Special gifts made by a donor through a will. A bequest to Maritime Museum Louisiana is not subject to estate tax and helps reduce the tax liability for your heirs.

You may make a residuary bequest which provides the Museum the portion of your estate that remains (the residue) after other beneficiaries are provided for in the will. You may also make a special bequest leaving a specified sum or property or a specified percentage of your estate to the Museum.

May businesses have matching gift programs that can increase your contributions by two, three, or four times. Before making a gift to the Museum, inquire of your employer and let the Museum know if your gift can be matched.

There are many ways to include life insurance to make a gift. These include:

• Purchasing a policy and designating MMLA as the irrevocable owner and beneficiary. By paying relatively small annual premiums, you guarantee a large future gift, and your premiums are tax deductible each year.

• You may name MMLA to receive all or a portion of the proceeds of an existing policy.

• Adding the Museum to the list of beneficiaries of existing policies as remainder or final beneficiary. In the event that your primary or secondary beneficiaries don’t survive you, the Museum would receive the benefit.

• Assign annual dividends from policies to the Museum as a regular means of giving tax-free income. The value of the dividends is deductible as a gift.

• Name MMLA as irrevocable owner of an existing policy and deduct its cash surrender value.

If you wish to make a gift to the Museum, but need to provide for income during your lifetime or that of your spouse or other family member, you my consider a gift annuity. In return for your gift of cash securities an/or real estate, the Museum provides you with a contract that will pay you a fixed amount on a scheduled basis during your lifetime.

This is a combination of a gift to the Museum and an annuity. The gift annuity provides an immediate income tax deduction for the value of the gift based on Internal Revenue Service life expectancy tables and your age. Also, a portion of the annuity payment is tax-free return of the original principal. So, a gift annuity can provide both partially tax-free income and the initial charitable tax deduction.

You may create a deferred or future gift to the Museum through a Charitable Remainder Trust. You receive an immediate income tax deduction for the value of the remainder in the trust based on Internal Revenue Service life expectancy tables, your age, and rate f return at that time. These trusts provide for annual payments to be made to your named beneficiary for his or her lifetime. After the death of the named beneficiary, the trustee will transfer the principal to MMLA.

A CLT is the opposite arrangement to a charitable remainder trust in that it provides a specified income stream to be paid to MMLA. At the end of the trust term, the remaining trust principal is either returned to you or your designated beneficiaries. Th unique benefit of CLT is that it allows you to make a multi-year gift to the Museum and then have the trust assets eventually passed on to your family at a discounted gift tax cost. A CLT offers a current income tax deduction, reduces your estate tax liability, and avoids capital gains tax for gifts of appreciated assets.

A Testamentary Charitable Trust or Annuity Bequest may be set up through your will to provide life income to a survivor, with the principal going to MMLA upon the survivor’s death. Any charitable deduction for estate taxes will be subject to the same limitations that are applicable to Charitable Remainder Trusts.