Planned Giving: MIM’s Legacy Circle

You are invited to join MIM’s Legacy Circle.

Legacy Circle members sustain the transformational power of music and MIM for future generations. They have expressed their commitment with visionary, enduring gifts by naming MIM as a beneficiary.

We gratefully acknowledge our Legacy Circle members through recognition on our Legacy Circle wall and in MIM’s annual report, in addition to extending invitations to special events and educational sessions. However, the most important benefit of joining our Legacy Circle is the knowledge that you are contributing to MIM’s long-term success.

Create Your Charitable Legacy

Planned giving allows you to create your legacy with deep personal meaning. Your gift ensures the vitality and permanence of MIM, while accommodating your personal, financial, and charitable goals.

You have the flexibility to choose your future gift and how it will positively impact MIM. Contributions come in many forms; planned giving is a great way to support what matters most in your life. We look forward to helping you create your personal legacy at MIM!

Wills and Living Trusts

Make a lasting investment in the future of MIM

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).

How It Works:

Charitable Lead Trust

Protect the assets you would like your family to receive in the future

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.

Charitable Remainder Annuity Trust

Pursue your philanthropic goals while also helping provide for living expenses

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.

Beneficiary Designations

Many prefer the increased flexibility a beneficiary designation provides

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.

Endowed Gifts

Give a meaningful gift with short and long-term benefits

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

Combine the benefits of giving today with a commitment to fuel MIM’s future

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.

To learn more about MIM’s Legacy Circle or any of the options above, contact the Institutional Advancement Team. Email advancement@MIM.org or call 480.478.6062.

Should you decide to include MIM in your estate plans, please use the following information:

Legal Name: Musical Instrument Museum
Federal Tax ID Number: 16-1743588

Mailing Address: 4725 E. Mayo Blvd., Phoenix, AZ 85050

Physical Address: 4725 E. Mayo Blvd., Phoenix, AZ 85050

The information on MIM.org is not offered as legal or tax advice. An attorney or other professional financial advisor should be consulted.

Thank you for your support!

Membership in the Legacy Circle allows MIM to recognize and thank you for your planned gift. Please submit the Planned Gift Notification to advancement@MIM.org.