Galaxy Endownment Fund

  • CASH GIFTS - Cash is an immediate benefit to the Museum and gives you an easy-to-calculate deduction, up to 50% of adjusted gross income reported on your federal income tax return, assuming you itemize deductions. If your total gifts exceed this limitation, the excess may be carried forward for tax purposes for up to five additional years.
  • STOCK GIFTS - The amount of capital gains increase and the full fair-market value of the gift stock are both tax-deductible, up to 30% of adjusted gross income. For example, if the stock you paid $2,000 four years ago is now worth $20,000, you can give the stock to the Museum and take a federal income tax deduction of $20,000 and avoid capital gains tax on $18,000. The five-year carry forward also applies to amounts over the 30% of AGI.
  • TRUSTS - The Museum of Aviation can be named as one of the beneficiaries of a trust created by your will. Trusts allow you to provide a gift to the Museum while reserving a life income for you or any other noncharitable beneficiary.
  • CHARITABLE GIFT ANNUITY - You may wish to consider a gift of appreciated property in exchange for an annuity income. You gift property may be excluded from your gross taxable estate, depending on the annuity option chosen and you will earn a current charitable income tax deduction, one that may be spread over six years.
  • LIFE INSURANCE - This option allows you to provide substantial gifts at a relatively modest cost, without depleting existing estates. Donors are given credit for the "face value" of the policy. Under current Federal Income Tax Law the amount of the pledge is generally tax deductible. As a general rule, life insurance gifts cannot be included in an individual's taxable gross estate. The total amount of the gift will be immediately recognized for its "face value" by the Museum of Aviation Foundation.
  • REAL ESTATE - You may own property that is worth a lot more than its original cost. Generally you cannot sell it without paying a big capital gains tax. However, you can give the property to the Museum and earn a considerable tax break. You may wish to reserve the right to continue living in a personal residence. That's all right. You are still allowed a current income tax deduction, based on a portion of the fair market value of the property.
  • WILLS - The basic purpose of your will is to dispose of your estate after death. But you can also make specific bequests in your will, thereby minimizing the amount of your estate that could be lost needlessly in death taxes that can take 37%-55% of your estate.

Consider the needs of your beneficiaries- then consider a charitable gift to benefit the Museum of Aviation. The Museum of Aviation Foundation does not render tax, legal, accounting, insurance or investment advice. Donors should consult with their own professional advisors in these very personal and important matters. The Foundation can, however, answer questions and recommend financial professionals to assist you in making the best personal choice for your needs.

For more information on how you can help your estate and the Museum at the same time, contact Pat Bartness, President and Chief Operating Officer of the Museum of Aviation Foundation at (478) 923-6600
 
 

 
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