Planned Giving is a method of supporting IWASM that enables you to make a major gift as part of your overall financial and/or estate planning. To discuss planned giving opportunities at IWASM, contact Toni Mullee, Executive Director, at 216.623.1111 or tmullee@iwasm.org.
Types of Planned Giving:
- Bequest: The museum has been the recipient of generous bequests over the years. A bequest can be a stated dollar amount or specific property and assets, a percentage of the overall estate or all or a portion of the residue (what remains after other bequests are fulfilled).
- Charitable Gift Annuity: The charitable gift annuity allows you to make a donation to IWASM and, in return, IWASM makes fixed payments to you for life. Payments may be made to a maximum of two beneficiaries. The amount of the annual fixed income payment is determined by the age of the beneficiary(ies) at the time of the gift. A gift annuity may qualify for a charitable income tax deduction and a portion of the income received each year may be exempt from federal income tax. Payments from a gift annuity can be arranged to start at a future date. This is called a deferred gift annuity.
- Charitable Remainder Unitrust: This trust pays income to you and/or other beneficiaries for life or a term of years, then pays the remaining balance to IWASM.
- Charitable Remainder Annuity Trust: This trust pays you and/or other beneficiaries a fixed-dollar amount of income for life or a term of years, then pays the remaining balance to charity.
- Life Insurance: The death benefit of a life insurance policy can be paid to IWASM as a charitable gift. You may contribute a full paid-up policy, contribute a policy on which some premiums remain to be paid or IWASM can be named as the beneficiary of an existing or new policy.
