Planned Giving: MIM’s Legacy Circle

Benefits:

• Maintain control of your assets during your lifetime.
• Easy to modify your gift to address changing circumstances.
• You can direct your gift to a particular purpose (please check with MIM to ensure your gift can be used as intended).
• Flexibility in gift commitment without affecting your current cash flow.
• Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.

How It Works:

• Include Musical Instrument Museum in your will or trust (cash, specific property, or a share of the estate).
• Determine if the bequest is unrestricted or directed to a specific purpose.
• Seek the advice of your financial or legal advisor.
• Already have a will? Fill out codicil to update.
• Indicate specific property, amount, or a percentage of the balance remaining in your estate or trust.
• Submit Planned Gift Notification to advancement@MIM.org.

See your gift impact MIM now by choosing a fixed or variable amount for your annual gift.

Benefits:

• The longer the charitable lead trust provides MIM income, and the more income paid, the larger your estate and gift tax deduction will be.
• The taxable value of the lead trust assets is assessed and fixed at trust establishment. The income earned by the trust while it is in operation is not taxable to you and any subsequent increase in value will pass to beneficiaries free of estate and gift tax.

How It Works:

• A charitable lead trust works by giving payments for a fixed amount of time to a charity, out of a separately invested and managed trust. After that fixed period ends, the balance of the trust is then paid to the beneficiary.
• You contribute cash, securities, or other appreciated assets to an irrevocable charitable lead trust.
• The trust makes annual payments to the Musical Instrument Museum. A lead trust can pay MIM a fixed amount each year or a fixed percentage of the principal value, as revalued annually. *Please note: this choice may have an effect on tax savings.
• Your tax advisor may also recommend a charitable lead unitrust, which makes payments to MIM as a fixed percentage of principal value, as revalued annually. The balance of the funds is then paid to your beneficiaries upon its termination.

Benefits:

• Ability to convert an appreciated asset into lifetime or term of years income.
• Receive an income tax deduction for the fair market value of the securities on the date of transfer.
• Pay no up-front capital gains tax on appreciated assets you give.
• Reduce or eliminate income estate taxes.

How It Works:

• You transfer a minimum of $100,000 cash, securities, or other appreciated property into a trust.
• The trust makes fixed annual payments to you or to beneficiaries in your name.
• When the trust terminates, the remainder passes to MIM to be used as you have directed.
• Your tax advisor may also recommend a charitable remainder unitrust. Rather than fixed payments, a unitrust is valued annually, and the trust pays a percentage of the principal value. Unlike the annuity trust, additional gifts can be added throughout your lifetime to increase annual payments.

Ways to Give:

• IRA and retirement plans
• Donor-advised funds (DAF)
• Life insurance policies, existing or new
• Commercial annuities

Benefits:

• During your lifetime, you may receive income tax deductions for the donation, and estate tax savings after your passing.
• Option to make the chosen charity a revocable beneficiary, allowing flexibility to modify for changing life circumstances.

How It Works:

• Contact your plan administrator to complete or update your beneficiary designations.
• Designate the Musical Instrument Museum to receive all or a percentage of the proceeds from your life insurance policy, retirement plan, or DAF.
• You may also elect to transfer ownership of your commercial annuities, IRA, DAF, or paid-up life insurance policy to the Musical Instrument Museum.

Endowments are permanent funds donated to MIM in which the principal amount is held in perpetuity and only the investment income or earnings are expended annually. Contact your financial or legal advisor to set up an endowed gift of cash, real estate, or appreciated securities. With a more immediate gift to MIM, you can enjoy up-front tax benefits while helping to advance MIM’s mission.

Benefits:

• Serves as a lasting, named tribute.
• Provides for future generations and the lasting stability for MIM.
• Unlike annual gifts, the endowment provides a protected source of income not subject to cyclical variations in income and is cushioned against market fluctuations.

How It Works:

• Funds support activities not just for one year, but help make certain that MIM will exist as a resource for future generations.
• In keeping with MIM’s investment policy, endowment funds are invested prudently to ensure they can sustain current and future needs.
• Choose from four funds to support what matters most to you:
  General Operations
  Collection Acquisition
  Education
  Music Theater Concert Endowment Fund

Blended giving allows you to make an even bigger impact. Choose a gift that works for you today, and pair it with a future giving vehicle. Your blended gift is transformational, helping you achieve personal philanthropic goals while advancing MIM’s mission for years to come.

Benefits:

• Blended giving is the most personalized form of charitable giving, matching your most compelling interests with MIM’s most imperative needs.
• Your future gift grants you a reassuring flexibility in the event of unanticipated needs.
• Your blended gift is designed to realize your charitable mission and meet your goals.

How It Works:

• Choose a gift that works for your giving today, and pair it with one for the future.
• With your outright gift to MIM, you may enjoy up-front tax benefits while helping advance our mission.