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."
"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.
For more information about these gift options, please contact Laura A. Foster, 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.