Gifts to Support the Morris Museum’s Future
A planned gift is a wonderful way to provide essential support for future exhibitions, education programs, and theatre performances at the Morris Museum while also providing for your future. Below is a summary of the most popular planned gifts.
The simplest way to support the Museum’s future is through a bequest which is made through your will. This offers you the opportunity to retain assets during your lifetime while making a meaningful contribution to support the Morris Museum’s future. A bequest may be designated for a specific purpose and may be used to establish an endowed fund in your name. A bequest can include a specific property or amount, or can be a percentage of the overall value of an estate. Bequests can easily be written when creating a will or by adding an amendment to an existing will. It is important to state that your bequest is made to the Morris Museum, Morristown, NJ.
Retirement Plan Beneficiary Designation
Some donors elect to name the Morris Museumas beneficiary of their retirement plans, such as 401(k)s and IRAs. Income tax on these assetsis not paid until the funds are distributed to you in life, or upon your death. This taxationmakes retirement assets among the most costly assets to distribute to loved ones; however,retirement assets make ideal gifts to tax-exempt charitable organizations such as the Morris Museum. The naming of a charity as the beneficiary of retirement assets upon death generates no income taxes and can provide vital support to a charity.
You can also make a commitment to the Morris Museum by naming the Museum as a beneficiary of a life insurance policy. If you wish to receive immediate tax benefits, you may also transfer ownership of the policy to the Morris Museum and will be eligible for a charitable income tax deduction for the lesser of the policy’s fair market value or premiums paid.
Charitable Remainder Trust
A trust can be funded with various forms of assets and can establish a lifetime of income to beneficiaries while allocating the remaining principal, upon trust termination, to benefit the Morris Museum. Payouts can be deferred, fixed or variable based on the principal in trust each year. Trusts offer tremendous flexibility and can be tailored to personal circumstances.
Charitable Lead Trust
A lead trust allows donors to place assets in trust and provide income to the Morris Museum for a period of years. When the trust terminates, the assets are returned to the donor, or more typically a family member. A lead trust can be a great way to minimize taxes while transferring assets to family members, particularly with today’s low interest rates.
Gifts of Art
More than 90 percent of the objects in the Museum’s stunning collections were acquired as gifts – an extraordinary testament to the generosity of our dedicated patrons over the past century.
For more information on planned gifts, please contact the Morris Museum’s Advancement Office at 973.971.3702.