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One of the simplest ways to make a gift to the Museum is through your
Will. You can make a gift to the Museum of a dollar amount, specific
property, a percentage of your estate, or what is left after your loved
ones have been taken care of. Bequests to the Museum are entirely free
from federal estate tax, and there is no limit on the amount you can
leave to the Museum or any other charitable organization through your
Will.
Here is some sample
bequest language:
"I give, devise and bequeath to the American Museum of Natural History,
Central Park West at 79th Street, New York, NY 10024-5192, the sum of
$ (or "the rest, residue and remainder of my estate") for its general
purposes (or for the particular purposes of your choosing)."
Retirement assets
can be subject to multiple levels of taxation, and the combination of
federal income, and estate taxes can significantly diminish the value
of a retirement account. When you name the Museum as a beneficiary
of your Individual Retirement Account, Keogh plan, 401(k), 403(b) or
other qualified pension plan, your estate receives a charitable
deduction for the full amount of these funds. Because the tax burden
on your estate may thus be reduced, your heirs may receive increased
amounts from other assets directed to them under your Will.
A large cash value
resulting from a relatively small premium makes a Life Insurance
Policy an attractive planned gift. With a charity as beneficiary,
the policy is not included in the donor's taxable 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.
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