Creating a legacy
A planned gift can make a significant impact on the Museum of Idaho’s ability to inspire wonder and discovery for generations to come. You can even use one of our secure online tools to make the process quite simple.
What is a planned gift?
A planned gift is a donation that provides significant support to the museum even beyond the donor’s lifetime. Such gifts place the museum in a stronger financial position and ensure that the team can continue to what it does best: inspire wonder and discovery about Idaho and our world through science and the humanities. A planned gift can come in many forms, either during your lifetime or after.
As you review these options below, you may discover that you can contribute more than you initially expected, that you may supplement your income, or that you may pass on wealth and minimize tax consequences. Best of all, arranging a planned gift means you are eligible to be a member of our Legacy Society, and in some cases, opens up the opportunity for naming rights.
Donations to the museum are also eligible for the Idaho Education Tax Credit, even if you choose not to itemize.
To discuss further, contact Kim Lee, MOI Director of Development, at 208.522.1400 ext. 3007 or email.
Begin your legacy with us (bequests)
To help you get started on your plans and legacy, you can use FreeWill, an online tool that guides you through the process of creating a legally valid will or trust. It’s easy to use, accessible online, and can be completed in 20 minutes. You can use this resource on its own, or use it to document your wishes before finalizing your plans with an attorney.
Have you already included a gift in your will or trust? Please fill out this form to let us know! We would love to thank you for your generosity.
Do you have an IRA, 401(k), life-insurance policy, or any other assets not included in your will? If so, these are called non-probate assets and you must plan your beneficiaries for them separately. Use this online tool to make your plans and designate us as a beneficiary of one or more of these assets.
Gifts of stock
Give from your IRA
If you are 70.5 or older and have a traditional IRA, you can use this secure online tool to make a qualified charitable distribution (QCD) donation from your IRA account. IRA gifts are generally not recognized as taxable income, and if you must take a required minimum distribution (RMD) this year, giving from your IRA is a compassionate way to fulfill it. Using this online tool, you can learn more and fill out the forms from your IRA custodian in just a few minutes, or print out the forms to fill them out offline.
Form a charitable trust
With a transfer of cash, stock, or other appreciated assets to a charitable remainder trust, you can generate lifelong income for yourself or other beneficiarites and potentially claim an income tax deduction. The trustee pays you a percentage of the trust’s value each year. At the end of the trust, the museum receives the proceeds. Benefits include:
- Quarterly income for life for you or other beneficiaries
- Potential for growth of income over time
- Investment diversification
- Can be funded with cash, securities, or other property
- Potential income tax deduction
- Savings on gift and estate taxes
- Future support for the museum in an area you designate
Forming a charitable lead trust allows you to pass wealth on to heirs with little or no estate or transfer taxes. During the life of the trust, the museum receives annual income, after which the principal is turned over to the heirs you have designated. Benefits include:
- Gift and estate tax deductions for the value of annual trust payments may enable you to transfer to your heirs a larger estate after taxes than would otherwise be possible
- Any appreciation of the assets during the term of the trust, while subject to capital gains tax, is not subject to gift or estate tax at the trust’s termination
- Annual support to the museum in an area you desginate
Give through a donor-advised fund (DAF)
Donor-Advised Funds allow you to contribute to a fund as often as you like, then bundle contributions and grant them to the museum at an opportune time. If you have an existing DAF account, you may use it to generate a quarterly or annual grant earmarked toward the museum’s long-term sustainability.
Common DAF providers in our region include:
Donate other assets
Gifts of real estate and other property can benefit the museum and provide you flexibility with your estate and retirement planning. Real estate and personal property may be used for an outright gift or to establish a life income arrangement or bequest. Gifts of real estate can include commercial or residential property, open land, farms, and condominiums. Other gifts can include partnership interests and personal property such as artwork, antiques, and collectibles. The tax benefits to you depend on the form of the gift and your individual circumstances.
Leave a legacy for all to see. Items from benches to full buildings may be named in honor of a special person, family, or organization.
We have continued our support for the Museum of Idaho with a qualified charitable distribution (QCD) from an IRA because it’s a win-win. The MOI receives money to achieve its goals that we also believe in; and we save money on taxes because the benefits of a QCD are now even better than itemizing the donation. And it’s easy. The QCD counts as a RMD, reduces adjusted gross income, and allows the full standard deduction.
The Legacy Society
If you have already included MOI in a planned gift, please let us know so we can enroll you in the society.
Contact Kim at 208.522.1400 ext. 3007 or email.
Disclosure: The Museum of Idaho does not provide legal or tax advice.