Gifts of Insurance and Retirement Assets
Life Insurance. Giving your policy to the museum can allow you to make a substantial gift. You may give a fully paid-up policy you already own and get a deduction for an amount roughly equivalent to the cash surrender value. Alternatively, you may purchase a new policy designating the museum as the owner and beneficiary, and your annual premium payments will become tax deductible. You can also purchase a single-premium policy and deduct the full premium.
Retirement Assets. An IRA, Keogh, 401(k), 403(b), or other retirement plan asset that is left to your heirs may be subject to high income, estate, and other transfer taxes. Naming the museum as a beneficiary of all or a specified percentage of your plan’s assets eliminates both income and estate taxes. These assets can also be placed in a remainder trust, providing income to your heirs for life, or a term of years, with the remainder interest passing to the museum.
Associate Director, Planned Giving
Bishoy M. Mikhail, Esq.
bmikhail@clevelandart.org
216-707-2585