Legacy Society

Naming the Monterey Museum of Art, Tax ID#94-1534563, as a beneficiary in your will or living trust is the simplest way to leave a legacy gift. Your estate will receive a charitable deduction for the full amount of the bequest thereby lowering your estate tax liability, if any.

Retirement assets (such as an IRA, 401k or 403b plan) make tax-efficient charitable gifts. Few people realize that these assets remain subject to income tax on distributions payable to any non-charitable beneficiary (even your spouse) and are potentially subject to estate taxes as well. The combined effect of these taxes can reduce the value of these assets by as much as 65%. By making the Monterey Museum of Art the beneficiary of your retirement plan, these assets are not subject to estate and income taxation and benefit the Museum with the full pre-tax value of your plan’s assets. By directing retirement assets to the Museum and bequeathing other assets to family members, you can make a significant charitable contribution at a greatly reduced cost. Additionally, making a bequest of retirement assets is one of the easiest bequests to make because you do not need to engage an attorney. Simply request and complete a change of beneficiary form.

You can contribute assets to a charitable remainder trust and you, or someone you name, can receive a payout for your life or for a term of up to 20 years. Upon the death of the last income beneficiary or the end of the term of years, the remainder of the trust is given to the Monterey Museum of Art free of any estate taxes. In the meantime, you receive an immediate income tax deduction, and if you fund the trust with appreciated assets, then you pay no capital gains tax at the time of the gift. You can also create a charitable trust that starts making payments to the Monterey Museum of Art now for a term of years and then distributes the balance of the trust to a named beneficiary when the term expires.

You can name the Monterey Museum of Art as beneficiary of an existing or new life insurance policy. The proceeds from the policy will not be included in your estate or be subject to estate taxes. If you name the Museum as the owner of the policy, then you can also take an immediate income tax deduction.

You may give your home to the Museum now and continue to live there or elect to bequeath your home or your interest in other real property upon your death. Gifts of real estate can make a remarkable difference to the Museum.

Donating works of art can greatly enhance the Museum’s permanent collection, while lowering your estate tax liability, if any. Individual works or entire collections that are consistent with the Museum’s collecting areas are appreciated. All gifts of art are subject to the Museum’s collection policy guidelines and procedures.