A growing number of generous Museum members and friends are helping the Museum prepare for the future by making a bequest or legacy gift to the Museum. The information that follows suggests ways to provide a lasting legacy to Boston Children’s Museum and thereby enriching the lives of future generations of children and families. By making a legacy gift or bequest to Boston Children’s Museum you can:
- Reduce taxes on your estate through a Bequest, your Retirement Plan or Insurance Policy
- Avoid capital gains tax with an Outright Gift of Appreciated Stock
- Receive income for life through a Charitable Remainder Trust
- Pass assets to your children and grandchildren and cut transfer taxes through a Charitable Lead Trust
- Give your home to the Museum, receive a tax deduction, and continue to live in it with a Retained Life Estate
For an overview of charitable gift planning options, please click here.
For more detailed information on planned giving options, please call Brenna Richardson, Director, Donor Relations in the Development Office at 617.426.6500 ext. 393, or send an email to: Richardson@bostonchildrensmuseum.org
Bequests
YOUR CHARITABLE BEQUEST
Your charitable bequest is an important gift for Boston Children’s Museum. When received, your bequest will be entered into our books and records as a gift that helps sustain our mission, serving the objectives and purposes of Boston Children’s Museum.
There are three types of bequests for you to consider. The first, residual, is most flexible because it allows your gift to appreciate in your will no matter what asset is used. Residual bequests are often made after remembering relatives and friends. A specific bequest of an asset such as a retirement plan results in no income taxes paid on the plan by your estate. When you place any of these first two types of bequest in your will or living trust and notify Boston Children’s Museum, we will invite you to become a member of our Legacy Society.
Residual: “I give, devise and bequeath to Boston Children’s Museum, a Commonwealth of Massachusetts nonprofit corporation, Tax ID # 04-2103993, located at 308 Congress Street, Boston, MA 02210, all the residue of my estate, including real personal property.” or “ … ___% of my estate.”
Specific: “I give, devise and bequeath to Boston Children’s Museum, a Commonwealth of Massachusetts nonprofit corporation, Tax ID # 04-2103993, located at 308 Congress Street, Boston, MA 02210,
Choose one: 1) The sum of $___________.” 2) __________ shares of stock in ________________Company.”, or 3) my real property commonly known as _________________.”
Contingent: “In the event of the death of any of the beneficiaries, I give, devise and bequeath to Boston Children’s Museum, a Commonwealth of Massachusetts nonprofit corporation, 308 Congress Street, Boston, MA 02210, located at 308 Congress Street, Boston, MA 02210, (residual or specific language as above).”
Gift of Appreciated Stock
An Outright Gift of Appreciated Stock enables the donor to obtain substantial tax benefits. First, donors receive an income tax deduction equal to the full fair market value of the stock on the date of the gift. In addition, no capital gains tax is due when the Museum sells the stock, so the full value of the gift supports the Museum’s work.
Appreciated stock is also an excellent asset to use for funding a gift plan that provides income for life. Because Boston Children’s Museum will benefit in the future from the principal of the gift, capital gains tax is avoided when appreciated stock donated into the plan is sold to reinvest for higher income.
When transferring stock please call the Development Department (617) 426-6500 x201 to let them know your broker will be transferring stock, the kind of stock and how much, and where you want the proceeds to go (e.g., the Annual Fund, to satisfy a pledge, etc.) Then, give your broker these wiring instructions:
DTC #0226, State Street Global Advisors
Free delivery for benefit of Boston Children’s Museum into account #AB2 033898 THE CHLDRNS MUSEUM
Income for Life
Charitable life income gifts can enable you to:
- Increase your income
- Receive an immediate charitable income tax deduction
- Avoid capital gains tax
In a life income plan, the donor makes an up-front gift to the Museum, but retains the right to receive income payments for life (or, in certain cases, a period of up to 20 years). At the end of that time, the remaining principal goes to support the Museum’s work. The Museum can help you set up a Charitable Remainder Trust.
A Charitable Remainder Trust is a trust established by the donor to hold and invest assets. The income payments are made in one of two ways; either as a fixed percentage of the total trust principal as valued each year, or as a fixed dollar amount of the trust value on the date of the gift. The trust can have a duration of either the lives of the donor and/or loved ones, or a specific term of up to 20 years. This plan is most cost effective if a larger, “six figure” gift is being considered, and it can be structured to meet the specific needs of the donor and the income beneficiaries.
Pass assets to children and reduce transfer taxes
Members and friends who wish to make a substantial gift to the Museum over a period of years, who own an income producing asset that is appreciating, and who want to ensure that their property will ultimately pass to loved ones may be interested in a Charitable Lead Trust. Instead of directing income payments to the donor, this type of trust provides income payments to the Museum for a specified number of years. After that term, the trust assets are transferred to younger beneficiaries the donor designates, with a substantial deduction on the gift or estate taxes in consideration of the income stream to the Museum.
Retained Life Estate
A Retained Life Estate allows a donor to make a gift of his or her primary residence or vacation home to the Museum, yet continue to live there for life. A donor giving a Retained Life Estate to the Museum enjoys an immediate income tax deduction. In addition, because the property has been given to the Museum, it is not included in the donor’s probate estate. Ask us for a confidential proposal.