Current & Planned Giving
current and planned giving
The following gift arrangements serve to support the Channel Islands Maritime Museum today.
Gifts are designated as restricted or unrestricted. Unrestricted gifts enable the Museum to respond flexibly and quickly to immediate needs and new opportunities. Restricted gifts are used to support specific and designated projects.
Gifts of appreciated securities provide immediate benefit to CIMM and, in many cases, tax deductions for the donor. Capital gains taxes can be avoided and, often, the full-market value of appreciated securities can be deducted if they have been held longer than twelve months.
Real Estate & Other Personal Property
Real property is simply real estate—a home, farm, or other land. Your home, whether a single family home or condominium, has probably appreciated in value over the years so that its sale would result in a sizeable capital gains tax. By making a gift of property to CIMM you may be able to avoid capital gains taxes altogether. Gifts of tangible personal property such as art, antiques, rare books or coins, stamps jewelry or other objects offer another way of giving.
Gifts by will may be for a specific dollar amount, a percentage of the total estate or the residuum remaining after all debts, tax expenses and other bequests have been paid. Specific bequests of property such as real estate may also be made.
Tax-Deferred Retirement Plan
You may also name the Channel Islands Maritime Museum as a beneficiary in a tax-deferred retirement plan such as an IRA or 401(k) plan. The distribution from any of these plans would take place after your death and may be very tax-wise for you and your family.
Policies that are no longer needed for family protection or business purposes make excellent charitable gifts, regardless of whether or not all of the premiums have been paid. When ownership of the policy is irrevocably assigned to the Channel Islands Maritime Museum, the cash value of the policy is a tax-deductible gift, as are all future premium payments. By establishing new life insurance policies, specifically for the Channel Islands Maritime Museum, a donor is able to make a substantial gift for a relatively modest annual outlay.
Please note: The material presented here is intended as general information and should not be interpreted as legal, financial, or tax advice. Please consult with your attorney, tax advisor, and/or financial planner to discuss your individual situation.