Even a modest gift in your will or estate plan can make a lasting impact in the community. Here are a few common types of planned giving opportunities.* Won’t you consider including Plains Art Museum in your estate plans? Your gift will be your legacy of bringing people and art together.
Donations to a Qualified Endowment
Endowment gifts are a great way to strengthen the future of Plains Art Museum and save on your taxes!
If you’re a North Dakota individual tax payer or a North Dakota business owner, you have an unprecedented opportunity to make gifts to Plains Art Museum and receive significant North Dakota tax credits. A tax credit is significantly more valuable than a deduction since a credit offsets the computed tax liability.
Outright Gift
- Income-tax deduction for full value of cash gifts and stock with long-term capital gain
- Bypass tax on long-term capital gain property
- Irrevocable
Charitable Remainder Trust
- Annual income for life or term of up to 20 years:
- fixed percentage of initial trust principal, or
- percentage of annual principal balance
- Remainder to Plains Art Museum
- Income-tax deduction for present value of remainder interest
- Potential estate-tax benefits
- Avoidance of probate
- Irrevocable
Last Will and Testament
- Several alternatives exist:
- percentage of estate
- dollar amount
- specific property
- contingent beneficiary
- May incorporate charitable trusts
- Potential estate-tax benefits
- Flexibility to be changed
Gift Annuity
- Fixed annual income for life:
- partially tax free
- based on age and gift amount
- Partial income-tax deduction
- Potential gift and estate-tax benefits
- Avoidance of probate
- Irrevocable
Life Insurance
- Plains Art Museum named as sole or partial beneficiary
- Paid-up policy: no additional cost
- New policy: installment gifts
- Potential income, gift and estate-tax benefits
Charitable Lead Trust
- Income paid to Plains Art Museum for term of years
- Property passes to heirs after term of years
- Potential estate-tax benefits
- Avoidance of probate
- Irrevocable
For more information or to schedule a confidential meeting, please contact:
Sandy Thompson
Plains Art Museum
704 First Ave N
Fargo, ND 58102
sthompson@plainsart.org
*The information given is not professional or legal tax advice.
Consult an attorney, accountant or other financial advisor about tax-friendly options before making a charitable gift.