Your IRA: A Tax-Smart Way to Make Charitable Gifts Now and Later

Planned Giving Staff

Make Your Gift Now

An increasing number of °ÄÃÅÁùºÏ²Ê¿ª½±ÏÖ³¡Ö±²¥ supporters are choosing to make a gift via their IRA— helping the Museum keep its doors open widely, care for its collection, and offer new exhibitions and programs, while also reducing their taxes.

If you are 70 1/2 or older, you can make gifts directly from your IRA to the °ÄÃÅÁùºÏ²Ê¿ª½±ÏÖ³¡Ö±²¥ and other charities that count against your required minimum distribution, if applicable, and are not included in your taxable income, making it a smart way to give, particularly if you no longer itemize. And, typically, it’s easy to initiate a direct transfer with your IRA administrator.

Choose to make an unrestricted gift or direct your support to a favorite area of the °ÄÃÅÁùºÏ²Ê¿ª½±ÏÖ³¡Ö±²¥. If you would like to direct your gift to an °ÄÃÅÁùºÏ²Ê¿ª½±ÏÖ³¡Ö±²¥ membership, including at the Patron or Advocate levels, we encourage you to contact us for more details.

Make Your Gift Later

Your IRA or retirement account is also an easy and tax-wise way to leave a legacy for future generations of °ÄÃÅÁùºÏ²Ê¿ª½±ÏÖ³¡Ö±²¥ art lovers. Simply request and complete a beneficiary designation form from the administrator of your IRA, 401k, 403b, or other retirement account. (We recommend keeping a copy in a safe place for your records.)

You can choose to gift a percentage of any funds ultimately remaining in the account to the °ÄÃÅÁùºÏ²Ê¿ª½±ÏÖ³¡Ö±²¥, leaving other funds for loved ones or other favorite nonprofits. Alternatively, many people are now choosing to leave the entirety of their retirement account remainder to organizations like the °ÄÃÅÁùºÏ²Ê¿ª½±ÏÖ³¡Ö±²¥, where they’ve been loyal members and supporters.

Why? Retirement assets count against estate tax and are heavily taxed when left to loved ones other than a spouse. But tax-exempt charitable beneficiaries like the °ÄÃÅÁùºÏ²Ê¿ª½±ÏÖ³¡Ö±²¥ receive the full amount with no tax due! This amazing benefit allows you to make a bigger impact with your charitable giving.

Why Not Both?

Jump-Start Your Legacy and Inspire Future Generations of °ÄÃÅÁùºÏ²Ê¿ª½±ÏÖ³¡Ö±²¥ors

Have you been thinking about providing extra support for a favorite aspect of the °ÄÃÅÁùºÏ²Ê¿ª½±ÏÖ³¡Ö±²¥, such as Art of Europe or children’s programs?

Consider an annual gift through your IRA now. You’ll have the opportunity to learn more about the impact it makes—and receive our appreciation! A legacy gift through your retirement account can boost the impact down the road, or provide stable endowment support to welcome and engage visitors long into the future.

We encourage you to ask your professional advisors if giving retirement assets is right for you. And you can always reach us for more information at 617-369-3193.