LEGACY GIVING

Gifts Anyone Can Make

BEQUEST

A bequest—a gift made through your will or living trust—can be the easiest gift to make to the Visual Arts Center of New Jersey because it costs you nothing during your lifetime. Plus, it’s “revocable,” so you can update or change it if circumstances change. If you already have a will or living trust, you can amend it to include a bequest to Visual Arts Center of New Jersey with a simple codicil. (Sample bequest language available here; sample codicil language available here)

DONOR PROFILE:

Bequests are one of the easiest and most popular gift plans. This plan can fit any prospect: single, married, child-free or multi-generational, wealthy or not. Often a bequest is simply a set amount or percentage of an estate set aside to make a gift to Visual Arts Center of New Jersey. Do you already have a will and do not want to pay your attorney to change it? In most states a donor can execute a simple codicil (or will addition) to make the gift in a cost-effective manner.

HOW IT WORKS:
  • Include a gift to the Visual Arts Center of New Jersey in your will or trust (sample bequest language available here).
  • Make your bequest unrestricted or direct it to a specific purpose.
  • Indicate that you would like a percentage of the balance remaining in your estate or trust, or indicate a specific amount.
  • Tell us about your gift so we may celebrate your generosity now!
BENEFITS:
  • Your assets remain in your control during your lifetime.
  • You can modify your gift to address changing circumstances.
  • You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).
  • Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.

APPRECIATED SECURITIES

You transfer publicly traded securities that you have owned for more than one year to the Visual Arts Center of New Jersey. We sell the securities and apply the proceeds to the charitable purpose(s) that you designate. You claim an income tax charitable deduction based on the fair market value of the securities and also avoid capital gains tax on the securities’ appreciation.

DONOR PROFILE:

Donors who hold highly appreciated securities for a number of years. Also a great option for donors who do not plan on selling the stock.

LIFE INSURANCE

You designate the Visual Arts Center of New Jersey as a beneficiary of your life insurance policy. When the time comes, the Art Center receives the proceeds. Thus, you can provide a large gift to benefit the Visual Arts Center of New Jersey for relatively little cost. The policy proceeds distributed to the Visual Arts Center of New Jersey will be exempt from estate tax.

DONOR PROFILE:

Donors who hold a paid-up life insurance policy where no one needs the proceeds. Great for those who do not want to affect current cash flow. The donor will have the flexibility to change his/her beneficiary designation later if his/her circumstances change.

RETIREMENT PLANS

You can name the Visual Arts Center of New Jersey as the beneficiary of a portion or all of your IRA, 401(k), or other retirement account. When the time comes, the amount designated passes to the Visual Arts Center of New Jersey income- and estate-tax free.

DONOR PROFILE:

Donors who hold a 401(k), IRA, or other retirement plan and do not need the additional income, and want to give the most heavily-taxed assets in his/her estate to the Visual Arts Center of New Jersey and leave more favorably-taxed property to his/her heirs.

CHARITABLE IRA ROLLOVER

The IRA charitable rollover allows taxpayers age 72 or older (70 ½ for those born before July 1, 1949) to make tax-free charitable gifts as Qualified Charitable Deductions (QCD) of up to $100,000 per year directly from their Individual Retirement Accounts to the Visual Arts Center of New Jersey. For a married couple, if both spouses are age 72 or older (70 ½ for those born before July 1, 1949) and both have IRAs, each spouse can contribute up to $100,000 for a total of up to $200,000 per year in this manner. The funds should be directly transferred to the Visual Arts Center of New Jersey and not withdrawn first.

DONOR PROFILE:

A donor who does not need the additional income and wants to avoid “double taxation” on the minimum required distribution (MRD).

BEQUEST

A bequest—a gift made through your will or living trust—can be the easiest gift to make to the Visual Arts Center of New Jersey because it costs you nothing during your lifetime. Plus, it’s “revocable,” so you can update or change it if circumstances change. If you already have a will or living trust, you can amend it to include a bequest to Visual Arts Center of New Jersey with a simple codicil. (Sample bequest language available here; sample codicil language available here)

DONOR PROFILE:

Bequests are one of the easiest and most popular gift plans. This plan can fit any prospect: single, married, child-free or multi-generational, wealthy or not. Often a bequest is simply a set amount or percentage of an estate set aside to make a gift to Visual Arts Center of New Jersey. Do you already have a will and do not want to pay your attorney to change it? In most states a donor can execute a simple codicil (or will addition) to make the gift in a cost-effective manner.

HOW IT WORKS:
  • Include a gift to the Visual Arts Center of New Jersey in your will or trust (sample bequest language available here).
  • Make your bequest unrestricted or direct it to a specific purpose.
  • Indicate that you would like a percentage of the balance remaining in your estate or trust, or indicate a specific amount.
  • Tell us about your gift so we may celebrate your generosity now!
BENEFITS:
  • Your assets remain in your control during your lifetime.
  • You can modify your gift to address changing circumstances.
  • You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).
  • Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.

APPRECIATED SECURITIES

You transfer publicly traded securities that you have owned for more than one year to the Visual Arts Center of New Jersey. We sell the securities and apply the proceeds to the charitable purpose(s) that you designate. You claim an income tax charitable deduction based on the fair market value of the securities and also avoid capital gains tax on the securities’ appreciation.

DONOR PROFILE:

Donors who hold highly appreciated securities for a number of years. Also a great option for donors who do not plan on selling the stock.

LIFE INSURANCE

You designate the Visual Arts Center of New Jersey as a beneficiary of your life insurance policy. When the time comes, the Art Center receives the proceeds. Thus, you can provide a large gift to benefit the Visual Arts Center of New Jersey for relatively little cost. The policy proceeds distributed to the Visual Arts Center of New Jersey will be exempt from estate tax.

DONOR PROFILE:

Donors who hold a paid-up life insurance policy where no one needs the proceeds. Great for those who do not want to affect current cash flow. The donor will have the flexibility to change his/her beneficiary designation later if his/her circumstances change.

RETIREMENT PLANS

You can name the Visual Arts Center of New Jersey as the beneficiary of a portion or all of your IRA, 401(k), or other retirement account. When the time comes, the amount designated passes to the Visual Arts Center of New Jersey income- and estate-tax free.

DONOR PROFILE:

Donors who hold a 401(k), IRA, or other retirement plan and do not need the additional income, and want to give the most heavily-taxed assets in his/her estate to the Visual Arts Center of New Jersey and leave more favorably-taxed property to his/her heirs.

CHARITABLE IRA ROLLOVER

The IRA charitable rollover allows taxpayers age 72 or older (70 ½ for those born before July 1, 1949) to make tax-free charitable gifts as Qualified Charitable Deductions (QCD) of up to $100,000 per year directly from their Individual Retirement Accounts to the Visual Arts Center of New Jersey. For a married couple, if both spouses are age 72 or older (70 ½ for those born before July 1, 1949) and both have IRAs, each spouse can contribute up to $100,000 for a total of up to $200,000 per year in this manner. The funds should be directly transferred to the Visual Arts Center of New Jersey and not withdrawn first.

DONOR PROFILE:

A donor who does not need the additional income and wants to avoid “double taxation” on the minimum required distribution (MRD).

For more information and to discuss a legacy gift to the Visual Arts Center of New Jersey (EIN 22-6046896), please contact Director of Development Samantha Davis at sdavis@artcenternj.org or 908.516.5292.

Please review the Art Center’s Gift Acceptance Policy.

DISCLAIMER

The material presented on this website is not offered as legal or tax advice.

The Visual Arts Center of New Jersey is not engaged in legal or tax advisory service. For advice or assistance in specific cases or whether to make certain a contemplated gift fits well into your overall circumstances and planning, the services of an attorney or other professional advisor should be obtained.

The purpose of this website is to provide general gift, estate, and financial planning information. Watch for tax revisions. State laws govern wills, trusts, and charitable gifts made in a contractual agreement. Advice from legal counsel should be sought when considering these types of gifts.

We do not collect or store any sensitive information through this website. When you send us an e-mail, just remember that like any other e-mail it is not secure, and therefore you should refrain from sending sensitive data such as social security numbers, credit card numbers, bank routing numbers, and the like.

Contact Us for help connecting with a qualified adviser.

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