Benefit SAA After Your Lifetime
Leaving Salem Art Association a Gift In Your Will
Including a gift to the Salem Art Association in your will or living trust is called a charitable bequest which offers these main benefits:
- Simplicity. Just a few sentences in your will or trust are all that is needed. Share the sample bequest language for Salem Art Association with your estate planning attorney:“I bequeath the sum of $_____ to the Salem Art Association in Salem, Oregon, for its general use and purposes.”“I devise and bequeath __% of the remainder and residue of property owned at my death, whether real or personal, and wherever located to the Salem Art Association, in Salem, Oregon, for its general use and purposes.”“If [ spouse/partner’s name ] survives me, I devise and bequeath % of the remainder and residue of property owned at my death, whether real or personal, and wherever located to [ name ]. If [name ] does not survive me, then I devise and bequeath % of my residuary estate, whether real or personal property and wherever located, to the Salem Art Association in Salem, Oregon, for its general use and purposes.”
- Flexibility. Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
- Versatility. You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to the Salem Art Association.
- Tax Relief. If your estate is subject to estate tax, your gift is entitled to an estate tax charitable deduction for the gift’s full value.
How It Works
To make a charitable bequest, you need a current will or revocable living trust.
Your gift can be made as a percentage of your estate. Or you can make a specific bequest by giving a certain amount of cash, securities or property. After your lifetime, Salem Art Association receives your gift.
Continue supporting the work of the Salem Art Association even after your lifetime by naming us as beneficiary of your retirement plan or life insurance.
Naming the individuals and charities that will receive your assets once you are gone can be a simple process. Most assets can pass to your intended beneficiaries by the terms of your will. Other assets, such as retirement plans and life insurance, however, are not controlled by the terms of your will. These assets instead require separate beneficiary forms.
The beneficiaries of these assets can be easily modified at any time to meet your changing needs:
- IRAs and retirement plans
- Life insurance policies
Each year we rely on your generous support, along with the gifts of many others, to help us carry out our work.
But did you know you can support Salem Art Association even after you pass away by leaving an endowed gift—an enduring statement of your support?
How It Works
When you make an endowed gift, your contribution is invested with and becomes part of our endowment. An annual distribution is made for the purpose you designate. Because the principal remains intact the fund will generate support in perpetuity.
You can give cash, securities or other assets to an endowment you create. Or, you can contribute to our organization’s already established endowment fund.
Life Estate Reserved
Many of our supporters can’t imagine living anywhere else but their current homes. Many would also love to make a major gift to Salem Art Association but don’t have the means to make such a gift today. If this sounds like you, you may want to consider a charitable giving arrangement called life estate reserved.
How It Works
With a life estate reserved, you deed a personal residence or farm to Salem Art Association now. You retain the right to occupy the home for life and continue to pay real estate taxes, maintenance fees and insurance on the property. In addition, you can later decide to rent your home or make improvements to it. After your lifetime—and the lifetime of your spouse or another person you choose to retain rights to live in the home—we take possession of the property.
How You Benefit
- You get the satisfaction of using your home to make a significant gift to Salem Art Association while retaining the right to live there for life.
- You qualify for a sizable income tax deduction in the year the gift is made. The amount of your tax deduction is based, in part, on your age and the value of the property.
- You can immediately deduct the amount of your gift up to 30 percent of your adjusted gross income and carry over any unused deduction for up to five additional years.
- The gift isn’t subject to capital gains tax.
- The property gift eliminates federal estate tax as long as the life estate was created for you and/or your spouse.
- If at any point you no longer wish to occupy the property, you can rent it to provide you with an additional source of income. Or, you can give Salem Art Association the right to use the property for the rest of your life. This will provide you with yet another tax deduction.
For more information, please contact Sandra Burnett, Executive Director,
at 503-581-2228 x303 or sandra@SalemArt.org.