Safeguard Mystic Seaport for future generations by including the museum in your estate plans.
When thinking about philanthropic support, many people only consider their current savings or checking account. The most often overlooked assets are appreciated securities in a taxable account, insurance policies and retirement accounts. Many donors who are considering making a cash gift to charity may find it advantageous to make a gift of highly appreciated securities instead. Then they can use the cash to repurchase those shares at a higher basis or invest in other shares. It is even possible to use the cash for other purposes within your estate plans such as purchasing additional life insurance or adding to an existing policy.
Life Insurance and IRA Gifts: Simple Yet Powerful
1) Named Beneficiary: Name Mystic Seaport as a beneficiary on an existing life insurance plan, brokerage account, IRA or other retirement plan.
2) Direct Bequest: Name Mystic Seaport in your will or estate plans for a specified gift, either a dollar amount or percentage of your assets, tangible property or residue.
3) Structured Gift: Ask your attorney about the tax benefits and income options of charitable gift annuities, charitable lead or remainder trusts or other structured gifts.
Creating a Legacy
1) Outright Gift: When you give your residence or other property directly to Mystic Seaport you become eligible for a tax deduction and provides direct support to Mystic Seaport.
2) Bequest Gift: A Gift of real estate through your will provides your estate an estate tax deduction and supports the Mission of Mystic Seaport.
3) Charitable Remainder Unitrust: Use your residence of other property to establish a charitable remainder unitrust. The trust may distribute income to you during your lifetime and provide support to Mystic Seaport in the future.
Give an Inspiring Gift
1) Charitable Lead Trust: Income from the trust will be paid to Mystic Seaport for a defined period and then the principle will revert to the donor or donor’s family.
2) Charitable Gift Annuity: A gift of cash or other property to Mystic Seaport will be used to establish an annuity contract with a guaranteed fixed payout to one or more beneficiaries.
3) Charitable Remainder Trust: Income from the trust may be distributed to the donor or other named beneficiaries for a defined period of time, after which the corpus is distributed to Mystic Seaport.