Bequests:A gift by will or living trust. An outright request to the museum is fully deductible for estate tax purposes.* Bequests can take many forms and can include:
- Gifts of a specific dollar amount
- Specified assets including securities, real estate or other personal property
- Remaining retirement account assets
- A residual bequest, where the museum becomes a beneficiary after all other obligations are met.
Below is a sample wording for a simple bequest."I give to The Frederic Remington Art Museum, 303 Washington Street, Ogdensburg, New York the sum of _______ (dollar amount) or percentage of ___% residue of my estate to be used at the discretion of its governing board."Or"I give to The Frederic Remington Art Museum 303 Washington Street, Ogdensburg, New York the sum of _______ (dollar amount) or percentage of ___% residue of my estate to be used for the following purpose [state the purpose]."
Charitable Remainder Trusts:Individually created and managed trusts; one type provides a guaranteed fixed income, while another provides a fluctuating annual payment based on a percentage of the trust's principal.
Life Insurance:Gifts through life insurance are a practical way to give a substantial gift at a moderate cost.
MORE INFORMATIONFor more information about these gift options, please contact Lora A. Nadolski, Director at (315) 393-2425 or write the museum at 303 Washington Street, Ogdensburg NY 13669.
* For advice or assistance in developing your bequest, an attorney or professional advisor should be obtained.