LEGACY SOCIETY | SEPTEMBER 2023

Image: Pueblo Pottery, Artist: Henry C. Balink (American, born Holland, 1882 - 1963), 1917, oil on canvas, Gift of Herman C. and Bina L. Ilfeld, 1977, Object number: 2991.23P

As we move into the fall season, some of you may be starting to think about year-end giving, saving on taxes for 2023 and making a difference through your charitable giving. See below to learn more about alternative ways of giving that could benefit you as well as the Foundation and the museums or cultural institutions you support.

 

IRA Charitable Rollover

Laura Sullivan and Nance Lopez at the 2023 Folk Art Flea

Did you know that if you are 73 or older, you must take money from your IRA? This is known as the required minimum distribution (RMD). While we cannot help you keep money in your IRA, we can point out a nice choice that you have. Rather than take the distribution yourself, direct it to our mission. When you do, we receive the funds and can do more in your name. You won’t receive an income tax deduction, but you will also not pay taxes on the distribution. It is crucial that you tell your administrator to make it directly to our organization. You can make this “IRA Charitable Rollover” gift starting at age 70½.

 

Transfer Appreciated Stock

Photo by Gabriella Marks

Giving stock instead of cash as a charitable donation is easy to do and can greatly benefit you as the donor as well as the Museum Foundation. When you transfer (never sell) stock to a nonprofit, you not only receive an income tax deduction but you also avoid paying taxes on the gains. You can contact us for stock transfer instructions.

 

Donor Advised Funds

Are you interested in simplifying the management of your charitable giving? We suggest you consider some of the advantages of using a simple, convenient, versatile means of gifting – the donor advised fund (DAF), the fastest growing vehicle for charitable giving in recent years. If you want to learn more about donor-advised fund, contact us for more information.

If you have any questions or would like more information about how to make a tax-wise gift or include the Museum Foundation or one of the cultural institutions we support in your estate plans, please contact Laura Sullivan at laura@museumfoundation.org.