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Planned Gifts
Each day will become history by the beginning of the next. It is important to preserve that aspect of our life for those who come after us. Just as you work hard to provide for your family, their financial needs should be cared for as well. There are several ways you can secure the future for yourself and your family, and help to preserve the past for future generations.
Leaving a Legacy
Bequest in a Will or Trust
Having a Will ensures that your wishes will be carried out beyond your lifetime. Today, many donors are recognizing the ability to leave a legacy for NTHC through their Will once provisions have been made for their loved ones.
A donor may make the North Texas History Center the beneficiary of a specific dollar amount, a percent of the total estate, or a percent of the remainder after caring for those closest to them. By naming NTHC in a will, you may save on inheritance and estate taxes while helping to preserve the future of North Texas history.
Life Insurance Gifts
A donor could leave a substantial gift by naming the North Texas History Center the beneficiary of an insurance policy. You can transfer ownership of a policy that is fully paid up and/or no longer needed with immediate income tax benefits.
Gifts of Tangible Property
Valuable collections, such as works of art, rare books, paintings, or antiques are often subject to estate taxes. Donating items during a donor’s lifetime reduces a donor’s taxable estate and their income the year of the gift. Most gifts of property donated to NTHC (not historical artifacts or documents) will be converted to cash at the earliest opportunity.
Life Income Plans
A Charitable Remainder Trust is another gift option with a retained right to income. Like a Charitable Gift Annuity, this method provides a lifetime income for the donor and beneficiary. The trust will also provide an immediate, substantial income tax deduction and avoidance of capital gains tax if funded with appreciated assets.
The Charitable Lead Trust is very similar to the Charitable Remainder Trust. The Lead Trust provides an annual income for NTHC for a specific period of years. The principal of the trust passes to non-charitable beneficiaries (often children or grandchildren) or is returned to the donor.
Appreciated Assets
Gifts of Appreciated Stock
Many NTHC friends have highly appreciated securities. They may benefit from the tax advantages of giving stocks, bonds, or mutual funds. Donors can receive income tax deductions equal to the fair market value of the gift, as well as reduce or eliminate capital gains tax on the transfer.
Gifts of Real Estate
Gifts of real estate can provide wonderful tax advantages when given to the North Texas History Center. When appreciated property is given to NTHC, capital gains tax is avoided and
the full fair market value of the property is deductible as a charitable contribution (assuming the property has been held long-term). Special provisions also allow donors to receive an immediate charitable income tax deduction by granting the History Center a remainder interest in the home they continue to occupy.
For More Information
If you would like more information on these or other gift planning options available to you, please contact us at 972-542-9457, ext 100, or e-mail us at development@northtexashistortycenter.org. Someone will be happy to contact you and answer any questions you have.
Disclaimer: NTHC is pleased to offer these giving suggestions to its friends, but they are giving options only and not intended to replace professional financial advice. You are strongly encouraged to discuss charitable giving plans with your attorney and/or other financial advisors.
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