Goals and Benefits
Several strategies reduce the amount of tax through charitable contributions:
• Income tax savings are taken on your income tax return, provided you itemize
• Gifts to a qualified charitable organization, during life and/or at death, avoid the federal estate tax
• Life income plans allow you to designate a gift now and secure a current income tax deduction while you receive a life income for yourself and for a survivor
• Assets that have grown in value can be used to bypass or reduce capital gains tax
• You (your estate) can receive an estate tax deduction for making a bequest of qualified retirement plan accounts and traditional IRAs that would otherwise be taxed as income to your heirs as they receive it and negate the adverse income tax consequences to the individual beneficiaries
The personal rewards of your charitable contribution may be more difficult to measure than the economic benefits, but no less meaningful. Gift planning permits you to leave an indelible mark on West Michigan. You can accomplish this in various ways, depending on your circumstances, through wills, trusts, and other estate planning options. You can make a general contribution to the museum’s endowment or designate it for specific education programs, acquisitions of art for the permanent collection, exhibitions, or professional support and services. We invite you to join other donors who have already arranged planned gifts at the Grand Rapids Art Museum and establish your legacy.
• Income tax savings are taken on your income tax return, provided you itemize
• Gifts to a qualified charitable organization, during life and/or at death, avoid the federal estate tax
• Life income plans allow you to designate a gift now and secure a current income tax deduction while you receive a life income for yourself and for a survivor
• Assets that have grown in value can be used to bypass or reduce capital gains tax
• You (your estate) can receive an estate tax deduction for making a bequest of qualified retirement plan accounts and traditional IRAs that would otherwise be taxed as income to your heirs as they receive it and negate the adverse income tax consequences to the individual beneficiaries
The personal rewards of your charitable contribution may be more difficult to measure than the economic benefits, but no less meaningful. Gift planning permits you to leave an indelible mark on West Michigan. You can accomplish this in various ways, depending on your circumstances, through wills, trusts, and other estate planning options. You can make a general contribution to the museum’s endowment or designate it for specific education programs, acquisitions of art for the permanent collection, exhibitions, or professional support and services. We invite you to join other donors who have already arranged planned gifts at the Grand Rapids Art Museum and establish your legacy.
