Your planned gift can be used to endow (provide on-going support) Museum programming ensuring that your favorite Museum activities will continue, and enabling the Museum to meet the present and future cultural needs of our community. Planned gifts can be made to the General Endowment or in the endowment categories of General Purpose, Education, Exhibitions and Collections. You may use your estate gift to create a Named Endowment (minimum of $25,000) which can be designated to endow your favorite Museum activities. The Museum gratefully accepts planned gifts, including but not limited to bequests, gift annuities, charitable remainder trusts, life insurance, as well as gifts of art.
Gifts of Cash
Cash is the asset most frequently given to the Museum and is as simple as writing a check. Gifts of cash are fully deductible and entitle you to a federal income charitable tax deduction of up to 50 percent of your adjusted gross income.
Gifts of Appreciated Securities and Real Estate
A contribution of long-term (owned more than one year) appreciated securities brings you two benefits at once. First, it relieves you of paying any capital gains tax on the increase in value of the property. Second, it entitles you to a tax deduction equal to the asset's fair market value up to a maximum of 30 percent of your adjusted gross income.
You can also give your home, but live there for life. With a retained life estate, you deed a personal residence to the Museum now. You retain the right to occupy the home for life and continue to pay real estate taxes, maintenance fees and insurance on the property. In addition, you can later decide to rent your home or make improvements to it. After your lifetime, and the lifetime of your spouse or another person you choose to retain rights to live in the home, the Museum takes possession of the property.
To make a gift of stock, securities can be delivered directly to the Vero Beach Museum of Art’s TD Ameritrade account:
Account #: 937014702
Please include with the gift the donor's name and how you would like the funds designated.
Gifts of Works of Art
Gifts of art provide the donor significant tax benefits and will help augment the Museum's permanent collection. First, if approved for accession to the Museum's collection, a gift of art will provide a tax deduction for the full fair market value. Second, capital gains tax is avoided on the appreciation of the art. Your first step would be to contact the Museum’s Curator of Exhibitions & Collections or Executive Director to describe your artwork.
Gifts by Bequest
We hope you’ll consider including a gift to the Museum in your will or living trust. The Museum can be named as a beneficiary as a bequest in your Will in any one of a number of simple ways including an outright gift, a percentage of your estate, a stated dollar amount or as a remainder beneficiary to receive funds only after specific sums have been paid to other beneficiaries.
The official Bequest language for the Vero Beach Museum of Art is:
I, [your full name], give, devise and bequeath to the Vero Beach Museum of Art, a charitable corporation located in Vero Beach, Florida, the sum of $_________ (or: ___ percent of the residue of my estate and/ or other personal property appropriately described) to be used for __________ (or: to be used as its Board of Trustees shall deem advisable to best serve the mission of the Museum).
The Charitable Gift Annuity is an arrangement whereby the Museum will contractually guarantee to pay a specific annual sum to the donor and/or another beneficiary in return for a charitable gift to the Museum. The amount of the annual fixed payout is determined by the age of the beneficiaries at the time of the contract. A Gift Annuity qualifies your gift for a tax deduction. Moreover, a portion of the income you receive each year may be exempt from federal income tax.
Charitable Remainder Trusts
With a Charitable Remainder Trust, you can receive income each year for the rest of your life from assets you give to the trust. Your income can be either variable or a fixed amount. After your lifetime, the balance in the trust goes to the Museum. There is potential for increased income from your investments, you receive up-front capital gains tax avoidance, and you will qualify for a partial charitable income tax deduction.
Charitable Lead Trusts
With a Charitable Lead Trust, you give assets to a Trust that pays the Museum an income for a number of years which you choose. The longer the length of time, the better the gift tax savings for you. When the term is up, the remaining trust assets go to your family or other beneficiaries you select.
Gifts of Life Insurance
There are a variety of ways life insurance can be used to make a gift to the Museum. Perhaps you currently have a life insurance policy that is no longer needed. If the policy is fully paid you can designate the Museum as the owner and sole beneficiary of the policy and take a tax deduction for the market value. If the policy is not fully paid you can take a tax deduction for the market value of the policy or your cost whichever is less. By making a gift to the Museum you are no longer obligated to pay the premiums. Instead, the Museum will either pay the premiums or exercise some other option available under the policy. However, if you choose to continue paying the premiums, you would be entitled to a tax deduction for the amount of premiums you pay each year.
These ways to give are not meant to serve as professional tax or legal advice; please consult a tax advisor about your specific situation.