Legacy Gifts are made through estate plans can make a significant impact on the future of OMAA. Gifts can be designated to be restricted or unrestricted based on your intentions for the gift. Legacy gifts are available to the Museum for use on a designated project, collections, building or operational needs of OMAA.
Any bequest gift is made in a donor’s will, and is the easiest way to provide impactful support to the Ogunquit Museum of American Art. These gifts are created through a new will or by adding the museum to an existing will as a codicil. Bequests may be designated in any form: cash, securities, personal property, and works of art. Charitable bequests are tax deductible for estate tax purposes.
Ways to structure a gift to OMAA:
- Fixed Gift (Outright Bequest): A gift by will of a specific sum of money or property, including works of art.
- Percentage Gift (Residuary Bequest): A gift of a percentage or all of the remainder of a donor’s estate after specific bequests, debts, taxes, and estate expenses have been paid.
- Remainder Gift (Contingent Bequest): A gift that benefits the OMAA only if other named beneficiaries pre-decease the person making the will.
Gift of Retirement Plan Assets
Inherited assets of retirement plans are subject to both estate and income taxes. One option to avoid such taxes would be to designate OMAA as a beneficiary of all or part of retirement plan assets and set aside other assets for family and friends. As a tax-exempt organization, OMAA will generally receive the full amount of the plan’s value and your estate will receive a charitable deduction for the value of the assets distributed to the OMAA.
Gift of Life Insurance
OMAA can be named as beneficiary of all or part of a new or existing life insurance policy. Depending on the type of policy gifted to the museum, donors may receive an immediate income tax deduction and be able to deduct any future premium payments on the policy.
Bank and Investment Accounts
In many states, it is possible to designate the remainder of an account to a charitable organization, often free of estate tax and outside the probate process. This can be accomplished by changing the designation in beneficiary forms.
Gift of Real Estate
Donating a home, cottage, farm or land can make an extraordinary impact on the museum’s future. Gifts of this nature must be pre-approved by the Board of Directors. Please contact us if you are interested in gifting a real estate asset.
IRA Charitable Rollover Gift
If a donor is older than 70 ½ years, s/he can make charitable gifts directly from individual retirement accounts (IRAs). Transfers of up to $100,000 per individual per year directly from a traditional or Roth IRA to qualified charities (such as OMAA) are permitted. This opportunity is possible under the American Taxpayer Relief Act of 2012, and has been extended until December 31, 2013.
*The Ogunquit Museum of American Art recommends that you discuss your gift plans with your own legal and financial advisers.