce or eliminate estate taxes, reduce income taxes, reduce or eliminate capital gains taxes, and save taxes on the sale of a family business. In addition, planned giving can offer creative opportunities for donations—such as by utilizing real estate, tangible personal property and closely-held stock. Planned giving also enables the donor to leave a lasting legacy and ensure that their support of the Museum will continue in perpetuity.
Anyone can make a planned gift, regardless of age, occupation, or financial means.
When you and the United States Holocaust Memorial Museum work together to establish a planned gift, you leave a lasting legacy and enable the Museum to continue its critical work in perpetuity.
The Planned Giving Group will be pleased to work with you and your advisors to best meet our mutual philanthropic goals. Please contact us 202.314.1748 to arrange for a confidential conversation.
Who is a Planned Giving Officer?
A Planned Giving Officer is someone who works with both donors and charities to achieve maximum benefit for each party (the donor and the charity) from a charitable gift.
What is the most popular Planned Gift?
By far, the most popular planned gift is a charitable gift made through your will. It is simple to establish and because it is revocable the donor can make changes at any time.
An estate plan is simply any plan for disposition of your estate assets with a second goal of minimizing expenses and taxes. The core of any estate plan is a will.
An important legal document, a will primarily provides a smooth distribution of your assets to named beneficiaries. It allows you to organize your affairs so your responsibilities are taken care of after your death.
Printer-friendly version of Bequest Clause for an Outright Gift to USHMM
What are the benefits of planning a gift in a will?
A deferred gift is another term for a planned gift. They are donations that are arranged now but will benefit the Museum after your lifetime. Two common examples are bequests and life insurance.
Unrestricted gifts allow the United States Holocaust Memorial Museum to use your donation where it believes the need is greatest at the time the gift is realized. They provide the Museum with the flexibility and ability to respond to unexpected financial requirements.
Designated gifts, as opposed to unrestricted gifts, are donations where an intended purpose is identified by the donor and accepted by the Museum. The Planned Giving Group is pleased to work with donors to achieve their philanthropic goals.
What is your Tax Identification Number?
52-1309391.
Can I remain anonymous until my planned gift is realized?
Yes.
How can the Museum help me with planned gifts—life income gifts and bequests?
The Museum’s Planned Giving Department has a variety of resources for estate and charitable planning. We would be happy to review with you options that might best suit your needs. We can:
Will I need a tax advisor to help me set up a planned gift?
The United States Holocaust Memorial Museum can provide detailed information, including draft language, for your attorney or other advisor regarding any planned gift you are considering. It is recommended, however, that you involve your personal tax or legal advisor at some point in the process.
If I include the Museum in my will, whom do I need to tell about it?
You need not tell the Museum of your plans. However, we are always delighted when a donor notifies us so that we may welcome him or her to the Legacy of Light Society, the Museum’s planned giving donor recognition society.
How can a planned gift help me accomplish more than an outright gift?
You may have funds available in a retirement account, real property, or other assets you have accumulated over time. These assets may not be available for an outright gift. They could be designated through a planned gift, which gives you the opportunity to make a larger gift in the future. Planned gifts often achieve more estate and tax planning objectives then outright gifts.
What are the best assets to use for a planned gift?
Cash, appreciated securities, real property, insurance policies, retirement plans, and many other assets can be used to fund a gift to the Museum.
Does a planned gift have a minimum financial level?
No. Bequests in all amounts are welcome and valuable.Charitable gift annuities require a minimum $10,000 contribution. Charitable remainder trusts are most often established with at least $100,000.
When making a bequest, do we have to specify a dollar amount in our wills?
No. You have several choices: a specific dollar amount, a percent of your estate, or what is left in your estate after other bequests are fulfilled. Another possibility is to leave insurance or retirement proceeds, as mentioned below. This provides great flexibility.
How does life insurance work as a planned gift?
Life insurance policies that are paid up can be given to the Museum. A new or existing policy can also list the Museum as beneficiary, and each year the donor gives the Museum the funds needed to pay the premium.
Are retirement policies a good planned gift?
Yes, they can be. Upon your death, retirement plan assets may not only be subject to an estate tax but also an income tax when transferred to non-spousal beneficiaries. In some cases they can be taxed at a combined marginal rate of as high as 65%. By using retirement plan assets to leave a planned gift, you can avoid estate and income taxes and ensure that 100% of the balance of your retirement funds will support the philanthropic objectives you care most deeply about. Also, recent legislation makes it possible for donors age 70 and ½ to use IRA assets to make outright transfers to charity. Click here to learn more about the Pension Protection Act.
Should I be doing other work to arrange my personal affairs?
We recommend that everyone, regardless of age, complete basic legal documents: a will or trust, medical directive, and durable power of attorney. These can easily be drafted by an attorney who works in the area of estate planning. Young families have the responsibility of providing care plans for their minor children should they be unable to do so themselves. Persons of all ages begin to acquire assets; without a will or trust, those assets will be distributed according to state law without consideration of the wishes of the deceased owner, and with no benefit of tax advantaged planning.
Please take the first step and contact the Planned Giving Department at 202.314.1748. We would be delighted to answer your questions and/or send you information.
