PLANNED GIVING/LEGACY GIFTS
A Planned Gift, or Legacy Gift, is a donor’s intention to contribute a substantial gift to an organization beyond their lifetime. Essentially, donors make arrangements for planned gifts in the present but they are actually distributed at a later date, often as part of their financial or estate plans. Gifts usually take the form of real estate, life insurance, or cash. Cedarhurst has also been the recipient of deferred compensation accounts, charitable annuities, equity holdings, and other unique gifts. For more information contact Executive Director Hillary Esser.
While unrestricted gifts allow the Museum to allocate funds to the areas of greatest need, your Legacy Gift can also be designated to support a specific Endowment Fund or Giving Campaign, secure a special Naming Opportunity, or create a lasting Memorial. See the various options here.
Planned gifts made to Cedarhurst have a profound impact on the organization and often provide tax advantages for donors and their families. Consult your professional advisor to consider philanthropic objectives. The top three tax vehicles for planned giving are bequests, annuities, and trusts, and we are happy to work with donors to explore other giving option, as well.
WAYS TO GIVE
The most common form of planned giving is a bequest. Donors can designate Cedarhurst as the beneficiary of cash, personal property, real estate, stocks, etc. in their Will. A donor can designate a specific dollar amount, a particular asset, a fixed percentage of their entire estate, or leave their residuary estate after providing for loved ones. There are four types of charitable bequests:
- General Bequests: gifts of property taken from the assets of an estate.
- Demonstrative Bequests: gifts that come from a source, such as a bank account.
- Specific Bequests: gifts of personal property such as cash, jewelry, or other tangible assets.
- Residuary Gifts: gifts that come from the remainder of any debts or expenses that have been paid along with other bequests that have been made.
Also known as a charitable gift annuity, this type of gift provides the donor with guaranteed income and allows them to receive a charitable deduction for the value of their future gift. Annuities require a simple contract between the donor and Cedarhurst, and they allow donors to enjoy financial benefits now, while leaving a lasting legacy that will benefit Cedarhurst for generations to come.
Another form of planned giving is the creation of a Trust, a legal entity whereby an individual holds or invests property as its titular owner. This can be for one or more beneficiaries. Additionally, there are two types of charitable trusts:
- Charitable Remainder Trust: This is a tax-exempt trust created to reduce an individual’s taxable income by dispersing their earnings to the beneficiaries of the trust over time. The remainder of the trust goes to the organization outlined in the trust.
- Charitable Lead Trust: This is the inverse of a charitable remainder trust. The trust provides financial support to multiple causes over a specified period of time. The remainder of the trust then goes to the other beneficiaries (family members, friends, etc.)
No matter what avenue you choose, your legacy gift will support Cedarhurst’s mission, ensuring that we continue to connect people to art, preserve community treasures, and generate creative energy for future generations.
Special recognitions are often coordinated to commemorate Legacy Gifts, and donors who contribute $50,000 or more are recognized on a Donor Tribute plaque displayed at the front of the Museum. Donors are also recognized on the website and in the Museum’s biennial report.
Including Cedarhurst in gift planning demonstrates an extraordinary commitment to the community. Often, we are unaware that an individual has provided for Cedarhurst in their estate until their passing. We encourage advance notice so we can ensure that your wishes are recorded and followed exactly as intended. If you prefer to remain anonymous, be assured that we will honor your wishes and respect the confidential nature of your gift.