Legacy Gifts Help Secure SAM’s Future
Through a bequest or other estate gift, you can help provide for the future of the Saratoga Automobile Museum. Your contribution makes a difference and reflects your commitment to the museum and its mission! You do not have to be wealthy to make a contribution. Planned giving can be as simple as including a gift in your will or naming the Museum as beneficiary of an IRA. There are many kinds of planned gifts, each with different advantages and effects.
As with outright contributions, you as the donor can specify the use of your legacy gift. Unrestricted donations offer the Museum the greatest flexibility to direct your contribution to the areas of greatest need. Endowment gifts help the Museum strengthen and secure its long-term financial future. If you have already named the Saratoga Automobile Museum in your will or other estate plans, please let us know so that we can welcome you /recognize you. If you are considering making a legacy gift to the Saratoga Automobile Museum, please contact your legal, tax, and estate planning advisers to discuss these options:
Contact: Heidi Shul
518.587.1935 x11; email@example.com
A bequest is one of the simplest ways to provide for the Museum’s future. If you would like to include SAM in your Will or Trust, you can do so in a number of different ways. You may arrange for the Museum to receive:
A specific dollar amount
Specific assets (such as securities, real estate, a vehicle or other tangible personal property)
A residuary bequest (all or a portion of the remainder of your estate after all other obligations)
Gift of Life Insurance
Life insurance is often overlooked and underestimated, yet it can be a valuable and financially efficient way of making a planned gift to the Saratoga Automobile Museum. A charitable gift of life insurance is a wonderful way to use policies that will not be needed to protect a spouse or child (i.e. policies representing “excess” coverage) to help the Museum. You may arrange a life insurance gift to the museum by:
Naming the Saratoga Automobile Museum as a beneficiary of an existing life insurance policy
Donating an existing life insurance policy to SAM
Purchasing a new life insurance policy for SAM
Charitable Remainder Trusts
A charitable remainder trust (CRT) is a wonderful way to make an impact on the Saratoga Automobile Museum and create a reliable payment stream for you and/or the beneficiaries you select. A CRT is available in a variety of formats and can be funded with a wide range of assets, including securities, cash or real estate. A CRT provides annual payments to you and/or other beneficiaries you designate for life or for a selected term of years. The remainder is then put to use by the Saratoga Automobile Museum as you direct. If you establish a CRT, you may be eligible to receive several tax benefits, including a current charitable income tax deduction, a bypass of capital gains tax on appreciated assets, and a reduction in estate taxes.
Gift of Retirement Plan Assets
Donors who find they no longer need their retirement plans as a primary source of retirement income often consider using these plans to establish special philanthropic legacies. By naming the Saratoga Automobile Museum as your retirement plan beneficiary, you can avoid income and estate tax. You may designate a specific portion or all of your plan assets to benefit the Museum, or, as is often the case with larger qualified plans, you may wish to establish an endowed fund or program that will be administered in perpetuity.