One of the simplest ways to make a planned gift to the MFA is through a bequest in your will or a provision in your living trust. You may indicate that the MFA is to be the recipient of a specific amount, a percentage of your estate, or a particular piece of property.
Life Income Gifts
“The MFA charitable gift annuity allowed me to easily convert funds lying dormant to an income stream that I can use for the rest of my life. I worked with the Planned Giving Office to designate my gift to support the Department of Musical Instruments. As a member of the Department’s visiting committee, it is important to be able to support this unique and hidden gem in the Museum’s collection.” —Richard S. Milstein
Use our new planned giving gift calculator, which can help you determine a suitable gift.
Charitable Gift Annuity
In exchange for your irrevocable gift of cash or securities, the Museum will pay you and/or another beneficiary a guaranteed fixed income for life. Charitable gift annuities are particularly popular for those who wish to support the future of the MFA, as they are easy to set up, and provide a generous income stream and meaningful tax benefits.
Charitable Remainder Trust
A charitable remainder trust pays you and/or another beneficiary income for life, provides a substantial charitable income tax deduction, and can serve as a highly effective means of avoiding capital gains and estate taxes. You can choose either a fixed income or a set percentage of the value of the trust, determined annually. Use our gift calculator to help you determine a suitable gift.
Pooled Income Fund Gift
The MFA’s pooled income fund works like a mutual fund; your gift is co-mingled with other assets and invested for high yield. You and/or any beneficiaries receive variable life income. You also receive a charitable income tax deduction and avoid capital gains taxes on gifts of appreciated property. Use our gift calculator to help you determine a suitable gift.
Other Personal Trusts and Real Estate
Charitable Lead Trust
A charitable lead trust gives the MFA income for a set number of years but retains the principal for you or your heirs. A lead trust is especially beneficial to your heirs if you have a large estate and are concerned about federal gift and estate taxes. Removed from your estate, assets placed in a lead trust can be passed to loved ones untouched by the diminishing effects of these taxes. Use our gift calculator to help you determine a suitable gift.
Gifts of real estate can include homes, condominiums, apartments, undeveloped land, farmland, and rental property. A gift of this kind can alleviate capital gains taxes, income taxes, and brokers fees as well as management costs and responsibilities, while the MFA can receive income or generate capital from your gift.
Gifts from Retirement Plans or Life Insurance Policies
Retirement plans are among the most highly taxed assets one can own, subject to income tax and estate tax that can deplete the value significantly. By naming the MFA the beneficiary of your retirement plan, the funds remaining at your death are not taxed and your heirs have no “hidden” income tax liability.
IRA Charitable Rollover
Another very efficient way to give retirement plan assets is the IRA Charitable Rollover, allowing individuals 70 ½ and higher to make direct transfers of their retirement plan assets on a tax-free basis to charity.
Life Insurance Policies
You may either contribute the face value of the policy to the Museum or name the MFA the beneficiary of the policy. An outright gift of your insurance policy will allow you to receive a charitable income tax deduction, while naming the MFA your beneficiary helps you avoid federal gift and estate taxes.